$5.35 million Approved for Affordable Housing in Onondaga County

NEW YORK, NY (09/21/2007)(readMedia)-- A total of $5.35 million in grants and mortgage insurance commitments was approved yesterday by the boards of the State of New York Mortgage Agency (SONYMA) and the New York State Affordable Housing Corporation (AHC) to build and improve affordable housing in Onondaga County.

The approvals include a commitment by SONYMA’s Mortgage Insurance Fund of $5.05 million to insure a mortgage for the Spaghetti Warehouse Building at 689 North Clinton Street in Syracuse and an AHC grant of $300,000 to the Onondaga County Community Development Division to improve 50 single-family homes in Onondaga County.

“These approvals demonstrate our commitment to the upstate economy and the people of Onondaga County,” said Priscilla Almodovar, President and Chief Executive Officer of SONYMA and AHC. “The financing approved today will create new affordable housing near Syracuse’s central business district and help dozens of homeowners upgrade their homes.”

Sen. David J. Valesky (D-Oneida) said, "Affordable housing in the City of Syracuse and across the county remains a critical component of plans to bring economic growth and prosperity to all of Central New York. I am pleased to see the state’s commitment to this effort, both with the support of projects that will improve downtown-living space and with home improvement funds for families across the county."

Assemblywoman Joan Christensen (D-Syracuse) said, “Housing is a basic need and working families need to know that they can find affordable housing. Some people call it housing, they call it home.”

Assemblyman Bill Magnarelli (D-Syracuse) said, “These New York State funds will help build neighborhoods and restore our communities here in Syracuse and throughout Onondaga County. Strong partnerships between New York State and local governments can create substantial benefits, and I am pleased to see that these projects will make affordable housing more accessible to our residents.”

Assemblyman Al Stirpe (D-North Syracuse) said, “Helping to ensure working families live in homes that meet safety codes isn’t just the right thing to do it’s a must. That’s why grants like these that provide assistance for the removal of lead paint and other improvements to make homes safe are so essential. Our loved ones, especially our children, need safe places to live so that nothing gets in the way of them achieving their full potential.”

The Mortgage Insurance Fund commitment will help renovate the Spaghetti Warehouse, a three-story former handbag factory in the Franklin Square area of Syracuse. The building currently has a restaurant on the first floor, commercial and other office space on the second floor and 24 loft apartments on the third floor. The renovation will convert some of the second floor space into 26 loft units. When complete, the project will have 50 residential units and 30,210 square feet of retail and commercial space.

The site is owned by Lakefront Lofts, LLC, in which Harbor Realty Partners, LLC and Benjen Capital Partners, LLC each own a 50% interest. The mortgage of $5.05 million was provided by the Community Preservation Corporation, a nationally recognized leader in helping developers finance and build affordable multifamily housing.

The $300,000 AHC grant will help fund a $1 million effort by the Onondaga County Home Improvement Program. The grants will be offered on a first-come, first-serve basis to county residents with incomes under $57,456 for a family of four, or 112% of the low income limits set by the U.S. Department of Housing and Urban Development for Onondaga County.

Repairs eligible for the grants include improvements such as lead removal and bringing homes into compliance with existing codes and standards. Other financing includes homeowner equity, $125,000 in CDBG funds from HUD and $500,000 in Lead Based Paint Hazard Reduction Grant funds from HUD.

Residents in the Villages of Baldwinsville, Camillus, East Syracuse, Jordan, North Syracuse and Solvay and the Towns of Camillus, Cicero, Onondaga, Salina, Skaneateles and Van Buren are eligible.

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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, a subsidiary of NYS Housing Finance Agency, was established in 1985 to promote homeownership by low- and moderate-income households by providing financial assistance approved by the State Legislature for the construction, acquisition, rehabilitation and improvement of owner-occupied housing.

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