NYS AHC and SONYMA Approve Grants
The boards of the New York State Affordable Housing Corporation and the State of New York Mortgage Agency approved $35.8 million in grants and insurance commitments to build and renovate 669 affordable housing units across New York State in order to improve housing stock and help get the economy moving again.
State Senator Pedro Espada Jr. and Chairman of the Senate Standing Committee on Housing, Construction and Community Development, said in a statement, “This new funding underscores the efforts of Governor Paterson and the Senate Majority leadership in addressing the affordable housing crisis in New York City’s five boroughs and throughout the state. While addressing affordable housing needs, these projects will have the dual benefit of creating new jobs for community residents, providing business to local contracting companies, and generating new tax revenue streams for the state and local economies. This further demonstrates the vital role that the for-profit and not-for-profit housing and development industry will play in the state’s economic recovery.”
Projects approved by AHC in New York City include a 71-unit co-op at East 156th Street and Brook Avenue in the Melrose section of the Bronx backed by a $1.775 million grant, the acquisition and rehabilitation of six buildings in Bushwick and Flatbush sections of Brooklyn and in Harlem and Washington Heights in Manhattan backed by a $30.2 million grant, the acquisition and rehabilitation of five buildings in located in Highbridge and Morris Heights sections of the Bronx, Bedford-Stuyvesant and Brownville neighborhoods in Brooklyn, and the East Harlem section of Manhattan backed by a $3.2 million grant, and the building of 66 condominium units along Ely and Bartow Avenues in the Baychester section of the Bronx backed by a $2.145 million grant. All grants have been given to the Housing Partnership Development Corporation.
In Cayuga County, AHC approved a $300,000 grant to Cayuga County Homesite Development Corporation to finance home improvements for 50 homes in the city of Auburn. In Monroe County, AHC approved a $300,000 grant to the Northwest Community Services Community Development Corporation for its Westside Exterior and Safety Repair Program to help finance renovations for 60 single-family homes in Rochester and another $300,000 grant to South Wedge Planning Committee, Inc. to finance home improvements for 65 units also in Rochester.
SONYMA approved a commitment to insure a $14.25 million mortgage for a132-unit rental housing development in the town of Halfmoon in Saratoga County.