NYS Affordable Housing Corporation Approves $300,000 Grant to Rehab 30 Homes in Albany

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 Albany Community Development Agency to renovate 30 homes in the City of Albany.

"The grant will be used to improve the aging housing stock in the Capital region," 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 15 single-family homes, six two-family homes, and one three-family home in Albany. The project is aimed at revitalizing neighborhoods by leveraging grant funds to alleviate code violations and system deficiencies, and provide upgrades that will extend the useful life of the property. The grant awards will be limited to households earning up to $66,394 for a family of four.

The total cost of the project is $700,000. In addition to the AHC grant, the project will be funded by $200,000 in Community Development Block Grant funds provided by the U.S. Department of Housing and Urban Development (HUD), $150,000 in LEAD abatement funds, and $50,000 in HOME funds provided by HUD.

______

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.

###