(Read more on the multifamily market and more on the debt and equity markets.)
NEW YORK CITY-More than 800 affordable housing units will be constructed or renovated across New York State through the financing of $43.9 million from two state housing agencies, Gov. Spitzer recently revealed. The financing was approved by the boards of the New York State Housing Finance Agency and the New York State Affordable Housing Corp.
"Access to affordable housing is a critical component in sustaining the economic security of our state's working families," notes Gov. Spitzer in a prepared release. "Through the remarkable accomplishments of our state housing agencies, more people can afford to live and work here--boosting our economy and creating stable neighborhoods throughout the state."
Priscilla Almodovar, president and CEO of HFA and AHC notes that "these approvals demonstrate our commitment to creating a wide range of affordable housing in every community of New York, whether it's preservation, new homeownership or new rental housing." HFA was created in 1960 to sell bonds to finance the construction and rehabilitation of multifamily affordable rental housing in New York State.
The projects in New York City include four AHC approved grants for: the 30-unit Jackson Bronx Condominiums in the Bronx for a total of $975,000; the 50-unit Foxx-Leggett co-ops in the Bronx for $1.7 million; the 48-unit Washington Bridge View Co-op in the Bronx for $1.6 million; 11 three-family homes in the Bedford-Stuyvesant section of Brooklyn for $1.2 million.
In Westchester County, HFA approved $4.9 million in financing to rehabilitate 112 affordable housing units in Children's Village Residence, a Mitchell Lama in Dobbs Ferry. AHC approved a $300,000 grant to the Family Resource Center of Peekskill to renovate 20 homes throughout the county. In Ulster County, AHC approved a $600,000 grant to the Rural Ulster Preservation Co. Inc. to build 15 condominiums in the Village of Ellenville. In Rensselaer County, AHC approved a $300,000 grant to Rensselaer County Housing Resources to renovate 30 homes throughout the county. In Delaware County, AHC approved a $240,000 grant to the Village of Sidney to build six homes in Phase II of the Sherwood Heights Redevelopment Project, which is designed to revive a blighted neighborhood. In Monroe County, the State of New York's Mortgage Authority's Mortgage Insurance Fund approved mortgage insurance for three projects known collectively as Rochester Civic Housing, where a major renovation at three locations in the City of Rochester will upgrade 464 affordable units. HFA had earlier approved a $31.5 mortgage for the project. Also, AHC approved a grant of $700,000 to the Marketview Heights Association to renovate 20 single-family homes throughout Monroe County.
AHC, a subsidy 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.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
