New York Governor Spitzer Announces More Than $4 Million In Grants For 169 Affordable Housing Units

March 5, 2008 -- New York Governor Spitzer today announced $4.175 million in grants to build and preserve 169 units of affordable housing throughout New York State. The grants, which will help build units in New York City, Oswego County and Monroe County, are part of the Governor’s efforts to create and expand affordable housing opportunities throughout the state. Today’s grants were approved by the New York State Affordable Housing Corporation (AHC), which provides grants to not-for-profit housing organizations to help subsidize the cost of newly constructed homes and the renovation of existing housing.

“The grants build upon our efforts to promote homeownership, fuel economic growth and create livable communities,” said Governor Spitzer. “Whether it is building new homes in New York City, renovating homes in Oswego County or helping Rochester purchase and rehabilitate foreclosed homes, we are creating opportunities to help communities grow and prosper.”

Increasing affordable housing has been a priority of Governor Spitzer’s for many years. In the State of the State address, the Governor proposed a historic investment in affordable housing through the $400 million Housing Opportunity Fund. Adoption of the Housing Opportunity Fund will be critical in efforts to address the crisis in affordable housing.

Senator Liz Krueger said: “The State of New York is decades behind where it should be in creating and preserving desperately needed affordable housing. Every dollar we invest in construction and rehabilitation of housing is multiplied in the local economy through new jobs and tax revenue. A win/win situation for all.”

Assemblyman Vito J. Lopez, Chair of the Assembly Housing Committee, said: “I would like to commend Governor Spitzer and Priscilla Almodovar for again making the development of affordable housing units a top priority. These homeownership opportunities are vital to keeping these neighborhoods strong and allowing people to remain in the communities they call home.”

Assembly Member Mike Fitzpatrick said: “I applaud the Governor and AHC for their help to preserving families and communities in New York State. As our commitment to affordable housing expands, economic growth and strengthened communities are the natural outcome.”

Priscilla Almodovar, President and Chief Executive Officer of AHC, said: “These grants show our commitment to increasing homeownership across the state. With our not-for-profit partners, we use our resources to help more New Yorkers achieve the American dream and to strengthen neighborhoods at the same time.”

The projects are as follows:

New York City: AHC approved three grants to the Housing Partnership Development Corporation:

$1.455 million to build a 39-unit condominium in the Morris Heights section of the Bronx; $862,500 to build 27 units on scattered sites in the East New York section of Brooklyn; and, $807,500 to build 23 units on scattered sites in the Ocean Hill-Brownsville section of Brooklyn.

Oswego County: AHC approved a $300,000 grant to the Oswego Housing Development Council to help finance improvements on 30-single family homes in the county.

Monroe County: AHC approved a $750,000 grant to the Greater Rochester Partnership Housing Development Fund Corporation for the acquisition and rehabilitation of 50 single-family homes in the City of Rochester.

AHC, a subsidiary of HFA, 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.

Source: New York Governor

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