Gov. Paterson unveils $25.5m for 396 NYS affordable housing units

Governor David Paterson recently unveiled $25.5 million in grants and financing to build and renovate 396 units of affordable housing in NYS. 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 NYS Housing Finance Agency (HFA) and its subsidiary, the NYS Affordable Housing Corp. (AHC), 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. "My administration is dedicated to improving our existing housing stock and building new affordable housing-and that's what we are doing today," said governor Paterson. "These grants also include $2 million for a new program to help buy and renovate foreclosed homes in New York City, which will help stabilize neighborhoods and keep communities strong." Priscilla Almodovar, president and CEO of HFA and AHC, said, "These approvals demonstrate our commitment to be responsive to the different housing needs throughout the state. Whether it's building new homes or upgrading existing ones, HFA creates housing opportunities for low and moderate-income New Yorkers. I'm particularly proud that we are able to help finance a new initiative that will reclaim foreclosed homes and protect neighborhoods from the ravages of the subprime mortgage crisis." The projects are as follows: 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 Corp.: * 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 HFA was created in 1960 to sell bonds to finance the construction and rehabilitation of multifamily affordable rental housing in the state. AHC was established in 1985 to promote homeownership by low- and moderate-income households.