NYS Affordable Housing Corporation Approves $500,000 in Grants to Renovate 40 Homes in Albany County

NEW YORK, NY (11/05/2009)(readMedia)-- The board of the New York State Affordable Housing Corporation (AHC) today approved $500,000 in grants to renovate 40 affordable homes in Albany County.

"These grants will improve the housing stock in Albany County and our land trust grant will protect the affordability of the renovated homes in perpetuity," said Priscilla Almodovar, AHC President and Chief Executive Officer. "These grants reinforce Governor Paterson's mission to make New York State a better place to live and work."

Albany County Land Trust Home Ownership Program

AHC approved a $200,000 grant to the Albany Community Land Trust, Inc. (ACLT) to acquire and renovate 10 homes located on scattered sites in the City of Albany.

The land trust will buy and rehab property and then sell the property to eligible homebuyers. To assure continued affordability, the trust will retain ownership of the land and rent it to homeowners at a nominal cost. The Community Housing Trust mortgage initiative of the State of New York Mortgage Agency, AHC's sister agency, will be offered to homebuyers as a financing option.

The trust will assist first-time homebuyers with pre-purchase mortgage counseling, and the home selection process, as well as evaluation of contractors' bids. The household income limit for participation in the program is $66,394 for a family of four.

The total cost of the project is $1.71 million. In addition to the AHC grant, the program will be funded by $300,000 in Revolving Loan funds provided by the Capital District Community Loan Fund, $300,000 in HOME funds from the NYS Division of Housing and Community Renewal (DHCR), and homeowner mortgages and equity.

ACRHA Home Improvement Program

AHC approved a $300,000 grant to the Albany County Rural Housing Alliance, Inc. (ACRHA) to finance renovations on 30 homes throughout Albany County.

The grant will be used to renovate 26 single-family homes and the owner's unit in four two-family homes. The improvements include roof and furnace replacement and electrical and plumbing system upgrades. The grant will fund a revolving loan fund that will provide eligible homebuyers with loans up to $5,000 at 0% interest, repayable in five- to 10-year terms. The household income limit for participation in the program is $66,394 for a family of four.

The total cost of the project is $933,625. In addition to the AHC grant, the project will receive $368,000 in HOME funds provided by DHCR; $115,625 in RESTORE funds provided by DHCR; a $115,000 grant from the Kellogg Corporation; and $25,000 in Revolving Loan funds provided by ACRHA.

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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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