NYS Affordable Housing Corporation Approves $300,000 Grant to Renovate 23 Homes in Rochester

NEW YORK, NY (11/05/2009)(readMedia)-- The board of the New York State Affordable Housing Corporation (AHC) today approved a $300,000 grant to the South East Area Coalition to renovate 23 single-family homes in the southeast section of the City of Rochester.

"This grant will be used to upgrade the housing stock in the City of Rochester," said Priscilla Almodovar, AHC President and Chief Executive Officer. "Our financing reinforces Governor Paterson's mission to make New York State a better place to live and work."

Homeowners will be selected on a first-come, first-served basis. Home improvements will consist of structural, safety and code upgrades that include work on roofs, windows, heating systems, plumbing, exterior repairs and emergency repairs. The household income limit for participation in the program is $59,584 for a family of four.

The total cost of the project is $526,000. In addition to the AHC grant, the project will receive $5,000 from the New York State Energy Research and Development Authority, a $165,000 grant from the Federal Home Loan Bank of New York, $50,000 in RESTORE funds from the NYS Division of Housing and Community Renewal, and homeowner mortgages and equity.

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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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