NYS AHC Approves $880,000 in Grants to Build and Rehab 48 Homes in the Southern Tier

NEW YORK, NY (09/10/2009)(readMedia)-- The board of the New York State Affordable Housing Corporation (AHC) today approved $880,000 in grants to build and renovate 48 affordable homes in the Southern Tier.

"These grants will help create and preserve affordable housing in several counties in the Southern Tier," said Priscilla Almodovar, AHC President and Chief Executive Officer. "Our financing today reinforces the Paterson administration's mission to protect affordable housing even in these difficult economic times."

Broome & Chenango

AHC approved a $600,000 grant to Opportunities for Chenango, Inc. to help finance renovations for 40 single-family homes in Broome and Chenango Counties.

Repairs will include roof replacement, furnace replacement, electrical and plumbing improvements, siding and kitchen and bath updates, and the repair of structural defects. The grants will be limited to households earning no more than $52,506 for a family of four in Broome County and $49,190 for Chenango County.

The total cost of the project is $1.525 million. In addition to the AHC grant, the program will be funded by $500,000 in HOME funds provided by the U. S. Department of Housing & Urban Development, $200,000 in Weatherization Program funds provided by the NYS Division of Housing & Community Renewal, $150,000 in Revolving Loan Funds provided by Opportunities for Chenango, Inc. and $75,000 in loan funds provided by NBT Bank.

Ithaca NHS

AHC approved a $280,000 grant to the Ithaca Neighborhood Housing Services, Inc. to build six single-family duplex style houses and one two-family duplex style house in the City of Ithaca in Tompkins County.

The homes will be built to the LEED standards developed by the U.S. Green Building Council. LEED-certified houses are more environmental friendly and durable than conventional houses. Applicants will be accepted on a first-come, first-served basis. Grant eligibility will be limited to households earning no more than $64,333 for a family of four.

The total cost of the project is $1.669 million. In addition to the AHC grant, financing includes $499,808 in HOME funds provided by the City of Ithaca, $40,000 in homeownership assistance funds provided by NeighborWorks America, and $244,000 in Revolving Loan Funds provided by Ithaca Neighborhood Housing Services, Inc.

AHC also approved a $748,000 grant to Habitat for Humanity of New York State to build 22 single-family homes in nine counties across the state, including Tompkins County. The homes will be built on land donated by the local municipalities.

All the homes will include Energy Star appliances and low-cost, energy-efficient heating and cooling systems. Habitat for Humanity of New York State will act as the developer for the project and oversee the selection and supervision of builders, construction monitors and maintain progress reports. Local Habitat affiliates will act as the builders and be responsible for the evaluation, screening and selection of applicants.

Homeowners will be required to complete 300 to 500 hours of sweat equity on the construction of their home in lieu of a significant down payment. The grant awards will be limited to households earning up $35,900 for a family of four in Tompkins County.

The total cost of the project is $3.1 million. In addition to the AHC grant, the project will be funded with $461,825 in program funds provided by Habitat affiliates and land donated by the counties.

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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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