NYS Affordable Housing Corporation Approves $1.75M Grant for Affordable Workforce Housing on Long Island

NEW YORK, NY (06/10/2010)(readMedia)-- The board of the New York State Affordable Housing Corporation (AHC) today approved a $1.75 million grant to the Long Island Housing Partnership (LIHP) to acquire and rehab 80 homes in Nassau and Suffolk counties.

"This grant will enable working families on Long Island to purchase affordable homes close to where they work," said Brian E. Lawlor, AHC President and CEO. "It reinforces our partnership with the private sector and furthers Governor Paterson's mission of creating affordable housing even in difficult economic times."

The AHC grant will help fund the sixth phase of LIHP's Employer Assisted Housing Program. Under the program, employers commit funds to help new and current employees buy affordable homes close to where they work. The program is designed to provide "workforce housing" to individuals who don't qualify for traditional low-income homeownership programs, yet can't afford to purchase a home close to their jobs.

Employers donate $3,000 toward mortgage reduction, which is then matched on a three-to-one basis by the state's HELP Long Island Fund. Participating employers include North Shore Long Island Jewish Health Systems, Our Lady of Consolation Geriatric Care Center of West Islip, and Computer Associates.

The program provides down payment and rehabilitation assistance to homebuyers with household incomes under $122,160 for a family of four. Homeowners will be chosen on a first-come, first-served basis. Homes will be selected from the current listings of for-sale homes on Long Island.

The total cost of the project is $23.2 million. In addition to the AHC grant, the program will receive $200,000 in HOME funds provided by Suffolk County; $200,000 in HOME funds provided by Nassau County; $720,000 in NYS HELP Long Island funds; $240,000 in employers' contributions; and homebuyers' 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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