NYS AHC approves $950,000 grant to renovate 50 affordable homes

The board of the New York State Affordable Housing Corp. (AHC) approved a $950,000 grant to the Greater Rochester Partnership Housing Development Fund Corp. to acquire and renovate 50 affordable homes in the city. "The grant we approved today demonstrates our commitment to preserve existing affordable housing even in these difficult economic times," said Priscilla Almodovar, president and CEO of HFA and AHC. "It also reinforces the Paterson administration's mission of making New York state a better place to live and work." These actions were among $66.8 million in financings approved by the New York Housing Finance Agency (HFA) and AHC that will create or preserve 1,059 affordable housing units across the state. Homes for the project will be foreclosed properties acquired through the city's Asset Control Area Plan. The homes will be rehabilitated to correct structural defects and repair building systems that could threaten the health and safety of the occupants. The homes will be resold to first-time homebuyers on a first-come, first-served basis. The total cost of the project is $6.2 million. In addition to the AHC grant, the project will receive $600,000 in HOME funds provided by the city and homeowner mortgages. AHC also approved a $1.6 million grant to the Rural Housing Opportunities Corp. to finance improvements for 120 single-family homes located in the Town of Irondequoit in Genesee County, the Village of Brockport in Monroe County and the Town of Williamson in Wayne County. The grant will be used to finance improvements. Grants will be available to households earning up to $55,664 for a family of four in Genesee County and $57,456 for a family of four in Monroe and Wayne Counties. The total cost of the project is $3.59 million. In addition to the AHC grant, the project will receive $800,000 in HOME funds provided by the NYS Housing Trust Fund Corporation and $240,000 in Weatherization funds provided by Rural Opportunities, Inc.