NYS Affordable Housing Corporation Approves $700,000 Grant for Home Improvements in Onondaga County

NEW YORK, NY (03/04/2010)(readMedia)-- The board of the New York State Affordable Housing Corporation (AHC) today approved a $700,000 grant to the Empire Housing and Development Corporation to acquire and renovate 28 housing units in Onondaga County.

"This grant will help upgrade aging housing stock and improve the quality of life in Onondaga County," said Judd S. Levy, AHC Chairman. "Our funding reinforces Governor Paterson's mission to preserve affordable housing even in difficult economic times."

The Empire Housing and Development Corp., a nonprofit housing organization, will use the AHC grant to acquire and rehab 22 single-family and three two-family homes. Applicants will be selected on a first-come, first-served basis. Homes will be purchased before the renovations are made. Improvements will include roof replacement, furnace replacement, structural defects, and electrical and plumbing upgrades. The project will be reserved for households with incomes up to $57,075 for a family of four.

The total cost of the project is $2.72 million. In addition to the AHC grant, the program will be funded by $75,000 from the City of Syracuse allocated by Home HeadQuarters and homeowner mortgages and equity.

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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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