NYS Affordable Housing Corporation Approves $378,000 Grant to Renovate 48 Homes in Western New York

NEW YORK, NY (12/03/2009)(readMedia)-- The board of the New York State Affordable Housing Corporation (AHC) today approved $378,000 in grants to finance renovations for 48 homes in Western New York.

"These grants will help upgrade the aging housing stock in Western New York," 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."

NeighborWorks Rochester, Inc.

AHC approved a $300,000 grant to NeighborWorks Rochester, Inc. to renovate 38 single-family homes in the City of Rochester. The grant will be used to provide loans to homeowners to correct structural defects, make repairs to prolong the useful life of the homes, and repair building systems that may threaten the health and safety of the occupants, such as roofs, windows and heating systems.

Homeowners will be selected on a first-come, first-served basis and may apply for financing in any amount up to $25,000. The average loan term will be 120 months with an interest rate of 6%. The household income limit for participation in the program is $59,584 for a family of four.

The total cost of the project is $637,500. In addition to the AHC grant, the project will be funded by $37,500 in Community Development Block Grant funds provided by the City of Rochester.

Yates County

AHC approved a $78,000 grant to Keuka Housing Council, Inc. to rehab 10 single-family homes in Yates County.

The grant will focus on correcting conditions which threaten the health and safety of the homeowners and their families. Homeowners will be selected on a first-come, first-served basis. The household income limit to participate in the program is $49,190 for a family of four.

The total cost of the project is $275,172. In addition to the AHC grant, the program will be funded by $155,172 in HOME funds provided by the DHCR's Housing Trust Fund Corporation, $20,000 in Weatherization funds provided by Pro-Action of Steuben and Yates, and a $20,000 grant provided by the Daisy Marquis Jones Foundation.

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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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