NYS AHC Approves $1.5 Million in Grants to Build and Renovate 58 Affordable Homes in New York City

NEW YORK, NY (11/05/2009)(readMedia)-- The board of the New York State Affordable Housing Corporation (AHC) today approved three grants totaling $1.5 million to build and renovate 58 affordable homes in New York City, including several communities impacted by the foreclosure crisis.

"These grants will help stabilize communities affected by foreclosures and bring new homeownership opportunities throughout the city," said Priscilla Almodovar, AHC President and Chief Executive Officer. "The grants reinforce Governor Paterson's vision of making New York a better place to live and work."

Restored Homes

AHC approved an $840,000 grant to the Restored Homes Housing Development Fund Corporation for the acquisition and rehabilitation of 18 foreclosed homes with 21 housing units in Queens and Staten Island. The homes will be purchased from the U.S. Department of Housing and Urban Development (HUD).

The homes, including 16 single-family homes, one two-family home and one three-family home, are located in Jamaica and Far Rockaway in Queens and the North Shore of Staten Island. AHC funds will be used to lower the sale prices of the homes after they are acquired and renovated. The rehabilitation includes restoration of plumbing, heating and electrical systems; roofing; flooring; and door and window hardware. Eligible households can have incomes up to $61,440 for a family of four.

The total cost of the project is $7.82 million. In addition to the AHC grant, the project will be funded with $1.16 million from the NYC Housing Preservation and Development (HPD) and homeowner mortgages and equity.

The Douglass

AHC approved a $320,000 grant to the New York City Housing Partnership Development Corporation to subsidize the construction of eight condominium units in the Douglass, a proposed 38-unit condo to be located at 2110-2116 Frederick Douglass Boulevard and 114th Street in West Harlem.

The units will feature energy-efficient appliances, including washers and dryers, stain-oak hardwood floors, and floor-to-ceiling windows. The building will include a recreation room, storage rooms, a bicycle room and a landscaped courtyard garden. The developer for the project is BRP Development Corporation, whose principals are Geoff Flournoy and Meredith Marshall. The household income limit for the units is $61,440 for a family of four.

The total cost of the project is $5.53 million. In addition to the AHC grant, the project will receive $736,840 in land subordination funds provided by HPD and a $3.19 million subsidy from the sale of the market rate units.

Cypress Village Condominiums

AHC approved a $348,000 grant to the Cypress Hills Local Development Corporation to help build 29 condo units on three separate sites as part of its Neighborhood Stabilization Program (NSP) in the East New York section of Brooklyn.

Several sustainable "green" features will be incorporated into the construction and design, including energy-efficient heating and cooling systems, appliances, bamboo flooring and recycled gypsum board. The project was previously awarded $1 million in Federal NSP funds and $580,000 in AHC funding during the NSP application process. The $348,000 AHC grant will offset state subsidies the project did not receive. The household income limit to participate in the program is $61,440 for a family of four.

The total cost of the project is $10.6 million. In addition to the AHC grant and NSP funds, the project will receive $500,000 in capital funds from the Brooklyn Borough President's Office; a $75,000 grant from the Home Depot Foundation; $1.85 million in capital funds from HPD; a $72,320 grant from the Local Initiatives Support Corporation (LISC); a $92,869 grant from the New York State Energy Research and Development Authority; a $25,000 grant from the Raza Development Fund; $200,000 in capital funds provided by State Sen. Martin Malave Dilan (D-Brooklyn); developer equity; and homeowner mortgages and equity.

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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.

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