NYS Affordable Housing Corporation Approves $100,000 Grant to Renovate 12 Homes in Clinton County

• by New York State Housing Finance Agency

NEW YORK, NY (12/03/2009)(readMedia)-- The board of the New York State Affordable Housing Corporation (AHC) today approved a $100,000 grant to the Friends of the North Country Inc. to renovate 12 homes in Clinton County.

"This grant will upgrade the aging housing stock in the North Country," said Priscilla Almodovar, AHC President and Chief Executive Officer. "Our financings demonstrate that Governor Paterson is committed to improving the state's housing even in these difficult economic times."

The grant will finance renovations for homes in substandard condition due to inadequate maintenance. These conditions threaten the health and safety of homeowners and limit the ability of lower income households to properly maintain and repair their homes without some form of grant assistance. Home improvements include the repair or replacement of roofs, windows, doors, and heating, plumbing and electrical system upgrades. The household income limit to participate in the program is $54,566 for a family of four.

The total cost of the project is $500,000. In addition to the AHC grant, the project will be funded by $400,000 in HOME funds provided by the NYS Division of Housing and Community Renewal.

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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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