NYS Affordable Housing Corporation Approves $120,000 Grant to Build Three Affordable Homes in Rockland County

NEW YORK, NY (04/08/2010)(readMedia)-- The board of the New York State Affordable Housing Corporation (AHC) today approved a $120,000 grant to the Rockland Housing Action Coalition, Inc. to build three affordable homes in Rockland County.

"This grant will improve the housing stock for residents of Rockland County," 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 will be used to build three single-family, semi-attached homes at 62 Sixth Street in the Town of Ramapo in Rockland County. Each home will contain about 1,500 square feet and be equipped with energy efficient appliances. Eligible households can have incomes up to $91,392 for a family of four.

The total cost of the project is $1.14 million. In addition to the AHC grant, the program will be funded by $180,000 in HOME funds provided by the NYS Division of Housing and Community Renewal, $200,000 in HOME funds provided by Rockland County, 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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