NYS Affordable Housing Corporation Approves $600,000 in Grants to Renovate 130 Affordable Rochester Homes

NEW YORK, NY (04/08/2010)(readMedia)-- The board of the New York State Affordable Housing Corporation (AHC) today approved $600,000 in grants to finance improvements in 130 homes in the City of Rochester.

"These grants will improve the housing stock and the quality of life for residents of Rochester," said Judd S. Levy, AHC Chairman. "Our funding demonstrates that Governor Paterson remains dedicated to preserving affordable housing even during this economic recession."

AHC approved a $300,000 grant to the South Wedge Planning Committee, Inc. to finance improvements of 65 single-family homes on Rochester's east side and a $300,000 grant to the NCS Community Development Corporation to renovate 65 single-family homes on the west side of the city.

Both grants will help fund a collaborative effort between the Joint Venture Partnership and the City of Rochester. The proposed scope of work includes roof, window, and door repair and replacement, structural improvements and electrical upgrades. Homeowners will be selected on a first-come, first-served basis and those with critical emergencies will be given priority. The household income limit for participation in the program is $53,200 for a family of four.

The total cost of the South Wedge Planning Committee project is $875,000. In addition to the AHC grant, the project will receive $575,000 in Community Development Block Grant (CDBG) funds provided by the City of Rochester.

The total cost of the NCS Community Development Corporation project is $1.27 million. In addition to the AHC grant, the program will receive $500,000 in CDBG funds provided by the City of Rochester and $470,000 in grant funds provided by the Federal Home Loan Bank of New York.

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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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