NEW YORK – November 5, 2008 – (RealEstateRama) – New York State approved more than $9 million in financing today to create and preserve 245 units of affordable housing in Onondaga County. The actions were taken by the boards of the New York State Housing Finance Agency (HFA) and its subsidiary, the New York State Affordable Housing Corporation (AHC).
HFA approved $5.4 million in financing to build 28 affordable units on the east side of the City of Syracuse and a $2.695 million loan to facilitate the purchase of a manufactured home park in the Town of Elbridge. AHC approved two grants totaling of $950,000 to acquire and renovate 45 homes in Onondaga County.
“The financings we approved today demonstrate our commitment to preserve existing affordable housing and build new affordable homes in Onondaga County 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 HFA and AHC that will create or preserve 1,059 affordable housing units across the state.
Loguen Homes Apartments
HFA approved a $4.2 million mortgage and a $1.2 million second mortgage to finance the acquisition of 11 parcels and construction of nine multifamily apartment buildings with 28 units on Syracuse’s east side. The apartments will be located at 207 South Beech St., 211Columbus Ave., 213 Columbus Ave., 304 Pine St., 306 Pine St., 1232 East Fayette St., 1220 East Fayette St., 201 Lexington Ave., 309 Lexington Ave., 311 Lexington Ave. and 313 Lexington Ave.
The apartments will be reserved for tenants with household incomes up to $30,500 for a family of four. Five of the units will be set aside for people with physical disabilities. ARISE, a nonprofit independent living center that promotes inclusion of people with disabilities in the Syracuse community, has agreed to refer potential tenants to the project and provide supportive services for tenants with special needs.
The borrower will be Loguen Homes LLC, which is controlled by HV Unlimited Holding Co. LLC, which will be created by Housing Visions, a local nonprofit who has been active in the development of new affordable housing in the City of Syracuse and surrounding communities.
The total cost of the project is $7.45 million. In addition the HFA financing, the project will receive an annual appropriation of $308,453 in Federal Low Income Housing Tax Credits; a $250,000 Community Development Block Grant (CDBG) loan from the City of Syracuse; a $2.65 million loan from the New York State Housing Trust Fund; and a real estate tax abatement from the City of Syracuse.
Champion Mobile Home Park
HFA approved a $2.695 million loan to the residents of the Champion Mobile Home Park in the Town of Elbridge, which is located 12 miles west of Syracuse. The loan will enable the residents to purchase the park and convert it cooperative ownership that will operate on a not-for-profit basis. The conversion will provide long-term security for the residents by keeping site rents affordable.
The park contains 172 home sites, 169 of which contain manufactured homes. The park is well maintained and no repairs are required at this time. The loan is being made under legislation enacted to protect homeowners living in manufactured home parks against the sale of parks by owners for development.
HFA is providing 64% of the financing of the transactions. ROC USA, a non-profit that seeks to expand resident ownership of manufactured housing communities, will provide the remaining 36% of the financing.
Syracuse Purchase-Rehab Program
AHC approved a $700,000 grant to the Empire Housing and Development Corporation to acquire and renovate 25 single-family and five two-family homes in Onondaga County.
The AHC grant will be used to replace roofs and furnaces, repair structural defects, and upgrade electrical and plumbing systems. Eligible homebuyers will be selected for the project on a first-come, first-served basis, and grant awards will be limited to households earning up to $54,656 for a family of four.
The total cost of the project is $3.04 million. In addition to the AHC grant, the project will receive $90,000 from the City of Syracuse.
Southern Hills First-Time Homebuyer Program
AHC approved a $250,000 grant to the Southern Hills Preservation Corporation (SHPC) to acquire and renovate 10 single-family homes in southern Onondaga County.
The AHC grant will be used to finance rehabilitation work that will include improvements to furnaces, wells, septic systems and roofs. Homebuyers for the project will be selected from a waiting list of applicants who have completed SHPC’s First-Time Homebuyer Education Classes. Households earning up to $54,656 for a family of four will be eligible.
The total cost of the project is $1.34 million. Homeowner mortgages and equity will provide for the remainder of the costs.
| ___ |
The NYS Housing Finance Agency was created in 1960 to sell bonds to finance the construction and rehabilitation of multifamily affordable rental housing in New York State.
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
