NY State Approves $66M to Build, Renovate Affordable Housing

More than 1,000 affordable housing units will be created or renovated across New York State from Manhattan to Monroe County as well as in Brooklyn and 10 other counties thanks to $66.8 million in financing approved this week by the boards of the New York State Housing Finance Agency and the New York State Affordable Housing Corp. The sale of private activity tax-exempt bonds will finance $45.1 million in first mortgages for multi-family housing developers, including construction of new affordable housing in Manhattan and Syracuse and major repairs and renovations made at Section 8 multi-family rental developments in Nassau and Sullivan counties. More than $7 million in AHC grants will come from the $304.2 million allocated for housing programs in the state budget. The remaining $11.94 million will be financed through second mortgages, according to an HFA news release. Nearly $30 million of the money will be spent in New York City, with $27.65 million going to construct an 11-story, 114-unit multi-family rental building at 625 W. 140th St. in the Hamilton Heights section of Manhattan. Two projects in Brooklyn are also getting financing. A $1.4 million subsidy loan is going to Liberty Avenue Housing toward construction of a three-story, 47-unit apartment building at 898-908 Liberty Ave. that will also offer social services to residents. The AHC approved a $640,000 grant to the Housing Partnership Development Corp. to help build a 16-unit affordable condominium project in the Bedford-Stuyvesant section of Brooklyn. On Long Island, HFA approved $12.6 million in financing for the acquisition and renovation of Adams Court, a 84-unit Section 8 apartment building in the town of Hempstead in Nassau County. The AHC approved three grants totaling nearly $2 million to be used in Nassau and Suffolk counties. Community Development Corp. of Long Island is getting two of the grants and will be renovating 167 homes and buying and rehabbing another 14 homes. Long Island Partnership Development Fund Corp. Inc. is getting a $450,000 grant to renovate 15 homes in Babylon. Upstate, the HFA approved $10 million in financing for the acquisition and rehabilitation of 111 affordable units in Woodland Townhouses and Barkley Gardens, two Section 8 rental properties in Liberty in Sullivan County. The HFA approved two other large deals in the upstate county of Onondaga: $5.4 million in financing to acquire and construct nine multi-family buildings with a total of 28 units in Syracuse and a $2.7 million loan to help buy a manufactured home park in the town of Elbridge. Also receiving funding were projects in Warren, Jefferson, Cortland, Genesee, Wayne, Monroe and Erie counties. Phil Lenz, a spokesman for the HFA and AHC, previously told CPN that both agencies have been focusing more recently on renovating existing affordable housing because it is more cost-effective. But the state is also helping build affordable units as well. On July 24, CPN reported that the agencies had approved more than $317 million in financing to build and preserve 278 units of affordable housing in all five New York City boroughs, most of which was going toward construction of a multi-family 80/20 rental project in the Hudson Yards section of Manhattan. The story also noted that the agencies allotted $12 million in financing to renovate 186 affordable housing units in Westchester County, just north of New York City. The HFA was created in 1960 to sell bonds to finance the construction and rehabilitation of multi-family affordable housing in New York State. Its subsidiary, the AHC, was established in 1985 to promote homeownership by low- and moderate-income households. CPN reported Dec. 14, 2007, that in 2007 alone the agencies approved financing for 6,061 unites of affordable housing.