News from New York State Affordable Housing Corporation

For more information contact: Philip Lentz, Director of Communications, 212-688-4000 x679, plentz@nyhomes.org

NYS Affordable Housing Corporation Approves $195,000 to Riverhead to Upgrade 26 Homes

NEW YORK, NY (06/12/2008; 1419)(readMedia)-- The board of the New York State Affordable Housing Corporation (AHC) has approved a $195,000 grant to the Town of Riverhead to finance home improvements on 26 single-family homes.

“This grant is part of the Affordable Housing Corporation’s continuing effort to improve the aging housing stock on Long Island,” said Priscilla Almodovar, AHC President and Chief Executive Officer. “Our grant—which will help finance new roofs, new boilers and new heating and electrical systems—demonstrates our commitment to upgrading affordable housing and enriching communities all across the state.”

Phil Cardinale, Supervisor of the Town of Riverhead, said, “The Town is very thankful for New York State Affordable Housing Corporation’s ongoing support of the Town of Riverhead Home Improvement Program—our residents are faced with daunting rising fuel and construction costs. Riverhead’s AHC-sponsored Home Improvement Program provides much needed emergency health and safety repairs for a deserving population, many of whom are elderly and on fixed incomes.”

The AHC grant will help address such issues as inadequately functioning cesspools and septic systems, unsafe electrical systems, non-functioning plumbing systems or contaminated private wells, water damaged flooring, roofing, and ineffective heating systems. The grants will be awarded to households earning no more than $87,002 for a family of four.

The total cost of the home improvements is $325,000. In addition to the AHC grant, the project will receive $50,000 in Community Development Block Grant funds provided by the Town of Riverhead and $80,000 in Rural Grant funds provided by the U.S. Department of Agriculture.

__

AHC, a subsidiary of the NYS Housing Finance Agency, 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.

-30-