NEW YORK – November 5, 2008 – (RealEstateRama) – The board of the New York State Affordable Housing Corporation (AHC) today approved a $77,500 grant to Southtowns Rural Preservation Company, Inc. to finance improvements for 13 single-family homes in southern Erie County.
“The financing we awarded today demonstrates our commitment to preserve existing affordable housing even in these difficult economic times,” said Priscilla Almodovar, President and Chief Executive Officer of AHC. “It also reinforces the Paterson administration’s mission of making New York State a better place to live and work.”
Today’s actions were among $66.8 million in financings approved by the New York State Housing Finance Agency (HFA) and AHC that will create or preserve 1,059 affordable housing units across the state.
The AHC grant will be used to fund repairs for basic structural defects or foundation problems, to replace roofs, doors, windows, siding, and deficient water and septic systems, and to upgrade electrical, heating, and plumbing systems. The grant awards will be limited to households earning up to $54,544 for a family of four.
The total cost of the project is $277,500. In addition to the AHC grant, the project will receive $200,000 in HOME funds provided by the NYS Division of Housing and Community Renewal.
AHC, a subsidiary of NYS Housing Finance Agency, was established in 1985 to promote homeownership by low- and moderate-income households by providing financial assistance approved by the State Legislature 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
