$14.7 Million Approved for Affordable Housing in Hudson Valley
Funds will Finance Construction and Renovation of 260 Affordable Housing Units
NEW YORK, NY (06/15/2007)(readMedia)-- A total of $14.7 million in affordable housing financing and grants was approved for the Hudson Valley yesterday by the boards of the New York State Housing Finance Agency (HFA) and Affordable Housing Corporation (AHC).
The funds will finance the construction and renovation of 260 units of affordable housing through the projects listed below:
HFA approved $14 million in tax-exempt bond financing for The Related Companies to rehabilitate two affordable rental projects in the Village of West Haverstraw in Rockland County. 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.
The Westchester County Department of Planning was approved for a $600,000 AHC grant to improve 60 units of housing located throughout the county. Thirty homes will be in areas that experienced severe flooding due to the recent heavy rains. Home improvements financed with these AHC grant funds will be limited to households with maximum incomes of $60,525 per year for a one-person household, up to a maximum of $114,132 per year for an eight-person household. Additional assistance is being provided by Westchester County, DHCR and the U.S. Department of Housing and Urban Development.
The Housing Action Council was approved for a $160,000 AHC grant for four new three-bedroom, single-family units to be located on Shelbourne Road and Westminster Drive in the City of Yonkers. Eligible homebuyers must not exceed maximum income limits. Priority will be given to eligible applicants who are being displaced by the demolition of the Mulford Gardens housing project.
Eligible buyers of these units will be expected to pay 3% of the subsidized sales price of $204,527. The remaining 97% of the purchase price can be financed with a conventional mortgage or with a special low interest rate mortgage from AHC’s sister agency, the State of New York Mortgage Agency (SONYMA). For more information about SONYMA’s programs in both English and Spanish, call 1-800-382-HOME (4663) or visit the Agency’s website at www.nyhomes.org.
Additional assistance for this project is being provided by the City of Yonkers Affordable Housing Trust Fund and the City of Yonkers Housing Authority.
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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.
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.
SONYMA is a public-benefit corporation of the State of New York created in 1970. The Agency’s mission is to create affordable homeownership opportunities for low- and moderate-income first-time homebuyers and other qualifying homebuyers. In addition, SONYMA’s homeownership programs help stabilize and rebuild federally designated economically depressed Target Areas throughout New York State by enhancing opportunities for homeownership.
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