State Senator Hugh T. Farley (R,C - Schenectady) joins Governor George E. Pataki in announcing the approval of over $4 million in federal affordable housing awards which will enable the development and rehabilitation of housing in Fulton, Montgomery, Saratoga and Schenectady Counties.
"This is terrific news," Senator Farley said. "These programs not only help people obtain or keep their dream of having affordable housing, but they also help fight blight by helping individuals and communities restore and fix homes."
The funding awards are through the HOME program, RESTORE program, the Low Income Housing Trust Fund (HTF) program and the Federal Low Income Housing Credit (LIHC) Program. The HOME program helps fund the acquisition, construction and rehabilitation of affordable housing and provides assistance to eligible home buyers and renters. The RESTORE program helps pay for the costs of emergency repairs in homes owned and occupied by low-income senior citizens.
The $4,565,362 will go towards 177 units in Senator Farley's district. These figures translate to the following:
* Fulton County recipients will receive a total of $665,110 for 45 units: the City of Gloversville, $300,000, 16 units, through the HOME program; Fulton County Community Heritage Corp., $325,110 for 15 units through the HOME program and $40,000 for 14 units through the RESTORE program.
* The City of Amsterdam, Montgomery County, was awarded $400,000 for 24 units through the HOME program.
* Saratoga County recipients will receive a total of $3,122,252 for 92 units: Omni Housing Development LLC, $1,599,498 under the HTF program and $437,038 through the LIHC program for 36 units; Saratoga County Rural Preservation Co., a combined $685,716 for 30 units through the HOME program; and the Village of Ballston Spa, $400,000 for 26 units through the HOME program.
* The Better Neighborhoods, Inc., Schenectady County, is slated to receive $378,000 for 16 units through the HOME program.