NEW YORK, NY – March 4, 2010 – (RealEstateRama) — The board of the New York State Affordable Housing Corporation (AHC) today approved a $75,000 grant to The Citizen’s Alliance, Inc. to finance improvements of seven housing units in Buffalo.
“This grant will help upgrade aging housing stock and improve the quality of life in the City of Buffalo,” said Judd S. Levy, AHC Chairman. “Our funding reinforces Governor Paterson’s mission to preserve affordable housing even in difficult economic times.”
The AHC grant will be used to renovate three single-family and two two-family homes in Buffalo’s Delavan Grider area. Many of the homes in the neighborhood are more than 50 years old. More than 60% of the homeowners are low income and a majority of them pay more than 35% of their incomes on housing costs.
The AHC grant will be used to correct structural defects and building systems which might threaten the health or safety of the occupants, including unsafe electrical systems, non-functioning plumbing systems, roofing, and ineffective heating systems. Participants will be chosen on a first-come, first-served basis. The household income limit for participation in the program is $56,896 for a family of four.
The total cost of the project is $125,000. In addition to the AHC grant, the project will be funded by $50,000 in HOME or Community Development Block Grant funds provided by the City of Buffalo through the NYS Division of Housing and Community Renewal.
____
AHC, a subsidiary of the NYS Housing Finance Agency, was established in 1985 to promote homeownership by low- and moderate-income households. Financial assistance approved annually by the New York State Legislature, combined with other private and public investment, is used for the construction, acquisition, rehabilitation and improvement of owner-occupied housing.
###
Contact: Philip Lentz
Director of Communications
212-872-0679
plentz (at) nyhomes (dot) org
