NYS Affordable Housing Corporation Approves $600,000 to Improve 90 Homes in Rochester

NEW YORK, NY (09/21/2007)(readMedia)-- The board of the New York State Affordable Housing Corporation (AHC) yesterday approved a total of $600,000 in grants to renovate 90 homes in the City of Rochester.

The grants were awarded to two nonprofit organizations: the Coalition of Northeast Association, Inc. (CONEA) and NeighborWorks Rochester, Inc. Households with incomes of less than $57,456 for a family of four—or 112% of the low income limits set by the U.S. Department of Housing and Urban Development for Monroe County—will be eligible.

“CONEA and NeighborWorks are wonderful community organizations and we’re proud to partner with them to improve the lives of New Yorkers in Monroe County,” said Priscilla Almodovar, President and Chief Executive Officer of the NYS Affordable Housing Corporation. “Our mission is to promote homeownership throughout New York State. Keeping homes in good condition is a vital part of that mission.”

Assemblyman David F. Gantt (D-Rochester) said, “Everyday, CONEA and NeighborWorks are delivering on the promise of making Rochester a better place to live. These grants will enable them to expand that commitment. By helping residents to improve the safety and longevity of their homes, these grants will make an immediate difference in their daily lives.”

Assemblyman Joseph D. Morelle (D-Rochester) said, "The dream of homeownership is one all Americans share, and promoting affordable housing is essential to restoring distressed urban neighborhoods. This partnership between the Housing Corporation and local nonprofits is a model of how we can begin to rebuild cities and restore vitality to our communities, and is emblematic of the great leadership Governor Spitzer has shown on this issue."

Assemblymember Susan John (D-Rochester) said, “This announcement is an exciting day for our community. Keeping families in their own home is one of my top priorities, and these grants will address two critical needs on our community: building affordable housing in downtown and assisting families throughout the city with home repairs. I applaud CONEA, NeighborWorks and the New York State Affordable Housing Corporation for their commitment to Rochester and our families.”

Assemblyman David Koon (D/I-Perinton) said, “In too many ways, our cities have been neglected for too long and the neighborhoods within them have paid the price. We need to do what we can to improve these neighborhoods and to bring back a pride of ownership and a sense of community. These grants, which will provide safe, attractive, affordable housing with simple amenities like heat in the winter months and functioning plumbing, will go a long way to improving these neighborhoods and the lives of those who live there.”

One $300,000 grant was awarded to CONEA for renovations on 52 single-family homes in the Upper Falls section of the City of Rochester. The grant will help fund a $500,000 renovation program. Additional funding will come from the Community Development Block Grant/Residential Assistance Program provided by the NYS Division of Housing and Community Renewal.

The funds will be use to make individual grants for home improvements that will consist of structural, safety and code upgrades that include roofs, windows, heating systems, plumbing, exterior repairs and emergency repairs. Eligible homeowners will be selected on a first-come, first-serve basis.

The second $300,000 grant was awarded to NeighborWorks to renovate 38 single-family homes in the City of Rochester. It is part of a $637,500 renovation program. Additional funding comes from $37,500 in CDBG funds from the City of Rochester and $297,530 from a Revolving Loan Fund of NeighborWorks.

The funds will be used to provide loans of up to $25,000 to eligible homeowners, who will be selected on a first-come, first-serve basis. The average loan term will be 10 years with an interest rate of 6%. The loans will be used to correct structural defects, repair building systems that threaten the health and safety of the occupants and make repairs to prolong the useful life of the homes.

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AHC is a subsidiary of HFA and was established in 1985 to promote homeownership by low- and moderate-income households, by providing financial assistance as approved annually by the New York State Legislature, in conjunction with other private and public investment, for the construction, acquisition, rehabilitation, and improvement of owner occupied housing.

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