GOVERNOR PATERSON ANNOUNCES $357 MILLION TO BUILD AND RENOVATE AFFORDABLE HOUSING UNITS ACROSS NEW YORK STATE
Many Units Will Meet LEED Specifications and Include Energy Efficient Appliances
Governor David A. Paterson today announced $357 million in grants and financings to build and renovate 1,149 affordable housing units across New York State. Many of the units will be designed to be energy efficient and will include “LEED” green design and construction features and ENERGY STAR appliances.
The approvals were made by the boards of the New York State Housing Finance Agency (HFA) and its subsidiary, the New York State Affordable Housing Corporation (AHC).
Funding for second mortgages for several of these projects will come from the historic $304.2 million funding for New York State’s housing programs approved this past April by Governor Paterson and the State Legislature as part of the Enacted Budget.
“Today’s financings demonstrate my administration’s commitment to creating new affordable housing opportunities in every part of our state. By doing so, we make it more affordable for our families to live and stay in New York,” said Governor Paterson. “I am particularly pleased that many of these units will be built to LEED specifications and include energy efficient appliances and renovations. I am committed to reducing New York’s carbon footprint, and building ‘green’ homes is a crucial part of that effort.”
Senator John J. Bonacic, Chair of the Senate Housing, Construction and Community Development Committee, said: “The need for affordable housing throughout New York State is insatiable. I am pleased to work with Governor Paterson and Priscilla Almodovar, both of whom have made this issue a priority. Investing in affordable housing is in the best interest of all New Yorkers as we need diverse and stable communities. Renovating existing housing stock and building new housing will help to meet that need.”
Assemblyman Vito J. Lopez, Chair of the Assembly Housing Committee, said: “To construct and restore more than 1,100 affordable housing units is an incredible accomplishment for New York. To do so in a way that ensures energy efficiency and environmental standards is an additional feat for working families across the state. Thanks to Governor Paterson and Priscilla Almodovar, New York is helping to provide affordable and environmentally sound opportunities for those who need them most.”
Senator Liz Krueger, Ranking Member on the Senate Housing, Construction and Community Development Committee, said: “I am pleased that the Paterson administration is taking such a proactive approach to New York State's affordable housing crisis. These grants will help address the State's desperate need for quality affordable housing which is vital to the revitalization of New York's communities. Building energy efficient units also creates a win-win situation by lowering electric bills for the residents while reducing New York's carbon footprint.”
Assemblyman Michael Fitzpatrick, Ranking Member on the Assembly Housing Committee, said: “Governor Paterson has been tireless in his efforts to build and renew affordable housing across the state. This has become one of his signature issues and I applaud him for it.”
Priscilla Almodovar, HFA and AHC President and Chief Executive Officer, said: “The projects approved today reinforce our commitment to create and preserve affordable housing for New Yorkers throughout the state. Governor Paterson and the State Legislature made an historic commitment to housing in the State Budget this year. We are moving quickly to use those resources to upgrade our aging housing stock upstate, create new housing opportunities downstate and promote energy efficient homes in every region.”
The projects are as follows:
New York City
HFA approved up to $315 million in taxable and tax-exempt bonds to finance an 80/20 project in the Hudson Yards section of Manhattan, in which 20 percent of the units will be aside for low-income tenants. The 569-unit project will be located at 320 West 38th Street and include 120 affordable units. The building has been registered for LEED certification because of its “green” elements.
AHC approved four grants in the city:
Long Island
AHC approved a $240,000 grant to the Town of Hempstead to finance the construction of six single-family affordable homes in the Hamlet of Roosevelt.
Westchester County
HFA approved the issuance of tax-exempt bonds to fund a $11.75 million mortgage that will finance capital improvements at the College Arms Apartments, a 164-unit Federally-financed affordable apartment building located in the Village of Sleepy Hollow.
AHC approved a $300,000 grant to the Housing Action Council for home improvements on 22 homes throughout Westchester County.
Schenectady County
AHC approved a $400,000 grant to Better Neighborhoods, Inc. to finance the construction of ten single-family affordable and environmentally efficient homes in the Vale and Hamilton Hill sections of the City of Schenectady. The grant will help finance the Schenectady Universal Green Affordable Housing Program, in which the new homes incorporate features that make them 30 percent more energy efficient.
Monroe County
HFA approved financings to renovate two Mitchell Lama projects in Rochester:
The first mortgages will be funded from an issuance of tax-exempt bonds. The second mortgages will be funded from the State budget’s housing appropriation pursuant to HFA’s Mitchell Lama Rehabilitation and Preservation (RAP) Program guidelines.
Western New York
AHC approved a $600,000 grant to the Bishop Sheen Ecumenical Housing Foundation to help repair 112 housing units located in 13 counties in western New York. Grants will be made available for homeowners in Allegany, Chemung, Schuyler, Steuben, Tioga, Tompkins, Cayuga, Livingston, Monroe, Ontario, Seneca, Wayne, and Yates counties.
Erie County
AHC approved two grants for Erie County:
Niagara County
AHC approved a $260,000 grant to the Center City Neighborhood Development Corp. to finance home improvements for 30 single-family homes located in the Center City section of Niagara Falls.
Chautauqua County
AHC approved a $105,000 grant to the Chautauqua Home Rehabilitation and Improvement Corporation to acquire and rehabilitate three vacant single-family homes located in the North Side neighborhood in the City of Jamestown.
The NYS Housing Finance Agency was created in 1960 to sell bonds to finance the construction and rehabilitation of multi-family affordable rental housing in New York State.
AHC 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.