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 $300,000 Grant to Finance Home Improvements in Albany County

NEW YORK, NY (09/17/2008; 1536)(readMedia)-- The board of the New York State Affordable Housing Corporation (AHC) today approved a $300,000 grant to the Albany County Rural Housing Alliance to finance improvements for 30 affordable units in Albany County.

"This grant will provide resources to the Albany County Rural Housing Alliance to refurbish the aging housing stock throughout the county," said Priscilla Almodovar, AHC President and Chief Executive Officer. "The grant furthers the Paterson Administration's goal of preserving affordable housing so New York State remains an attractive place to live and work."

Judy Eisgruber, Executive Director of the Albany County Rural Housing Alliance, said, "Funding received from AHC helps reduce the utility costs by assisting households with furnace replacement, insulation, and other energy efficient conservation measures, thereby helping low-income households to sustain affordability and avoid mortgage default."

The AHC grant will finance improvements to 24 single-family and three two-family homes, including roof replacements, furnace replacements, and electrical and plumbing upgrades. Grant awards will be limited to households earning up to $56,500 for a family of four.

The total cost of the project is $956,346. In addition to the AHC grant, the project will receive $385,612 in HOME funds and $75,000 in RESTORE funds provided by the NYS Division of Housing and Community Renewal, $50,000 in grant funds provided by the Albany County Housing Trust Fund, $65,877 in grant funds provided by the Kellogg Corporation, and $49,857 in Revolving Loan Funds provided by the Albany County Rural Housing Alliance.

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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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