NYS Affordable Housing Corporation Approves $1.975 Million in Grants to Create and Renovate 82 Affordable Housing Units in New York State

Pedro Espada, Jr.

April 02, 2009

NEW YORK—Thursday, April 2, 2009—The board of the New York State Affordable Housing Corporation (AHC) today approved $1.975 million in grants to create and renovate 82 affordable housing units in New York State.

"These grants will help create and rehabilitate much needed affordable housing for working families both upstate and downstate," said Governor David A. Paterson. "These actions demonstrate that we are committed to making New York State a better place to live and work despite the difficult economic climate."

Priscilla Almodovar, AHC President and Chief Executive Officer, said, "The need for affordable housing has never been greater. That is why we are committed to providing financing so New Yorkers can live in safe and affordable homes in all parts of the state."

"These grants not only begin to address the state's affordable housing crisis, they also serve as economic stimulus by providing work to small, local contracting businesses, creating jobs and producing new tax revenue streams. They also help strengthen families and neighborhoods," said State Senator Pedro Espada, Jr. (D-Bronx, 33rd District), Chairman of the Senate Standing Committee on Housing, Construction and Community Development.

The projects are as follows:

New York City:
AHC approved:
-- A $775,000 grant to the New York City Housing Partnership to finance the construction of 31 affordable units in the South Jamaica section of Queens.

-- A $300,000 grant to the New York City Housing Partnership to finance the construction of 12 affordable units in the Melrose section of the Bronx.

AHC approved a $600,000 grant to Home Headquarters, Inc. to finance the construction of 15 affordable single-family homes.

Oswego County:
AHC approved a $300,000 grant to the Oswego Housing Development Council, Inc. to acquire, rehabilitate and then sell 24 foreclosed homes.

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.