NEW YORK – September 17, 2008 – (RealEstateRama) —The board of the New York State Affordable Housing Corporation (AHC) today approved a $780,000 grant to Habitat for Humanity of New York State to finance the construction of 21 single-family homes in four counties, including Orange County.
“This grant will provide new and affordable homes across New York State,” said Priscilla Almodovar, AHC President and Chief Executive Officer. “We are proud to partner with Habitat for Humanity to create homeownership opportunities. This grant furthers the Paterson Administration’s goal of creating affordable housing so New York State will remain an attractive place to live and work.”
Judith Nelson, President and Chief Executive Officer of Habitat for Humanity of New York State, said, “Habitat for Humanity is very pleased to expand our relationship with AHC to include our upstate affiliates in New York State. This assistance will improve our ability to provide affordable housing to New York families in need.”
The AHC grant will be used to finance homes in Orange, Erie, Monroe and Onondaga counties.
The homes will be built on land donated by the local municipalities, and will consist of two, three or four bedrooms, a living room and an eat-in kitchen. The homes will be available to households that meet income limits by county ranging from $30,450 to $39,450 for a family of four.
Habitat-NYS will serve as the developer for the project. Habitat for Humanity of Greater Newburgh, Habitat for Humanity of Buffalo, Flower City Habitat for Humanity and Syracuse Habitat for Humanity will act as the builders.
The total cost of the project is more than $2.66 million. In addition to the AHC grant, the project will receive $52,000 in Affordable Housing Program funds provided by the Federal Home Loan Bank of New York.
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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
