The five funding awards will provide support for the development, rehabilitation and homebuyer assistance for a total of 349 housing units in Westchester County, state officials said. In addition to the Mount Vernon venture, projects in Yonkers, Cortlandt and Peekskill were also given grant funding.

State officials note that the funding awards will generate $46.3 million in additional investment for affordable housing in Westchester County.

The development team for the 85-unit Grace Plaza senior project includes Grace Community Development Corp., Mountco Construction and Development Corp., and HONY Housing Development Fund Co. as co-developers. Mountco Construction is the general contractor and Hugo Subotovsky/Garrison McNeil and Associates provided preliminary architectural plans. The managing agent will be Community Housing Management Corp.

Grace Plaza LLC will own the property, which will cost $16 million to develop. Funding for the project consists of a $1.4 million award from the Housing Trust Fund program and a tax credit allocation of $1.4 million from the Federal Low Income Housing Tax Credit program which will generate an estimated $11.5 million in additional private equity investment toward the project, state officials note.

Commenting on the housing awards, Gov. George Pataki says, "By funding worthy endeavors like Grace Plaza in Mount Vernon, we are partnering with community leaders and the private sector to transform neighborhoods and revitalize our state from Brooklyn to Buffalo."

Funding for the five new housing developments was approved under the Low Income Housing Trust Fund program, the Homes For Working Families program, the HOME program, and the Federal Low Income Housing Tax Credit program.

The governor also announced more than $6.3 million in affordable housing and rehab grants in 16 communities in the northern part of New York State. The grants will be provided to communities in Clinton, Essex, Franklin, Lewis, St. Lawrence and Warren Counties through the Governor's Office for Small Cities Community Development Program.