Grants Will Finance New Development and Renovations of Affordable HousingNEW YORK – February 21, 2008 – The New York State Affordable Housing Corporation (AHC) is accepting applications for $25 million in funding for the construction of new homes, acquisition and rehabilitation of existing homes, and repairs and renovation of existing homes throughout New York State. The funding is included in Governor Spitzer’s 2008-09 State Budget and is contingent on the State Legislature approving the appropriation.
Eligible applicants include municipalities, housing authorities, housing development fund companies and not-for-profit corporations or charitable organizations that have affordable housing or home improvement as one of their primary purposes. Prospective developers typically use AHC grants to help develop or improve owner-occupied housing for low- and moderate-income homebuyers and homeowners.
“These grants enable us to work with our partners in the housing community to build and preserve affordable housing in urban, suburban and rural communities across New York State,” said Priscilla Almodovar, President and Chief Executive Officer of AHC. “AHC funds strengthen neighborhoods by creating and preserving safe, affordable and sustainable homeownership. We also leverage AHC grants to attract funding from other public and private sources, providing a boost to local economies.”
Senator John Bonacic, Chair of the Senate Housing Committee, said: “AHC provides assistance to create new housing opportunities for working families. The need for affordable housing is insatiable. We encourage developers to submit creative proposals to maximize the taxpayer assistance AHC provides.”
Assemblyman Vito Lopez, Chair of the Assembly Housing Committee, said: “I would like to commend the Affordable Housing Corporation for announcing this Notice of Funding Availability. Communities throughout New York State are facing an unprecedented affordable housing crisis on a daily basis. This money will be used to leverage other dollars so that, at the end of the day, we will be able to provide homeownership opportunities from Niagara Falls to New York City.”
Most grants are available for up to $35,000 per unit. Projects in designated high-cost areas or receiving U.S. Department of Agriculture Rural Development Service loans can receive up to $40,000 per unit. In all cases, AHC funds must be combined with other public or private investment and cannot exceed 60% of the total development budget of the project.
Criteria AHC will use to determine eligibility include:
- Whether a project serves a demonstrated need for affordable housing and contributes to the development or revitalization of the community;
- Whether a project shows sensitivity to the needs of the community, including preferences for veterans, seniors or the disabled;
- Whether a project uses innovative design techniques and building materials that reduce construction, rehabilitation or operating costs, including the use of “green” features; and
- Whether a project offers homeowner counseling to individuals benefiting from the AHC grant.
AHC ensures that grant funds are equitably distributed throughout the State, and among urban, suburban and rural communities.
A Notice of Funding Availability (NOFA) and Requests for Proposals (RFP) are available on AHC’s website, www.nyhomes.org. Applications in accordance with the RFP must be received by AHC no later than March 21, 2008.
Individuals interested in purchasing homes or receiving home improvement assistance should contact AHC grantee organizations directly. A list of AHC Grantees is available at http://www.nyhomes.org/home/index.asp?page=69.
____________
AHC, a subsidiary of the New York State Housing Finance Agency (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
