NYS Housing Finance Agency Approves $6.7M in Financing to Renovate 101 Affordable Apartments in Rochester

NEW YORK, NY (05/13/2010)(readMedia)-- The board of the New York State Housing Finance Agency (HFA) today approved $6.7 million in financing to undertake major capital improvements at the Westfall Heights Apartments, a 101-unit affordable housing complex located in the City of Rochester.

"This financing will upgrade the housing stock and improve the quality of life for residents of Rochester," said Brian E. Lawlor, HFA President and CEO. "Our actions demonstrate Governor David A. Paterson's commitment to providing affordable housing even in these difficult economic times."

The Westfall Heights Apartments, a garden-style apartment complex located at 454 Westfall Road, was built in 1968 and financed under the federal Section 236 mortgage program. HFA's financing will enable the acquisition and renovation of the complex by WH Housing Development Fund Corp., a nonprofit controlled by Rochester Management Inc.

The renovations include interior and exterior improvements, such as new kitchen cabinets, roof replacement and new furnaces. Six apartments will be converted to become handicap accessible. Also, a new building is planned that will contain a community room, laundry facilities, a computer lab and a management office.

A majority of the units will be set aside for households with incomes up to $39,900 for a family of four. The Mortgage Insurance Fund of the State of New York Mortgage Agency (SONYMA), HFA's sister agency, will insure the HFA mortgage and provide a letter of credit for the construction loan under the agency's "Day 1" program. Under this program, SONYMA insures construction as well as permanent loans when HFA finances moderate renovations of affordable multifamily properties.

The total cost of the project is $10.85 million. In addition to HFA financing, the project is expected to receive an allocation of $274,766 in Federal Low-Income Housing Tax Credits; a $500,000 loan from the NYS Housing Trust Fund Homes for Working Families; and a payment-in-lieu-of-taxes agreement with the City of Rochester.

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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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