NYS Affordable Housing Corporation Approves $223,000 to Complete Affordable Housing in Yonkers

NEW YORK, NY (01/24/2008)(readMedia)-- The New York State Affordable Housing Corporation (AHC) today approved a $223,000 award to the Housing Action Council to complete 17 affordable single-family homes in northeast Yonkers in Westchester County. With the approval, AHC has now awarded $648,000 toward the project.

“This award assures that this important affordable housing project will be completed and provide much needed housing for the City of Yonkers,” said Priscilla Almodovar, AHC President and Chief Executive Officer. “I am happy that we were able to work with our partners, including the Housing Action Council and the Community Preservation Corporation, the construction lender, to help provide the financing needed to make this housing a reality.”

With today’s action, AHC and its parent agency, the New York State Housing Finance Agency (HFA), have approved financing for 6,139 units of affordable housing since January 1, 2007.

The housing is part of a 34-unit subdivision under construction on 4.5 acres on Grassy Sprain Road in Yonkers. The AHC award will go to subsidize the price of individual units. The price of the homes will range from $85,050 to $220,000.

The 17 affordable units will help the City of Yonkers comply with a court-ordered Long Term Plan Order to provide affordable housing. The prospective homeowners, who have already been selected, were required to have household incomes that did not exceed $93,400 for a family of four.

The total development cost of the project is nearly $7.7 million. In addition to the AHC grant, the project is receiving nearly $3.7 million from the Yonkers Affordable Housing Department; $55,000 in bank housing grant funds from the Federal Home Loan Bank; and a developer subsidy of $742,674 from The Development Team, Inc.

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AHC, a subsidiary of HFA, 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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