NYS AHC Approves $1.18 Million in Grants to Build and Rehab 52 Units of Housing in Central New York

• by New York State Housing Finance Agency

NEW YORK, NY (12/03/2009)(readMedia)-- The board of the New York State Affordable Housing Corporation (AHC) today approved $1.18 million in grants to build and renovate 52 units of affordable housing in Onondaga County.

"These grants will create and preserve much needed affordable housing in Central New York," said Priscilla Almodovar, AHC President and Chief Executive Officer. "Our financings demonstrate that Governor Paterson is committed to improving the state's housing even in these difficult economic times."

Home Headquarters Inc.

AHC approved an $880,000 grant to Home Headquarters, Inc. to build 22 homes on scattered sites in the City of Syracuse. Home Headquarters will partner with Northeast Hawley Development Association, the Syracuse Model Neighborhood Corporation and Jubilee Homes to construct the homes.

The homes will have three or four bedrooms, one and one-half baths, a living room, dining room, kitchen and garage. They will be well insulated and include high efficiency gas-fired furnaces and hot water heaters as well as energy efficient windows and doors. The project will be reserved for households with incomes up to $57,075 for a family of four.

The total cost of the project is $4.18 million. In addition to the AHC grant, the program will be funded by $525,000 in HOME funds provided by the City of Syracuse, a $300,000 grant provided by the NYS Division of Housing and Community Renewal, $500,000 in Syracuse Neighborhood Initiative funds provided by the City of Syracuse, $325,000 in RESTORE funds provided by the City of Syracuse, and homeowner mortgages and equity.

Southern Hills

AHC approved a $300,000 grant to the Southern Hills Preservation Corporation to renovate 30 homes in Onondaga County.

The grant will be used to provide home improvement loans to homeowners up to $7,500. Improvements will include structural repairs and lead removal, roof repair/replacement, electrical and plumbing upgrades, window repair/replacement, foundation repairs, installation of wells and septic systems, enlarging or building handicapped bathrooms and bedrooms, and installation of handrails and other safety measures. Homeowners will be selected on a first-come, first-served basis. The household income limit to participate in the program is $50,960 for a family of four.

The total cost of the project is $500,000. In addition to the AHC grant, the program will receive $300,000 in RESTORE funds provided by NYS Division of Housing and Community Renewal, $75,000 in Weatherization funds provided by the People's Equal Action and Community Effort, Inc., and homeowner equity.

____

AHC, a subsidiary of the NYS Housing Finance Agency, was established in 1985 to promote homeownership by low- and moderate-income households. Financial assistance approved annually by the New York State Legislature, combined with other private and public investment, is used for the construction, acquisition, rehabilitation and improvement of owner-occupied housing.

###