NYS Affordable Housing Corporation Approves $1.3 Million Grant to Build 40 Affordable Homes in Suffolk County

NEW YORK, NY (04/08/2010)(readMedia)-- The board of the New York State Affordable Housing Corporation (AHC) today approved a $1.3 million grant to the Nassau-Suffolk Partnership Housing Development Fund Company, Inc. to help build 40 new affordable homes in Suffolk County.

"This grant will improve Long Island's housing stock as part of the Town of Islip's long-term plan to provide more affordable housing on the island," said Judd S. Levy, AHC Chairman. "Our funding demonstrates that Governor Paterson remains dedicated to creating affordable housing even during this economic recession."

The AHC grant to the Partnership Housing Development Fund, an affiliate of the Long Island Housing Partnership, will be used to build 40 attached single-family, two- and three-bedroom homes in the Town of Islip in Suffolk County.

This program is the eighth phase of Islip's efforts to increase the supply of affordable new homes and promote homeownership. The project is aimed at turning vacant land into attractive neighborhoods for low- and moderate-income households. The project will be reserved for households with incomes up to $111,573 for a family of four. The developer is Daytree Custom Home Builders, Inc., an affiliate of Tom Datre & Son Construction.

The total cost of the project is $13.68 million. In addition to the AHC grant, the program will receive a land subsidy of $1 million from the Islip Community Development Agency, $1.5 million from the Suffolk County Affordable Housing Program, $638,000 in HOME funds from the Town of Islip CDA, $650,000 in state HELP funds, $1 million from the Islip Affordable Housing Program, 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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