NEW YORK – September 17, 2008 – (RealEstateRama) — The board of the New York State Affordable Housing Corporation (AHC) today approved an $800,000 grant to Home HeadQuarters, Inc. to acquire and renovate 20 affordable homes in the City of Syracuse.
“This grant will help Home HeadQuarters improve the aging housing stock in the City of Syracuse and create new affordable homes for its residents,” said Priscilla Almodovar, AHC President and Chief Executive Officer. “It reinforces the Paterson Administration’s goal of creating and preserving affordable housing so New York State remains an attractive place to live and work.”
Kerry Quaglia, Executive Director of Home HeadQuarters, said, “This much-needed AHC funding means that 20 vacant and under-utilized properties will see extensive repair. These restored homes will then be ready for new homeowners and new stakeholders in their community.”
AHC’s $800,000 grant will help Home HeadQuarters, Inc. acquire and rehabilitate 20 affordable homes in Syracuse, with a special focus on properties in the Prospect Hill neighborhood. The homes will then be put up for sale to owner-occupants.
The grant will be used to renovate structural or mechanical systems, including roofs, windows, electrical work, furnace work, and energy updates. The homes will be available to households earning up to $54,656 for a family of four.
The total cost of the project is $3 million. In addition to the AHC grant, the project will receive $360,000 in RESTORE funds and $140,000 in Syracuse Neighborhood Initiative funds provided by the City of Syracuse through Congressman James Walsh (R-Syracuse).
Habitat for Humanity of New York State: In addition, AHC approved a $780,000 grant to Habitat for Humanity of New York State to finance the construction of 21 single-family homes in Onondaga, Erie, Monroe and Orange 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, and Syracuse Habitat for Humanity, Habitat for Humanity of Buffalo, Flower City Habitat for Humanity, and Habitat for Humanity of Greater Newburgh will act as the builders.
The total cost of the project is more than $2.6 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
