NYS AHC approves $750,000 to purchase and renovate 50 homes in Rochester

The NYS Affordable Housing Corp. (AHC) approved a $750,000 grant to the Greater Rochester Partnership Housing Development Fund Corp. for the acquisition and rehabilitation of 50 single-family homes in the city. The funds will be used to renovate and resell to first-time home buyers foreclosed properties that are owned by the U.S. Department of Housing and Urban Development (HUD). "AHC continues to be a critical partner in our efforts to turn vacant buildings into community assets," said Jean Lowe, president of the Greater Rochester Housing Partnership. "AHC understands that owning a home creates economic stability for both families and neighborhoods. We appreciate its investment in Rochester." Under the program, homes will be acquired through Rochester's Asset Control Area Plan (ACAP) and HUD. The renovations will include correction of structural defects and repairing building systems. The total cost of the project is $4.78 million. In addition to the AHC grant and homeowner mortgages and equity, $750,000 will be provided through HOME funds from the city. Construction financing will be provided by a consortium of lenders led by JPMorgan Chase and including the Greater Rochester Partnership Housing Development Fund Corporation.