NYS HFA and AHC Approve $25.4M in Financing to Build and Preserve 380 Housing Units in Western New York

NEW YORK, NY (09/10/2009)(readMedia)-- The boards of the New York State Housing Finance Agency (HFA) and the New York State Affordable Housing Corporation (AHC) today approved $25.4 million in financing to build and preserve 380 units of affordable housing in Western New York.

"These projects will preserve existing low-income housing and create new senior housing for Western New York," said Priscilla Almodovar, HFA and AHC President and Chief Executive Officer. "They reinforce the Paterson administration's mission to create and improve affordable housing even in these difficult economic times."

F.I.G.H.T. Village Apartments

HFA approved $17.1 million in financing to acquire and renovate a 245-unit low-income multifamily rental development located at 186 Ward Street in the City of Rochester. Major capital improvements include significant new construction of the interior and exterior, including construction of a laundry room, new kitchens and bathrooms, new floor and air-conditioning and new energy efficient light fixtures. Tenants will be temporarily relocated on-site for one week during the renovations.

Apartments will be reserved for tenants with household incomes under $39,900 for a family of four.

The borrower is an entity controlled by Conifer Realty LLC and F.I.G.H.T. (Freedom-Independence-God-Honor-Today) Village Housing Development Fund Co., a nonprofit housing organization.

The total development cost is $23 million. In addition to the HFA financing, the project will receive an annual allocation of $860,000 in Federal Low-Income Housing Tax Credits; Section 8 project-based subsidies; and a property tax abatement from the City of Rochester.

Ogden Heights Senior Apartments

HFA approved $7.8 million in financing to build an 89-unit senior rental apartment complex at 2539 Spencerport Road (Route 31) in the Town of Ogden, Monroe County. The project will be built on vacant farmland next to a site expected to be developed for single-family homes, senior housing and commercial development.

Fourteen of the units will be reserved for the frail elderly. Unity Health System will provide services to tenants, both on- and off-site, on a fee basis. Most of the units will be reserved for tenants with household incomes of $31,920 for a two-family household.

The borrower is an entity controlled by Ogden Heights Senior Associates LLC.

The total development cost is $13.5 million. In addition to the HFA financing, the project will receive an annual allocation of $286,000 in Federal Low-Income Housing Tax Credits; an Infrastructure Development Demonstration Program grant of $445,000; a HOME loan of $281,403 from Monroe County; a 30-year payment-in-lieu-of-taxes agreement with the Town of Ogden; and an allocation from the Federal Tax Credit Assistance Program (TCAP) created by the Federal stimulus bill.

Genesee Valley Preservation Corporation

AHC approved a $250,000 grant to the Genesee Valley Preservation Corporation to renovate 23 single-family homes located in Livingston County.

Improvements include lead removal, structural repairs, roof replacements, electrical repairs, smoke detectors and plumbing. Homeowners will be selected on a first-come, first-served basis. The targeted population for these grants will be families of four earning $39,900. The total cost of the project is $750,000. In addition to the AHC grant, the project will be funded by $500,000 in HOME funds provided by the NYS Housing Trust Fund (HTFC).

Genesee Rehab Program

AHC approved a $250,000 grant to Genesee Valley Rural Preservation Corporation to finance repairs on 23 single-family homes in Genesee County.

Improvements include remediation of health and safety issues, structural repairs, improvements for more efficient use of energy, heat, electrical/water system repairs/replacement, and lead hazard reduction. Grants will be targeted to households not earning more than $35,520 for a family of four.

The total cost of the project is $750,000. In addition to the AHC grant, the program will be funded by $500,000 in HOME funds provided by the NYS Housing Trust Fund (HTFC).

AHC also approved a $748,000 grant to Habitat for Humanity of New York State to build 22 single-family homes in nine counties across the state, including Monroe and Ontario Counties. The homes will be built on land donated by the local municipalities.

All the homes will include Energy Star appliances and low-cost, energy-efficient heating and cooling systems. Habitat for Humanity of New York State will act as the developer for the project and oversee the selection and supervision of builders, construction monitors and maintain progress reports. Local Habitat affiliates will act as the builders and be responsible for the evaluation, screening and selection of applicants.

Homeowners will be required to complete 300 to 500 hours of sweat equity on the construction of their home in lieu of a significant down payment. The grant awards will be limited to households earning up $33,250 for a family of four in Monroe and Ontario Counties.

The total cost of the project is $3.1 million. In addition to the AHC grant, the project will be funded with $461,825 in program funds provided by Habitat affiliates and land donated by the counties.

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The NYS Housing Finance Agency was created in 1960 to sell bonds to finance the construction and rehabilitation of multifamily affordable rental housing in New York State.

AHC, an HFA subsidiary, 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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