NYS AHC Approves $476,000 in Grants to Renovate and Build 34 Homes in the North Country

NEW YORK, NY (11/05/2009)(readMedia)-- The board of the New York State Affordable Housing Corporation (AHC) today approved $476,000 in grants to renovate and build 34 affordable homes in the North Country.

"These grants will be used to upgrade the housing stock of the North Country," said Priscilla Almodovar, AHC President and Chief Executive Officer. "Our financing reinforces Governor Paterson's mission to make New York State a better place to live and work."

NCAH Home Improvement Program

AHC approved a $400,000 grant to North Country Affordable Housing, Inc. to help finance home improvements for 32 homes in Lewis, Jefferson and St. Lawrence counties.

The AHC grant will be used to renovate homes in substandard conditions due to inadequate maintenance. Typical home improvements include replacing roofs, foundation/structural repairs, and replacing or repairing heating and electrical systems, windows and plumbing. The household income limit for participation in the program is $49,190 for a family of four.

The total cost of the project is $800,000. In addition to the AHC grant, the program will receive $100,000 in HOME funds provided by the Neighbors of Watertown and $300,000 in Community Development Block Grant funds provided by the New York State Division of Housing and Community Renewal (DHCR).

Franklin County New Construction Program

AHC approved a $76,280 grant to Friends of the North Country Inc. to build two single-family homes in Franklin County.

The project is the continuation of an overall effort by Friends to rehabilitate and, if necessary, replace dilapidated mobile homes in the North Country. The two homes for this project will be deemed irreparable and will be replaced with stick built two- or three-bedroom Cape or Ranch-style homes. The recipients of AHC funds will be selected from a waiting list of eligible applicants. The household income limit for participation in the program is $49,190 for a family of four.

The total cost of the project is $129,080. In addition to the AHC grant, the project will be funded by $52,800 in HOME funds provided by DHCR.

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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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