NEW YORK – November 5, 2008 – (RealEstateRama) – The board of the New York State Affordable Housing Corporation (AHC) today approved a $950,000 grant to the Greater Rochester Partnership Housing Development Fund Corporation to acquire and renovate 50 affordable homes in the City of Rochester.
“The grant we approved today demonstrates our commitment to preserve existing affordable housing even in these difficult economic times,” said Priscilla Almodovar, President and Chief Executive Officer of HFA and 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.
Homes for the project will be foreclosed properties acquired through Rochester’s Asset Control Area Plan. The homes will be rehabilitated to correct structural defects and repair building systems that could threaten the health and safety of the occupants. The homes will be resold to first-time homebuyers on a first-come, first-served basis and will be available to households earning up to $57,456 for a family of four.
The total cost of the project is $6.2 million. In addition to the AHC grant, the project will receive $600,000 in HOME funds provided by the City of Rochester and homeowner mortgages.
AHC also approved a $1.6 million grant to the Rural Housing Opportunities Corporation to finance improvements for 120 single-family homes located in the Town of Irondequoit in Genesee County, the Village of Brockport in Monroe County and the Town of Williamson in Wayne County.
The grant will be used to finance improvements focusing on rehabilitating structural faults, mechanical systems faults, well and septic system faults, thermal and weatherization upgrades, and barriers to accessibility. Grants will be available to households earning up to $55,664 for a family of four in Genesee County and $57,456 for a family of four in Monroe and Wayne Counties.
The total cost of the project is $3.59 million. In addition to the AHC grant, the project will receive $800,000 in HOME funds provided by the NYS Housing Trust Fund Corporation and $240,000 in Weatherization funds provided by Rural Opportunities, Inc.
| ___ |
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
