NEW YORK—Wednesday, March 5, 2008—The New York State Affordable Housing Corporation (AHC) today approved a $750,000 grant to the Greater Rochester Partnership Housing Development Fund Corporation for the acquisition and rehabilitation of 50 single-family homes in the City of Rochester.
The funds will be used to renovate and resell to first-time homebuyers foreclosed properties that are owned by the U.S. Department of Housing and Urban Development (HUD).
“We are pleased to join with the Greater Rochester Housing Partnership and HUD to turn foreclosed properties into new affordable homes for deserving families,” said Priscilla Almodovar, President and Chief Executive Officer of AHC. “These properties, sitting vacant, hurt neighborhoods. I’m glad that we are able to use our resources to turn these houses into homes for families once again.”
“AHC continues to be a critical partner in our efforts to turn vacant buildings into community assets.” said Jean Lowe, President of the Greater Rochester Housing Partnership. “AHC understands that owning a home creates economic stability for both families and neighborhoods. We appreciate its investment in Rochester.”
Under the program, homes will be acquired through Rochester’s Asset Control Area Plan (ACAP) and HUD. The renovations will include correction of structural defects and repairing building systems. The grants will be limited to household with incomes that do not exceed $57,456 for a family of four. Eligible homebuyers will be selected on a first-come, first-served basis.
The total cost of the project is $4.78 million. In addition to the AHC grant and homeowner mortgages and equity, $750,000 will be provided through HOME funds from the City of Rochester. Construction financing will be provided by a consortium of lenders lead by JPMorgan Chase and including the Greater Rochester Partnership Housing Development Fund Corporation.
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AHC, a subsidiary of HFA, 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
212-688-4000 x679
plentz (at) nyhomes (dot) org
