Thursday, May 8, 2008
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Over $25 million allocated to renovate affordable housing units
ALBANY - Governor David Paterson Wednesday announced $25.5 million in grants and financing to build and renovate 396 units of affordable housing in New York State. The grants – to neighborhoods in New York City and Western New York – reinforce the Governor’s commitment to the creation and preservation of affordable housing throughout the state.
The grants were approved by the boards of the New York State Housing Finance Agency and its subsidiary, the New York State Affordable Housing Corporation, which make grants to not-for-profit housing organizations around the state to help subsidize the cost of newly constructed homes and the renovation of existing housing.New York City:
HFA approved $18 million in financing to rehabilitate the 125-unit Caroline Apartments, a Section 8 apartment building in the Inwood section of Manhattan.
AHC approved four grants for the Housing Partnership Development Corporation:
-- A $2 million grant to fund the Neighborhood Stabilization Initiative, which will buy and renovate up to 50 foreclosed homes to help neighborhoods at risk due to an increase in foreclosures;
-- A $1.59 million grant to build 53 condominium units in the Melrose section of the Bronx;
-- A $720,000 grant to build 18 units in six three-family homes in the Bushwick section of Brooklyn; and
-- A $2.625 million grant to build 87 co-op units in a 13-story, mixed-use building in East Harlem in Manhattan.
Western New York:
AHC approved two grants to renovate existing homes:
-- A $225,000 grant to Fillmore-Leroy Area Residents, Inc.(FLARE) to renovate 23 homes in the City of Buffalo; and
-- A $300,000 grant to NeighborWorks Home Resources to renovate 40 homes in Cattaraugus, Wyoming and southern Erie counties.
The NYS Housing Finance Agency was created in 1960 to sell bonds to finance the construction and rehabilitation of multi-family affordable rental housing in New York