NYS Affordable Housing Corporation Approves $300,000 Grant to Rehab 15 Greene County Homes

NEW YORK, NY (09/10/2009)(readMedia)-- The board of the New York State Affordable Housing Corporation (AHC) today approved a $300,000 grant to The Hunter Foundation to renovate 15 homes in Greene County.

"This grant will be used to improve the aging housing stock in the Hudson Valley," 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 grants will be used to rehab 15 homes in the towns of Ashland, Hunter, Jewett, Lexington, Prattsville and Windham. Proposed home improvements include correcting code violations, addressing lead paint hazards, energy conservation and reduction of energy costs. Awards will be provided on a first-come, first-served basis. The grant awards will be limited to households earning up to $51,520 for a family of four.

The total cost of the project is $694,000. In addition to the AHC grant, the project will receive $300,000 in HOME funds provided by the NYS Division of Housing and Community Renewal, $54,000 in Weatherization Program funds provided by Greene County Community Action Program, and $40,000 in Paint Program funds provided by the Hunter Foundation.

AHC also approved a $748,000 grant to Habitat for Humanity of New York State to build 22 single-family homes in nine counties across the state, including Columbia County. The homes will be built on land donated by the local municipalities.

All the homes will include Energy Star appliances and low-cost, energy-efficient heating and cooling systems. Habitat for Humanity of New York State will act as the developer for the project and oversee the selection and supervision of builders, construction monitors and maintain progress reports. Local Habitat affiliates will act as the builders and be responsible for the evaluation, screening and selection of applicants.

Homeowners will be required to complete 300 to 500 hours of sweat equity on the construction of their home in lieu of a significant down payment. The grant awards will be limited to households earning up $32,700 for a family of four in Columbia County.

The total cost of the project is $3.1 million. In addition to the AHC grant, the project will be funded with $461,825 in program funds provided by Habitat affiliates and land donated by the counties.

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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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