NYS Affordable Housing Corporation Approves $165,000 Grant to Hudson Falls to Rehab 12 Homes

NEW YORK, NY (09/10/2009)(readMedia)-- The board of the New York State Affordable Housing Corporation (AHC) today approved a $165,600 grant to the Village of Hudson Falls in Washington County to renovate 12 housing units.

"The grant will be used to improve the aging housing stock in Washington County," said Priscilla Almodovar, AHC President and Chief Executive Officer. "Our financing today reinforces the Paterson administration's mission to protect affordable housing even in these difficult economic times."

The AHC grant will be used to renovate 10 single-family homes and one two-family home. The project is part of Hudson Falls' Affordable Housing Strategy, where the highest priority is improving the availability and accessibility of housing by preserving existing privately-owned homes while eliminating health and safety issues. Many of the homes to be renovated are more than 50 years old. Grant funds will be used to address energy conservation repairs such as upgrading heating systems, and repairing roofs, electrical, plumbing, water supply, and septic systems.

Grants will be limited to households earning no more than $53,222 for a family of four. The total cost of the project is $276,000. In addition to the AHC grant, the project will be funded by $110,400 in HOME funds provided by the NYS Division of Housing & 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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