NEW YORK, NY – August 13, 2009 – (RealEstateRama) — The board of the New York State Affordable Housing Corporation (AHC) today approved $800,000 in grants to renovate 40 affordable homes in the Hudson Valley.
“These grants will improve the housing stock in the Hudson Valley and the quality of life for its residents,” said Priscilla Almodovar, AHC President and Chief Executive Officer. “It reinforces the Paterson administration’s goal of making New York State a better place to live and work.”
Greene County Home Repair
AHC approved a $300,000 grant to the Catskill Mountain Housing Development Corporation (CMHDC) for the rehab of 15 units in Greene County.
The AHC grant will be used to finance improvements for 15 homes. The work proposed includes siding, roofing, exterior windows and upgrading plumbing, heating, and ventilation systems. Awards will be provided to pre-qualified recipients on a first-come, first-served basis. Grant awards will be limited to households earning up to $51,520 for a family of four.
The total cost of the project is $600,000 which will be funded by AHC and $300,000 in HOME funds provided by the NYS Division of Housing and Community Renewal (DHCR).
Ulster County Home Owner Program
AHC approved a $500,000 grant to the Rural Ulster Preservation Company (RUPCO) for the acquisition and rehabilitation of 25 homes in Ulster County.
The sales prices of the homes are expected to range from $85,000 to $175,000, and the costs for rehabilitation are expected to be approximately $15,000. The rehab component of the project will consist of roof replacement or repair, electrical system upgrades, heating system upgrades, and general improvements to enhance the energy efficiency of the homes. Grant awards will be limited to households earning up to $62,451 for a family of four.
The total cost of the project is $4.67 million. In addition to the AHC grant, the project will be funded by $200,000 in Federal Community Development Block Grant funds provided by Ulster County; $112,500 in First Home Club funds provided by Federal Home Loan Bank (FHLB); and $30,000 in Empower New York funds provided by New York State Energy Research Development Authority (NYSERDA).
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AHC, a subsidiary of the NYS Housing Finance Agency, 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.
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Contact: Philip Lentz
Director of Communications
212-872-0679
plentz (at) nyhomes (dot) org
