News from New York State Affordable Housing Corporation

For more information contact: Philip Lentz, Director of Communications, 212-872-0679, plentz@nyhomes.org

NYS Affordable Housing Corporation Approves $2.17 Million Grant to Finance New Co-ops in Brooklyn

NEW YORK, NY (09/17/2008; 1609)(readMedia)-- The board of the New York State Affordable Housing Corporation (AHC) today approved a $2.17 million grant to the Housing Partnership Development Corporation to finance the construction of 70 co-op units in the Bedford-Stuyvesant section of Brooklyn.

"This grant will create new and affordable homes and at the same time promote homeownership in an emerging neighborhood in Brooklyn," said Priscilla Almodovar, AHC President and Chief Executive Officer. "This grant furthers the Paterson Administration's goal of creating affordable housing so New York State will remain an attractive place to live and work."

Dan Martin, President and Chief Executive Officer of the Housing Partnership, said, "The Housing Partnership takes great pride in partnering with AHC to create affordable homeownership opportunities in Brooklyn. These co-ops will contribute to the growth and stability of this transitioning neighborhood."

The 70 affordable units will be located in three mixed-income buildings, totaling 140 units, located at 9 Woodbine Street, 951 Madison Street and 11 Cornelia Street in Brooklyn. Income limits for potential purchasers will range from $55,058 to $102,007, depending on family size and the size of the apartment.

The total cost of the project is $27.35 million. In addition to the AHC grant, the project will receive first and second mortgages of $4.55 million and $300,000 from the NYC Housing Development Corporation (HDC), $3.15 million in capital funds from the NYC Department of Housing Preservation and Development (HPD), and $4.79 million in capital funds provided as a subsidy from the sale of the market rate cooperative units.

____

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.

###