NYS Housing Finance Agency Approves $250,000 to Finance Homeless Facility in Binghamton

NEW YORK, NY (04/08/2010)(readMedia)-- The board of the New York State Housing Finance Agency (HFA) today approved funding up to $250,000 to help Community Potential, Inc. finance an eight-unit homeless housing facility in the City of Binghamton.

"These funds will enhance the long-term affordability of a vitally needed supportive housing facility in the City of Binghamton," said Judd S. Levy, HFA Chairman. "Our funding demonstrates that Governor Paterson remains dedicated to providing supportive housing even during this economic recession."

HFA approved Housing Assistance Funds to help Community Potential, Inc. convert an abandoned and hazardous site into supportive housing. The funds will be used to finance the building's energy saving features, including lighting, appliances, insulation and the heating system.

The project offers permanent rental housing with onsite services to formerly chronically homeless adults and families or those facing impending homelessness. The facility consists of six one-bedroom apartments and two two-bedroom apartments. Social services are being provided by Opportunities for Broome, Inc., which was instrumental in obtaining a 10-year, project-based Federal subsidy for the project.

In addition to HFA funds, the project has received $1.33 million from the NYS Homeless Housing Assistance Corporation and $20,000 from the NYS Restore New York program.

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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.

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