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 $225,000 Grant To Renovate 23 Homes in Buffalo

NEW YORK, NY (05/07/2008; 1541)(readMedia)-- The board of the New York State Affordable Housing Corporation (AHC) today approved a $225,000 grant to Fillmore-Leroy Area Residents, Inc. (FLARE) to finance home improvements for 23 units in the Masten District of Buffalo.

“One of the major priorities of the Affordable Housing Corporation is to improve the aging housing stock in upstate New York,” said Priscilla Almodovar, AHC President and Chief Executive Officer. “This grant will improve homes in disrepair, extend their useful life and increase property values to foster neighborhood stability.”

"Our mission states that ‘FLARE will constantly develop plans, programs, and community-based activities to assist residents in the physical and economic development of our service area,’” said Yvonne McCray, Executive Director of FLARE Inc. “We are proud to deliver this service with AHC and City of Buffalo funding support and technical assistance. Residents have expressed an intense need for additional housing programs and this grant furthers all of our missions in the provision of comprehensive housing services."

The AHC grant will be used to renovate seven single-family and eight two-family homes. FLARE’s program corrects structural defects and building systems that could threaten the health or safety of the homes, including unsafe electrical systems, non-functioning plumbing systems, roofing, and ineffective heating systems. Grant awards will be limited to households earning up to $54,544 for a family of four.

The total cost of the program is $375,000. In addition to the grant from AHC, the project will receive HOME or Community Development Block Grant funds of $150,000 provided by the City of Buffalo.

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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.

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