NYS Affordable Housing Corporation Approves $80,000 Grant to Renovate a Home in Westchester County

NEW YORK, NY (01/28/2010)(readMedia)-- The board of the New York State Affordable Housing Corporation (AHC) today approved an $80,000 grant to Apropos Housing Opportunities and Management Enterprises, Inc. (A-HOME) to acquire a single-family home in Westchester County and convert it into a two-family house.

"Our actions today will provide new housing for eligible families in Westchester County," said Judd S. Levy, AHC Chairman. "Our grant reinforces Governor Paterson's mission of providing affordable housing even in these difficult economic times."

The AHC grant will be used to acquire and rehab a home located at 55 Pleasant Avenue in Pleasantville, which is currently owned by the NYS Department of Transportation, and convert it into a two-family house. A-HOME will conduct a lottery to select a homebuyer and a renter. There will be a deed restriction so that the property remains affordable for 50 years. The household income limit for participation in the program is $94,349 for a family of four.

The total cost of the project is $465,830. In addition to the AHC grant, the project will be funded by $100,000 in HOME funds and $16,000 in lead abatement funds provided by Westchester County, and a homeowner mortgage and equity.

____

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.

###