NYS Affordable Housing Corporation Approves $240,000 for Six Units of Affordable Housing in Suffolk County

NEW YORK, NY (01/24/2008)(readMedia)-- The New York State Affordable Housing Corporation (AHC) today approved $240,000 in grants to help build six units of affordable housing in Suffolk County.

“We are proud to work with the Suffolk County nonprofit community to bring new homes to the market, which are so vitally needed on Long Island,” said Priscilla Almodovar, President and Chief Executive Officer of AHC. “AHC is committed to helping working families find affordable housing.”

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.

Project Hope

AHC approved an $80,000 grant to Housing Help, Inc. a not-for-profit organization, to build Project Hope, which will be a two-family home in Huntington Station, Suffolk County. The home will consist of a three-bedroom apartment for a homeowner and a one-bedroom rental. The home buyer for Project Hope was selected from among 300 families who are Housing Help clients. The rental apartment will be leased to a tenant who is eligible for the Federal government’s Section 8 subsidies.

The total cost of the project is $329,328. In addition to the AHC grant and homeowner mortgages and equity, the project will receive $50,000 in permanent financing from Suffolk County HOME funds.

Economic Opportunity Council

AHC approved a $160,000 grant to the Economic Opportunity Council of Suffolk, Inc. to help finance construction of four single-family homes in the Town of Brookhaven in Suffolk County. The homes will be targeted to households earning no more than $66,035 for a family of four. The homes will include “Energy Star” rated appliances, low-flow plumbing fixtures, and insulation meeting the New York State Energy Code, which will help reduce operating costs.

The total cost of the project is more than $1 million. In addition to the AHC grant, bank mortgages, and homeowners’ equity, the project will receive $200,000 in NYS Division of Housing and Community Renewal HOME funds, $24,000 from the Federal Home Loan Bank of New York’s First Time Home Buyers Club, and $56,000 from the HOME Down Payment Assistance Program for First Time Home Buyers provided by the Town of Babylon.

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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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