State Provides $26M for Affordable Build, Redo

NEW YORK CITY-Gov. David Paterson has provided $25.5 million in grants and financing to build and renovate 396 units of affordable housing in New York State. The grants were allocated to neighborhoods in New York City and Western New York.

The grants were approved by the boards of the New York State Housing Finance Agency and its subsidiary, the New York State Affordable Housing Corp., which make grants to not-for-profit housing organizations around the state to help subsidize the cost of newly constructed homes and the renovation of existing housing. Gov. Paterson says in a prepared statement that his administration is dedicated to improving both existing housing stock and building new affordable housing.

“These grants also include $2 million for a new program to help buy and renovate foreclosed homes in New York City, which will help stabilize neighborhoods and keep communities strong,” he says. The projects in New York City include: HFA approved $18 million in financing to rehabilitate the 125-unit Caroline Apartments, a Section 8 apartment building in the Inwood section of Manhattan; and AHC approved four grant for the Housing Partnership Development Corp.