$4 Million Approved for Housing in Western New York State

NEW YORK, NY (06/15/2007)(readMedia)-- A total of more than $4 million in affordable housing grants and mortgage insurance commitments was approved for Western New York yesterday by the boards of the State of New York Mortgage Agency (SONYMA) and the New York State Affordable Housing Corporation (AHC).

The funds will finance the construction and renovation of 193 housing units through the projects listed below:

The Historical Warehouse Lofts at 210 Ellicott Street in Buffalo was approved for $2.75 million in mortgage insurance from the Mortgage Insurance Fund of the State of New York Mortgage Agency (SONYMA). The insurance was a key component of the financing of the $8 million project, which involves the acquisition and adaptive re-use of a vacant warehouse that is being rehabilitated into a 30-unit loft apartment building.

The Martin Luther King Block Club Association was approved for a $75,000 AHC grant to rehabilitate five housing units in the Martin Luther King Park area of Buffalo. Broadway Fillmore Neighborhood Housing Services will assist in program administration, and additional assistance is being provided by the City of Buffalo through funding it receives from the New York State Division of Housing and Community Renewal (DHCR).

The Citizens Alliance was approved for a $75,000 AHC grant for the improvement of seven units located in the Delavan Grider area of Buffalo. Fillmore-Leroy Area Residents will assist in program administration and additional assistance is being provided by the City of Buffalo through funding it receives from DHCR.

The Niagara Community Action Program was approved for an $80,000 AHC grant to rehabilitate 16 housing units in Niagara County. Additional assistance is being provided by a consortium of twelve towns within Niagara County and by weatherization funds from DHCR.

The Chautauqua Home Rehabilitation and Improvement Corporation was approved for a $300,000 AHC grant to rehabilitate 35 housing units in Chautauqua County. Additional assistance is being provided by DHCR, the Governor’s Office of Small Cities and the Federal Home Loan Bank of New York.

The Genesee Valley Rural Preservation Council was approved for a $500,000 AHC grant to rehabilitate 40 housing units located in Genesee and Livingston Counties. Additional assistance is being provided by DHCR.

The South East Area Coalition was approved for a $300,000 AHC grant to improve 60 housing units located in southeast Rochester. Additional assistance is being provided by the New York State Energy Research and Development Authority (NYSERDA), the City of Rochester and the Federal Home Loan Bank of New York.

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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 the New York State Housing Finance Agency 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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