NYS AHC approves $400,000 grant for Better Neighborhoods, Inc.

The board of the New York State Affordable Housing Corp. (AHC) recently approved a $400,000 grant to Better Neighborhoods, Inc. (BNI) to finance the construction of 10 single-family affordable and environmentally efficient homes in the Vale and Hamilton Hill neighborhood. The total cost of the project is $2.6 million. In addition to the AHC grant and the individual homeowners' share, the permanent financing of the project will be funded with $900,000 in HOME funds provided by the city and $500,000 in HOME funds provided by the NYS Housing Trust Fund. Construction financing will be provided by the Community Preservation Corp.. The proposed developer is J. Luk Construction Co., Inc.