NEW YORK, NY – December 3, 2008 – (RealEstateRama) – The board of the New York State Housing Finance Agency (HFA) today approved $10.3 million in financing for the construction of Birches at Chambers, a 67-unit affordable senior citizen housing development in the Town of Ulster in Ulster County.
“This project demonstrates our commitment to create new housing for our senior citizens during these difficult economic times,” said Priscilla Almodovar, HFA President and Chief Executive Officer. “It also reinforces Governor Paterson’s goal of making New York State a better place to live and work.”
The Ulster approval was included in $64.2 million in financings approved today by HFA and its subsidiary, the New York State Affordable Housing Corporation, which will create or preserve 426 affordable housing units across the state.
The project will be built on Chambers Drive in the Town of Ulster. The apartments will be set aside for tenants with household incomes of $32,040 for a family of two. The borrower is an entity controlled by Birches at Chambers Associates, LLC.
The total cost of the project is $15.5 million. In addition to HFA financing, the project will receive a $335,000 HFA Infrastructure Development Demonstration Program Grant, a $3.75 million loan from the NYS Housing Trust Fund, and a payment in lieu of taxes from the Town of Ulster.
____
The NYS Housing Finance Agency was created in 1960 to sell bonds to finance the construction and rehabilitation of multi-family affordable rental housing in New York State.
Contact: Philip Lentz
Director of Communications
212-872-0679
plentz (at) nyhomes (dot) org
