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

• by New York State Housing Finance Agency

NEW YORK, NY (11/05/2009)(readMedia)-- The board of the New York State Affordable Housing Corporation (AHC) today approved a $120,000 grant to the Warren County Office of Community Development to build three single-family homes in Warren County.

"This grant to fund the replacement and improvement of mobile homes will improve the housing stock of Warren County," said Priscilla Almodovar, AHC President and Chief Executive Officer. "This financing reinforces Governor Paterson's mission to make New York State a better place to live and work."

The grant will help fund a larger project that aims to rehabilitate and, when necessary, replace a total of 18 dilapidated mobile homes to make the homes healthier places to live. The mobile homes funded by the AHC grant will be deemed irreparable and replaced with stick-built two- or three-bedroom ranch-style homes. The three recipients of AHC awards will be selected from a waiting list of pre-qualified recipients. The household income limit for participation in the program is $37,255 for a family of four.

The total cost of the project is $210,000. In addition to the AHC grant, $90,000 in HOME funds will be provided by New York State 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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