NEW YORK – December 14, 2007 – The board of the New York State Affordable Housing Corporation (AHC) yesterday approved $240,000 for the construction of six homes in Phase II of the Sherwood Heights Redevelopment Project in the Village of Sidney, Delaware County.
“Access to affordable housing is a critical component in sustaining the economic security of our state’s working families,” said Governor Spitzer. “Through the remarkable accomplishments of our state housing agencies, more people can afford to live and work here—boosting our economy and creating stable neighborhoods throughout the state.”
“The Affordable Housing Corporation is very proud to continue its partnership with the Village of Sidney in its efforts to revive the Sherwood Heights neighborhood,” said Priscilla Almodovar, President and Chief Executive Officer of AHC. “This grant is part of our commitment to improve the housing stock and the economy of upstate New York.”
The grant was made to the Village of Sidney for the redevelopment project located on Bird Avenue and Johnston Circle in the Sherwood Heights section of the village. Local households making up to $45,584 will be eligible to purchase the homes.
With this grant and other financings approved at the December meeting, AHC and its parent organization, the NYS Housing Finance Agency (HFA), have now approved financing for 6,061 units of affordable housing since January 1, 2007.
The Sherwood Heights Redevelopment Project is a major community initiative to transform a blighted low-income neighborhood of predominantly vacant multifamily housing into an income-diverse area of single-family homes. Sidney had previously completed Phase I of the project with the help of AHC funds. The project involves demolishing existing structures and building six single-family homes on the site.
The total cost of the project is $831,470. In addition to AHC funds and homeowner mortgages, the project will receive $170,000 in federal Community Development Block Grant funds and $1,800 in village funds from Sidney.
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AHC, a subsidiary of 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
