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Division of Housing & Community Renewal

New York State Approves $18.4 Million in Grants and Financings for Affordable Housing, Economic Development and Foreclosure Prevention

FOR IMMEDIATE RELEASE
Thursday, July 15, 2010

New York State Housing Finance Agency
New York State Affordable Housing Corporation
New York State Division of Housing and Community Renewal
www.nyhomes.org

Contacts:
Philip Lentz
"nyhomes" Director of Communications
212-872-0679
plentz@nyhomes.org

James Plastiras
DHCR Director of Communications
518-473-2526
JPlastiras@nysdhcr.gov

NEW YORK CITY -- Thursday, July 15, 2010 -- New York State's housing agencies today approved $18.4 million in grants and financings to build and renovate affordable housing, help businesses grow and create jobs, and assist homeowners at risk of foreclosure.

The boards of the New York State Housing Finance Agency (HFA) and the New York State Affordable Housing Corporation (AHC), which are affiliates of "nyhomes," approved $13 million in financings to build and renovate 598 affordable housing units across the state.

The board of the Housing Trust Fund Corporation (HTFC), which is administered and staffed by the New York State Division of Housing and Community Renewal (DHCR), approved $5.4 million in awards through three different DHCR programs.

The HTFC approved more than $2 million in NYS Community Development Block Grants around the state to help businesses succeed, strengthen communities and downtowns, and create 148 jobs, including jobs for low- and moderate-income families. The board also approved $3.2 million to help organizations around the state provide free, professional foreclosure prevention services to homeowners at risk, including housing counseling and legal services.

"The financings and grants approved today will create and preserve homes, help businesses succeed, and improve the quality of life for hundreds of New Yorkers," said Governor David A. Paterson. "These projects demonstrate that we can promote and improve affordable housing and make communities stronger even in difficult economic times."

Assembly Speaker Sheldon Silver said, "It is crucial that we do all we can to protect and preserve affordable housing for New Yorkers, particularly during these difficult economic times. As an advocate for worthy programs that help working families afford their homes, I applaud the grants approved by the New York State Housing Finance Agency, the New York State Affordable Housing Corporation, and the Housing Trust Fund Corporation. This funding will be of great help to low- and middle-income New Yorkers struggling in a tough economy."

Majority Conference Leader Senator John Sampson said, "Construction and renovation of affordable homes in New York State will resonate with residents as a positive sign of an economic upswing. At a time when the unemployment rate is 8.2 percent in the State, these grants will create jobs in an industry that can use a financial boost. Even more, those agencies tapped to receive grant funds will be contributing greatly to the livelihood of residents who will be able to better manage expenses due to lower housing costs."

Assembly Housing Committee Chair Vito Lopez, said: "I am honored to have been so intricately involved in shaping New York's housing policies for almost two decades. This past year has been one with so many great milestones in housing that my role as Chairman of the Committee on Housing is as rewarding as ever. I look forward to seeing these new grants provide for new jobs and renovated housing for communities throughout New York State. The funding for organizations around the state to provide free, professional foreclosure prevention services to homeowners is a promising step toward maintaining a stable housing market."

State Senate Majority Leader Pedro Espada, Jr., who also serves as Chairman of the Senate Standing Committee on Housing, Construction and Community Development, said, "This funding underscores the importance of state government remaining committed to its investment in affordable housing even during economic hard times. These well-directed resources not only provide quality, affordable housing to struggling low-income and working families, but they provide the type of economic stimulus needed to jump-start local economies through job creation, new business and economic development for residents, companies and communities throughout the state."

Brian Lawlor, "nyhomes" President and CEO and Commissioner of the Division of Housing and Community Renewal, said, "These projects will create workforce housing on Long Island, preserve senior housing upstate, help businesses succeed and create jobs, and assist people at risk of foreclosure. Affordable housing and economic development go hand-in-hand. By investing in communities and increasing access to quality housing that senior citizens, families, and young people can afford, New York's housing agencies are working to strengthen neighborhoods, families, and businesses across the state."

The projects follow:

Statewide

AHC approved:

New York City

AHC approved a $500,000 grant to the Housing Partnership Development Corporation to build 20 affordable condominiums in the Bronx.

The HTFC approved the following grants in its Subprime Foreclosure Prevention Program:

Long Island

AHC approved:

The HTFC approved $600,283 for Long Island Housing Services from its Subprime Foreclosure Prevention Program to offer outreach, education, counseling and legal services in Nassau and Suffolk counties.

Hudson Valley

AHC approved a $240,000 grant to Hudson River Housing, Inc. to build six new homes in the City of Poughkeepsie.

The HTFC approved the following grants:

Capital Region

The HTFC approved the following grants in its Subprime Foreclosure Prevention Program:

North Country

The HTFC approved $195,000 for the Town of Plattsburgh in Clinton County to assist in the start-up SSF Productions. NYS CDBG funds will leverage nearly $3.8 million in private financing and create 13 new jobs.

Central New York

HFA approved $7.6 million in financing for major capital improvements at the 140-unit Clinton-Mohawk Apartments located at 50-52 Franklin Ave. in the Town of Kirkland.

AHC approved:

The HTFC approved $200,000 for the Village of Waterville in Oneida County in the NYS CDBG program to establish the Waterville Microenterprise Assistance Program. The program addresses the needs identified in the 2009 Village of Waterville Community Development Strategic Plan and will help the village create opportunities for microenterprise businesses and entrepreneurs. The program will assist at least five businesses and create nine new jobs.

Western New York

AHC approved:

The HTFC approved:

Erie County

AHC approved:

The HTFC approved a $200,000 grant through the Urban Initiatives Program to rehabilitate a two-story building and renovate two affordable apartments in the City of Buffalo.

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The NYS Housing Finance Agency was created in 1960 to sell bonds to finance the construction and rehabilitation of multifamily affordable rental housing in New York State.

AHC, an HFA subsidiary, was established in 1985 to promote homeownership by low- and moderate-income households. Financial assistance approved annually by the New York State Legislature, combined with other private and public investment, is used for the construction, acquisition, rehabilitation and improvement of owner-occupied housing.

The Housing Trust Fund Corporation was established in 1985 as a subsidiary public benefit corporation of HFA. The mission of the Corporation is to create decent affordable housing for persons of low-income by providing loans and grants for the rehabilitation of existing housing or the construction of new housing under the Low-Income Housing Trust Fund Program.

Last Updated: 07/16/10