NYS Affordable Housing Corporation Approves $754,000 in Grants to Renovate 71 Homes in Western New York

NEW YORK, NY (11/05/2009)(readMedia)-- The board of the New York State Affordable Housing Corporation (AHC) today approved a $754,000 in grants to renovate affordable 71 homes in Western New York

"Our grants will be used to upgrade the housing stock and improve the quality of life in Western New York," said Priscilla Almodovar, AHC President and Chief Executive Officer. "Our financing reinforces Governor Paterson's mission to make New York State a better place to live and work."

Cattaraugus Home Improvement Program

AHC approved a $300,000 grant to NeighborWorks Home Resources to finance improvements of 40 single-family homes in Cattaraugus, Erie and Wyoming counties.

The area has a high percentage of older homes and a large number of low-income families, resulting in a poor housing stock. The grants will help correct basic structural defects or foundation problems, replace roofs, doors, windows, siding, upgrade electrical, heating, and plumbing systems, and replace deficient water systems.

Eligible applicants will be chosen on a first-come, first-served basis. The household income limits for a family of four to participate in the program are $49,190 in Cattaraugus County, $56,896 in Erie County and $53,133 in Wyoming County.

The total cost of the project is $645,000. In addition to the AHC grant, the project will receive $225,000 in HOME funds provided by the NYS Division of Housing and Community Renewal (DHCR), a $100,000 revolving line of credit provided by DHCR, and homeowner equity.

Whitney Place Properties Initiative

AHC approved a $170,000 grant to Heart of the City Neighborhoods, Inc. (HOCN) to acquire and renovate three single-family and three two-family homes on Whitney Place in the City of Buffalo. The homes are currently vacant and abandoned.

The project is designed to combat disinvestment in Buffalo's inner core and provide affordable homeownership opportunities for first-time buyers. HOCN requires all homebuyers to participate in the organization's homebuyer education program, which includes a homebuyer readiness assessment. The household income limit to participate in the program is $56,896 for a family of four.

The total cost of the project is $856,075. In addition to the AHC grant, the project will receive $190,000 in HOME funds provided by DHCR, and homebuyer mortgages and equity.

Queen City Homebuyer Assistance Program

AHC approved a $284,160 grant to HomeFront, Inc. for the acquisition and rehab of 22 homes in the City of Buffalo. The purpose of the project is designed to provide down payment, closing cost assistance, and rehabilitation assistance to low- and moderate-income first-time homebuyers. Participants are required to participate in HomeFront's pre-purchase counseling and education program. The project will assist at least four persons with AIDS/HIV related illness.

The scope of rehabilitation work will address basic deficiencies such as roofing, heating, windows, electrical system replacement, plumbing upgrades, foundation repair, and insulation. The homes will incorporate energy use reduction efforts, including the installation of Energy Star appliances and fixtures. The household income limit to participate in the program is $56,896 for a family of four.

The total cost of the project is $1.44 million. In addition to the AHC grant, the project will receive $200,000 in HOME funds provided by the City of Buffalo 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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