Millions Approved To Build And Renovate Affordable Housing In New York State

Thomas P. Morahan

June 17, 2007

New York State Senator Thomas P. Morahan announced that a total of $14 million in affordable housing financing and grants was approved for the Hudson Valley by the boards of the New York State Housing Finance Agency (HFA) and Affordable Housing Corporation (AHC).

"I am very pleased that the State Housing Finance Agency has approved $14 million in tax-exempt bond financing to rehabilitate two affordable rental projects in the Village of West Haverstraw in Rockland County," said Senator Morahan.

The 100-unit West Haverstraw Senior Citizens Apartments is located on Route 9W and the 96-unit Warren Knolls Apartments is located on Warren Knolls Drive. All 196 units will be set aside for low-income senior citizen and disabled tenants. HFA’s financing facilitates the rehabilitation and long term affordability of the units. HFA requires that both projects remain affordable for 40 years after the renovations are complete.

"We’re very proud that the Affordable Housing Corporation is financing new and renovated housing throughout New York State, including seven projects in New York City, eight in the downstate suburbs and another eight in upstate counties," said Priscilla Almodovar, President and CEO of HFA, SONYMA and AHC. "We are working to build partnerships with nonprofit housing groups all over New York and these approvals demonstrate the progress we are making."

HFA was created as a public benefit corporation in 1960, to finance low-income housing by raising funds through the issuance of housing revenue bonds and the making of mortgage loans to eligible borrowers.

SONYMA’s Mortgage Insurance Fund was created in 1978 to promote the preservation and revitalization of communities across the State of New York by providing insurance on single-family mortgage loans to promote homeownership, and on multifamily mortgage loans that encourage investment of capital by commercial and public lenders.

AHC is a subsidiary of HFA and was established in 1985 to promote homeownership by low- and moderate-income households, by providing financial assistance as approved annually by the New York State Legislature, in conjunction with other private and public investment, for the construction, acquisition, rehabilitation, and improvement of owner occupied housing.

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