NYS Affordable Housing Corporation Approves $320,000 Grant to Buy and Renovate 11 Homes in Albany County

• by New York State Housing Finance Agency

NEW YORK, NY (12/03/2009)(readMedia)-- The board of the New York State Affordable Housing Corporation (AHC) today approved a $320,000 grant to Albany County Rural Housing Alliance, Inc. to acquire and rehab 11 housing units in Albany County.

"This grant will help upgrade Albany County's aging housing stock and provide new affordable homeownership opportunities," said Priscilla Almodovar, AHC President and Chief Executive Officer. "Our financings demonstrate that Governor Paterson is committed to improving the state's housing even in these difficult economic times."

Eligible homebuyers will be provided grant funds to assist in the acquisition and rehabilitation of five single-family and three two-family homes. The repairs will include roof replacement or repair, electrical system upgrades, heating system upgrades, and general improvements to enhance the energy efficiency of the homes. The household income limit for participation in the program is $66,394 for a family of four.

The total cost of the project is $2.07 million. In addition to the AHC grant, the project will be funded with a $10,000 grant provided by the Kellogg Corporation, $34,281 in Revolving Loan funds provided by the Albany County Rural Housing Alliance, and homeowner mortgages and equity.

____

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.

###