NYS HCR Announces $52.2 Million Investment for Affordable Housing and Community Development
NEW YORK, NY (03/17/2011)(readMedia)-- New York State Homes and Community Renewal (HCR) today announced approval of $3.2 million in awards and $49 million in insurance commitments to help build and preserve 756 affordable housing units, assist business development around the state, and create jobs.
HCR consists of the recently-integrated housing and community renewal agencies of New York State. By consolidating the agencies under a single management structure and aligning similar and complementary programs, HCR has increased efficiency while reducing bureaucracy, red tape and costs.
Brian E. Lawlor, Commissioner/CEO of HCR, said, "The awards announced today reflect the public and private partnerships that the integrated housing and community renewal agencies of HCR are able to leverage, and the multiple HCR programs that have come together to increase affordable housing opportunities and make communities stronger throughout the state. These include projects that will address structural, accessibility, and safety issues for low-income families who have been especially hard hit by the economic downturn, help businesses grow and create jobs, and encourage capital investment in affordable housing."
Three awards made through the Federally-funded NYS Community Development Block Grant program (NYS CDBG) will help the start-up or expansion of businesses, creating 178 new jobs, principally for low and moderate-income families, and leverage more than $13 million in additional private investment.The NYS CDBG program provides financial assistance to eligible counties, cities, towns, and villages to help develop viable communities by providing decent, affordable housing, and expanding economic opportunities.
HCR approved four Affordable Housing Corporation (AHC) awards totaling nearly $1.5 million which will finance the construction or rehabilitation of 84 affordable housing units. The AHC awards will leverage $3.5 million in additional private and public financing. AHC promotes homeownership by low- and moderate-income households and assists the construction, acquisition, rehabilitation and improvement of owner-occupied housing.
HCR also approved $49 million in insurance commitments through the State of New York Mortgage Agency's Mortgage Insurance Fund (MIF) for seven projects with a total of 642 units of affordable housing. The MIF promotes the preservation and revitalization of communities across New York by providing insurance on mortgage loans that encourages investment of capital by commercial and public lenders.
The awards approved by region include:
New York City
Commitments to insure:
• A $16,250,000 New York City Housing Development Corporation (HDC) permanent first mortgage loan for the rehabilitation of Simpson Street Apartments in the Bronx, containing 301 low-income units.
• A $6,100,000 Community Preservation Corporation (CPC) permanent mortgage loan for the construction of 386 Lefferts Avenue in Brooklyn, containing 46 HPD units in the Housing Asset Renewal Program (HARP). HARP was created to convert stalled market-rate residential developments into affordable housing.
Commitments to insure:
• A $9,225,000 Community Preservation Corporation (CPC) permanent mortgage loan for the rehabilitation of Cow Bay Apartments, 2 Bay Green Lane, located in Port Washington, Nassau County, containing 88 low-income units.
• A $8,357,409 Community Preservation Corporation (CPC) permanent mortgage loan for the rehabilitation of Abbey Manor Apartments, 4029 Long Beach Road, Island Park, located in Nassau County, containing 45 units to be set aside for individuals with psychiatric difficulties, monitored by the NYS Office of Mental Health, and five low-income units.
The MIF approved a commitment to insure a $3,666,000 Community Preservation Corporation (CPC) permanent mortgage loan for the construction of Mason's Ridge Apartments, 80 Windsor Highway in New Windsor, located in Orange County, containing 84 low-income units.
AHC approved a $400,000 grant to the Hunter Foundation to replace 10 mobile home trailer units with new HUD-certified, Energy Star manufactured or modular homes to improve the housing stock throughout Greene County. The award will leverage $530,620 in resources from the United States Department of Agriculture (USDA) and the Catskill Watershed Corporation.
HCR's Housing Trust Fund Corporation (HTFC) approved a $102,000 Rural Area Revitalization Projects Program (RARP) award to Apple Valley Senior Housing, a 30-unit development in Clinton County. Residents include 20 frail elderly seniors and 16 of the units serve households below 30% of the median income. The award will leverage $111,990 for energy reduction measures and will be used for measures that enhance accessibility for tenants.
Central New York
AHC approved a $700,000 grant to Empire Housing and Development Corporation to buy and renovate 28 units in Onondaga County. This project includes 18 single-family and five two-family homes in the City of Syracuse. Examples of rehabilitation work include roof and furnace replacement, and electrical and plumbing upgrades. The award will leverage $2.45 million in public and private funds.
