NYS Affordable Housing Corporation Approves $1.44M Grant to Build 36 Affordable Homes in Rockland County

NEW YORK, NY (05/13/2010)(readMedia)-- The board of the New York State Affordable Housing Corporation (AHC) today approved a $1.44 million grant to the Ramapo Local Development Corporation to build 36 affordable new homes in Rockland County.

"This financing will create new homes in Rockland County and promote affordable homeownership in the state," said Brian E. Lawlor, AHC President and CEO. "Our actions demonstrate Governor David A. Paterson's commitment to providing affordable housing even in these difficult economic times."

The AHC grant will help finance the construction of 36 condominium units located in three buildings in a 48-unit complex at 7 Elm Street in the Town of Ramapo in Spring Valley. This project is Phase I of a three-phase plan to eventually build 132 units in 11 buildings on an eight-acre site. The 36 condos include 27 four-bedroom units and nine three-bedroom units.

The household income limit for participation in the program is $91,392 for a family of four. Applicants will be selected through a lottery system. It is anticipated that there will be two lottery drawings; one for candidates with local preference and one for non-preference candidates. The proposed builder is The Pines Homes Corporation, whose principal is Michael Tauber.

The total cost of the project is $11.9 million. In addition to the AHC grant, the project will be funded by $200,000 in Community Development Block Grant funds provided by Rockland County and homeowner mortgages and equity. Also, the Town of Ramapo has waived approximately half of the land acquisition costs for the 36 condos with AHC funding.

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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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