NYS Affordable Housing Corporation Approves $825,000 in Grants to Renovate 108 Homes in Western New York

NEW YORK, NY (01/28/2010)(readMedia)-- The board of the New York State Affordable Housing Corporation (AHC) today approved $825,000 in grants to finance the renovation of 108 homes in Western New York.

"Our actions today will improve the aging housing stock and provide better living conditions for eligible families in Western New York," said Judd S. Levy, AHC Chairman. "Our grant reinforces Governor Paterson's mission of providing affordable housing even in these difficult economic times."

Southtowns Rural Preservation Company, Inc.

AHC approved a $300,000 grant to the Southtowns Rural Preservation Company, Inc. to finance improvements for 50 owner-occupied homes located in southern Erie County.

Southtowns will allocate funds to correct basic structural defects or foundation problems, replace roofs, doors, windows and siding, upgrade electrical, heating, and plumbing systems, and replace deficient water and septic systems. Much of the housing stock in the targeted areas was built before 1950.

Reduced property values and lack of equity have made it difficult for property owners to obtain private financing for home repairs. The AHC grant will enable low-income homeowners to prolong the useful life of their homes and bring them into compliance with local and state building codes and laws. The maximum household income to participate in the program is $56,896 for a family of four.

The total cost of the project is $555,000. In addition to the AHC grant, the project will be funded by $75,000 in Community Development Block Grant funds provided by Erie County, $90,000 in Federal Home Loan Bank of New York grant funds, and homeowner equity.

FLARE Home Repair Program

AHC approved a $225,000 grant to Fillmore-Leroy Area Residents Inc. (FLARE) to rehab seven single-family and eight two-family homes in the Masten District of the City of Buffalo.

According to FLARE, more than 88% of the homes in this area were built before 1960 and more than half of the households are low income. The grant will be used to improve housing stock in disrepair, extend the homes' useful life, and increase property values to foster neighborhood stability. AHC funds will be used to correct structural defects and building systems that might threaten the health or safety of the occupants, including unsafe electrical systems, non-functioning plumbing systems, roofing, and ineffective heating systems. A lead assessment will also be conducted. The maximum household income to participate in the program is $56,896 for a family of four.

The total cost of the project is $375,000. In addition to the AHC grant, the program will be funded by $150,000 in HOME or Community Development Block Grant funds provided by the City of Buffalo.

Wyoming County Community Action, Inc.

AHC approved a $300,000 grant to the Wyoming County Community Action, Inc. to renovate 35 single-family homes in Wyoming County.

The grant will fund improvements such as lead paint removal, roof repair/replacement, electrical and heating systems, windows, doors, and insulation as needed. The maximum household income to participate in the program is $47,440 for a family of four.

The total cost of the project is $945,000. In addition to the AHC grant, the program will receive the following from NYS Division of Housing and Community Renewal: $500,000 in HOME funds, $20,000 in RESTORE funds and $125,000 in Weatherization funds.

____

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.

###