HCR's Housing Trust Fund Corporation approved:
• A $750,000 NYS CDBG award to the Town of Cortlandville to assist in the expansion of Pall Corporation, a global leader in filtration, separation and purification technologies. The expansion will allow Pall to move part of its operations to the vacant Smith Corona Typewriter factory in Cortland. The NYS CDBG award will leverage over $2.9 million in private financing and create 77 full-time jobs, 42 of which will be made available to persons from low- and moderate-income families.
• A $350,000 NYS CDBG award to Cayuga County to assist in the expansion of D&W Diesel, Inc. in Auburn. D&W will use the award to expand and construct a 30,000 square foot addition to their remanufacturing space and facility. The award will help leverage over $2.6 million in private investment and create 26 new full-time equivalent jobs, at least 21 of which will be made available to low- and moderate-income New Yorkers.
The MIF approved a commitment to insure a $2,750,000 Community Preservation Corporation (CPC) permanent mortgage loan for the rehabilitation of Stevedore Lofts in Oswego County, containing 29 low-income apartments.
Western New York
• A $300,000 grant to NeighborWorks Home Resources to rehab 40 single-family homes in Cattaraugus, Erie, and Wyoming Counties. Renovations will address health, safety, and energy efficiency issues. The project leverages other HCR programs including $75,000 from the RESTORE program and $100,000 from the NYS CDBG program. Another $150,000 will be provided by a Revolving Loan Fund from NeighborWorks Housing Resources.
• A $73,900 grant to Chautauqua Opportunities, Inc. to promote homeownership and preservation by improving six homes of low-income families in Chautauqua County. The scope of work will address issues that affect health and safety and accessibility. The project will also leverage $141,996 in funds from HCR's HOME program and Weatherization Assistance Program.
The MIF approved a commitment to insure a $2,686,194 Community Preservation Corporation (CPC) permanent mortgage loan for the rehabilitation of State Street Apartments in the City of Rochester, containing 30 NYS Office of Mental Health (OMH) units and 14 low-income units.
HTFC approved a $516,000 NYS CDBG award to Chautauqua County to assist Jamestown MVP Plastics, LLC. (JMVP). JMVP will begin a multi-phase investment that is projected to lead to a total private investment of nearly $20 million and 250 jobs. The NYS CDBG award will leverage over $6.6 million in private financing and more than $1 million in other funding and lead to the creation of 75 full- time equivalent jobs, 55 of which will be made available to persons from low-and moderate-income families.
HCR also approved $4.3 million in Public Housing Modernization and Drug Elimination Program awards to renovate and preserve public housing, as well as reduce drugs and drug-related crime. Three housing authority developments under the State's Public Housing Program were awarded funding for modernization and rehabilitation:
• Rockville Centre Housing Authority was awarded $450,000 for sidewalk replacement throughout the Rockville Center Apartments property. The work is part of a recently completed comprehensive rehabilitation of the 164-unit development.
• Kingston Housing Authority was awarded $2.5 million for Phase II of the comprehensive rehabilitation of the 98-unit Colonial Gardens project. The scope of work includes but is not limited to mechanical work, electrical re-wiring, apartment interior renovations, site work and hazardous materials testing and abatement.
• The Town of Wilna Housing Authority was awarded $175,000 for the emergency replacement of the transformers and power lines providing service to the 100-unit Brady Acres Project.
In addition, 10 different authorities throughout the state received awards for security-related work and equipment to reduce drug-related crime at state-aided public housing developments.
The awards HCR announced today build on the $46.2 million in affordable housing and community renewal awards HCR approved on January 27th. This included $2 million in awards and $44.4 million in insurance commitments to help build and preserve 1,153 affordable homes, and more than $780,000 in Federal grants through the NYS CDBG program.
New York State Homes and Community Renewal consists of all the State's major housing and community renewal agencies, including, the Affordable Housing Corporation, the Division of Housing and Community Renewal, Housing Finance Agency, State of New York Mortgage Agency, Housing Trust Fund Corporation and others. Integrating these agencies under a single leadership and management structure has created new efficiencies and better coordination of the state's resources. Similar and complimentary programs are aligned and working together, reducing costs, red tape and duplicative efforts while increasing the effectiveness of the state's housing and community renewal programs.