New York State Approves $5 Million for Affordable Housing in Lower Hudson Valley

NEW YORK, NY (11/02/2007)(readMedia)-- The boards of the New York State Housing Finance Agency (HFA) and the Affordable Housing Corporation (AHC) yesterday approved more than $5 million in financing and grants for affordable housing in Westchester and Rockland Counties.

HFA approved $4.25 million in financing for construction of the 28-unit Pine Street Homes in the Village of Nyack, Town of Clarkstown, Rockland County. AHC approved two grants to the Housing Action Council: $480,000 to convert a former bank building into 12 affordable condominium units in the Village of Ossining and $300,000 for home improvements throughout Westchester County.

“We are very pleased to be able to assist in bringing these new affordable rental and homeownership opportunities to the Lower Hudson Valley, and to help upgrade other existing homes,” said Priscilla Almodovar, President and Chief Executive Officer of HFA and AHC. “Working with our local government partners and the private and nonprofit sectors, we were able to help make these projects a reality.”

The Lower Hudson Valley projects are among 13 approved by HFA and AHC that will provide a total of $510 million in financing and grants for affordable housing. The actions will help build and renovate 1,182 affordable housing units across New York State.

With these actions, the agencies have now approved financing to create and preserve 4,739 units of affordable housing in New York State since January 1, 2007.

Pine Street Homes

The Pine Street Homes in Nyack will be located on two sites leased from the Nyack Housing Authority by the Nyack Housing Assistance Corporation (NHAC). One site is on Pine Street between Waldron Avenue and Highview Court. The second is located on Pine Street west of Waldron Avenue. The project will consist of 28 rental units located in five buildings.

The units will be reserved for households with incomes at or below 60% of the Area Median Income for Rockland County, or $57,060 for a family of four.

The developer is Pine Street LP, which is controlled by the Nyack Housing Development Fund Company, a subsidiary of NHAC. The Nyack Housing Authority created NHAC in 1980 to develop and operate rental housing for low-income residents in the village.

The total cost of the project is nearly $5.7 million. HFA approved a $3.5 million mortgage and a $754,600 subsidy loan. The project will also receive an annual allocation of $241,000 in Federal Low-Income Housing Tax Credits and benefit from a payment in lieu of taxes agreement with the Town of Clarkston.

Ossining Trust Bank Flats

AHC approved a $480,000 grant to the Housing Action Council (HAC), a Westchester not-for-profit, to convert a four-story former bank building constructed in 1873 into 12 condominium units. The project, called Ossining Trust Bank Flats, will also include a commercial condominium on the first floor. The building is located at 135-139 Main Street in the historic district in the downtown section of the Village of Ossining.

HAC will hold a lottery to select the homebuyers. Awards will be limited to New York State residents with household incomes of less than $86,464 for a family of four.

The total cost of the project is more than $4.6 million. In addition to the AHC grant, HAC will receive from Westchester County $722,000 in New Homes Land Acquisition funds, $240,000 in Community Development Block Grant funds, $396,000 in Housing Infrastructure Funds and $470,000 in HOME Program funds.

Housing Action Council

AHC approved a $300,000 grant to HAC to help fund a $500,000 home improvement program to repair 22 homes in Westchester County. The program will also be funded by a $60,000 grant from the New York State Energy and Research Development Authority (NYSERDA) provided by the Community Environmental Center, $112,200 in Lead Safe Westchester funds provided by the Westchester County Department of Planning, and homeowner equity.

The home improvement program is designed to help homeowners bring their homes up to code and increase energy efficiency. The program will fund upgrades to roofs, windows, doors, insulation, and electrical, heating and plumbing systems. Eligible homeowners will be selected on a first-come, first-served basis. To be eligible, households must have incomes of less than $86,464 for a family of four.

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

AHC, a subsidiary of HFA, 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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Posted Friday November 02, 2007 at 03:37 pm by New York State Housing Finance Agency