NYS Housing Finance Agency Approves $4.2 Million Loan for Apartments in Highland Falls

NEW YORK, NY (08/22/2007)(readMedia)-- The board of the New York State Housing Finance Agency (HFA) today approved a $4.2 million loan to finance major improvements at the 51-unit Weyant Green Apartments in the Village of Highland Falls, Orange County.

In exchange for the financing, the owner of the project, The Related Companies LP, has agreed to keep rents affordable for an additional 40 years. Nearly all of the apartments in Weyant Green Apartments are set aside for seniors and tenants whose incomes are at or below 60% of the Area Median Income for the Poughkeepsie-Newburgh-Middletown area, which is $76,400.

The Weyant Green financing was one of four preservation projects approved for financing by the HFA board today. With these actions, HFA has now approved financing to preserve 1,216 units of affordable housing in New York State since January 1, 2007.

“Preserving affordable housing across New York State is a major priority for the Spitzer administration,” said Priscilla Almodovar, President and Chief Executive Officer of HFA. “With this financing, seniors living at Weyant Green will have the peace of mind that their apartments will be improved and their rents will remain affordable for the foreseeable future.”

Weyant Green Apartments consist of six two-story apartment buildings located at 40 West Point Highway in the village of Highland Falls. Approximately 40 units will be set aside for seniors aged at least 62 years.

The HFA loan will finance a substantial rehabilitation of the project, though no tenant relocations will be necessary. The renovations include extensive interior and exterior improvements and apartment upgrades, including a state-of-the-art security system, flooring, fixtures, electric service upgrades, new kitchens and bathrooms plus repair of parking areas, fencing, landscaping and upgrades of the common areas.

The total project cost is nearly $7.09 million. In addition to the $4.2 million HFA loan, Weyant Green Apartments will receive a Federal Section 8 project-based subsidy, an annual allocation of $213,756 in Federal Low-Income Housing Tax Credits and a HFA Subsidy Loan of $785,000.

Weyant Green Apartments was built in 1983 with financing from HFA.

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

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