NYS Affordable Housing Corporation Approves $300,000 Grant to Renovate 50 Long Island Homes

NEW YORK, NY (11/02/2007)(readMedia)-- The board of the New York State Affordable Housing Corporation (AHC) yesterday approved a $300,000 grant to the Community Development Corporation of Long Island (CDCLI) to finance renovations of 50 homes in Nassau and Suffolk Counties.

“We are pleased to be able to work with CDCLI in improving the housing stock of Long Island,” said Priscilla Almodovar, President and Chief Executive Officer of AHC. “These grants will help fund upgrades to homes so families will have an affordable and decent place to live.”

The grant is one of 13 projects approved by AHC and the New York State Housing Finance Agency that will provide a total of $510 million in financing and grants for affordable housing. The actions will help build and renovate 1,182 affordable housing units across New York State.

With these actions, the agencies have now approved financing to create and preserve 4,739 units of affordable housing in New York State since January 1, 2007.

The $300,000 grant will help fund a $500,000 Long Island Home Improvement Program run by CDCLI, a not-for-profit organization that provides housing services to low- and moderate-income Long Island residents.

The aim of the program is to correct structural defects and upgrade electrical, heating and plumbing systems in homes of low-income homeowners. The program will prolong the useful life of their homes and bring homes into compliance with state and local building codes. Fifty homes will each receive $10,000 grants.

Homeowners with household incomes up to 112% of the low income limits set by the U.S. Department of Housing and Urban Development, or $84,045 for a family of four, are eligible. Applications are processed on a first-come, first-served basis. Qualified applicants are placed on a waiting list and selected based on the nature of the repair and availability of funding.

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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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