NYS Affordable Housing Corporation Approves $590,000 in Grants to Renovate 60 Homes in the Southern Tier

NEW YORK, NY (12/03/2009)(readMedia)-- The board of the New York State Affordable Housing Corporation (AHC) today approved $590,000 in grants to finance the renovations of 60 homes in the Southern Tier.

"The grants we approved today will upgrade the aging housing stock in the Southern Tier," 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."

City of Elmira

AHC approved a $300,000 grant to the City of Elmira's Department of Community Development to renovate 25 units in Elmira, which has a significant number of substandard houses constructed prior to 1940.

The houses are structurally sound but in need of rehabilitation. The grant will be used to cover the cost of roof replacements, siding insulation, and installation of updated heating, water, and electrical systems. The grant may also be used to assist with other home improvements necessary for housing safety or code compliance such as sidewalk, driveway, and porch repair. Each house in the program will have an energy audit to determine if there is a need for weatherization measures. Qualified applicants will be selected on a first-come, first-served basis. The average AHC subsidy will be $12,000. The maximum household income to participate in the program is $49,728 for a family of four.

The total cost of the project is $500,000. In addition to the AHC grant, the project will receive $200,000 in Community Development Block Grant (CDBG) funds provided by the U.S. Department of Housing and Urban Development.

Cattaraugus Community Action, Inc.

AHC approved a $290,938 grant to Cattaraugus Community Action, Inc. to renovate 35 single-family homes in Cattaraugus and Allegany counties.

Based on an analysis of the counties' aging housing stock, the project will focus on repairing and replacing roofs, gutters, porches, windows, siding, foundations, and upgrading mechanical, electrical, plumbing and heating systems. The maximum household income to participate in the program is $49,190 for a family of four.

The total cost of the project is $973,938. In addition to the AHC grant, the project will receive $500,000 in HOME funds provided by the Housing Trust Fund Corporation of the NYS Division of Housing and Community Renewal (DHCR), $172,500 in Weatherization Assistance Program funds provided by New York State Energy Research and Development Authority (NYSERDA), and $10,500 in EmPower NY funds provided by NYSERDA.

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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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