DHCR and "nyhomes" Announce $31 Million in Affordable Housing and Community Renewal Awards for Capital Region

ALBANY, NY (08/27/2010)(readMedia)-- The State Division of Housing and Community Renewal (DHCR) and "nyhomes" today announced $31 million in awards for communities throughout the Capital Region. The awards will help to develop affordable housing, revitalize downtowns, and upgrade water and sewer systems. The awards will leverage an additional $96 million from other private and public sources, bringing a total of $128 million in economic activity to the area.

The funding will help to:

• build or rehabilitate 640 affordable housing units for working families, seniors, and people with disabilities;

• Revitalize the central business districts of 10 cities, towns, and villages, and

• build or improve public health, water and sewer facilities, benefiting more than 39,000 residents

Additionally, the awards are expected to create or support more than 300 jobs, according to an economic impact formula from the National Association of Home Builders.

Governor Paterson said, "Increasing access to quality affordable housing, revitalizing Main Streets, and improving the State's infrastructure are all critical components of New York's economic recovery and job-creation efforts. Our investment will leverage millions more from our partners in the private sector and Federal and local governments."

Brian Lawlor, Commissioner of DHCR and President/CEO of "nyhomes" said, "The awards approved today will assist projects that have been true collaborative efforts, using resources from State, local, Federal agencies as well as private sector investments. As we proceed with the integration of the state's major housing agencies, coordinating scarce resources will help us to more efficiently deliver our programs and services to more New Yorkers, enhancing their impact while lowering costs."

Lawlor said the award process this year presented a number of challenges, including heightened competition from a large number of high-quality projects and decreased funding, due to the state's economic condition. Statewide, more than 400 applications for funding were received, and awards were granted to 130 projects.

Highlights of the Capital Region awards include:

• Cohoes Falls Apartments in Cohoes. The Community Builders, Inc. received $554,000 in Low Income Housing Tax Credits (which will generate $4.3 million in equity). The development is the rehabilitation of an existing HUD subsidized project comprised of several buildings. It will result in 66 affordable apartments and a community building for residents. The project will feature Energy-Star appliances, an outdoor patio area, and four units designed for persons with mobility impairments, and four for persons with hearing or vision impairment.

• Gloversville Apartments in the City of Gloversville. Gloversville Housing Group, LP received $1.6 million in funding and $960,000 in Low Income Housing Credits (which will generate $7.3 million in equity). The development is the new construction of 48 units of affordable workforce housing for low-income families. The development will comply with Green Building and Energy Efficiency Initiatives and include Energy Star or equivalent appliances, light fixtures, and heating and air conditioning. Amenities include a playground and computer lab.

Capital Region communities will also receive 19 awards from the NYS Community Development Block Grant (NYS CDBG) program, totaling $8.9 million which will leverage additional funding and generate more than $11 million in economic activity throughout the region.

The NYS CDBG program provides eligible communities with resources to develop affordable housing, prevent or eliminate slums or blight, meet an urgent community development need and create job opportunities for low and moderate income residents.

A NYS CDBG award of $400,000 was approved for City of Hudson to construct the city's first designated Senior Center. The new facility will provide space for activities including exercise, computer access, communal dining, and distribution for Meals on Wheels.

Capital Region communities will also benefit from 10 awards through the NY Main Street program, totaling $4 million, which will leverage additional funding and generate a total of $31 million in economic activity.

The NY Main Street program is eligible to local governments and not-for-profit agencies to stimulate reinvestment in mixed-use "Main Street" buildings and neighborhoods. The grants can be used to foster small business development, provide jobs and economic opportunities, expand affordable housing opportunities and preserve and encourage adaptive reuse of downtown buildings.

One of the NY Main Street grants, $333,350 to the City of Schenectady, will assist in the adaptive reuse of the former St. John the Baptist Church buildings to create a performing arts and education center. The NY Main Street grant will leverage an additional $1 million for the project.

A full list of awards by county is available at:

Capital Awards:

http://nysdhcr.gov/Funding/Awards/UnifiedFunding/2010/

NYS CDBG awards:

http://nysdhcr.gov/Funding/Awards/NYSCDBG/2010/

NY Main Street awards:

http://nysdhcr.gov/Funding/Awards/NYMS/2010/