$1.1 million in Affordable
Housing grants funds rental housing

According to Congressman John J. LaFalce (D-29, NY) the Federal Home Loan Bank of New York will be providing $1,103,552 in affordable housing grants for rental housing construction and rehabilitation and homeownership assistance for housing located in Rochester, Clarkson, and Gates.

"At a time when so many working families are struggling to make ends meet, these grants will provide critically needed funds to provide affordable rental housing and offer homeownership opportunities to low-income citizens," LaFalce said. "The grants will also improve the communities in which the housing is located."

The bank board is providing grants for projects located in Rochester, as follows:

•$130,500 to Habitat for Humanity of Flower City to provide mortgage buydown assistance to nine very low-income homebuyers of newly built homes in two of the City's poorer neighborhoods. Homeowners will be required to provide sweat equity and complete a homeownership education program.

•$94,630 to Our Lady of Mount Carmel for the rehabilitation of 12 apartment units to be rented to low-income and very low-income families. Additional financing will be provided by the project's existing operating reserves.

•$91,000 to North East Area Development, Inc. for mortgage buydown, closing cost assistance, or down payment assistance for 13 first-time, low-income homebuyers for newly built homes. All homebuyers must attend mandatory first-time homebuyer education classes. Additional financing will be provided by the New York State Affordable Housing Corporation and the City of Rochester.

•$90,000 for the YWCA of Rochester and Monroe County for the acquisition and renovation of a vacant 12-unit apartment for rental to a target population which includes: households moving towards self-sufficiency; YWCA clients moving from emergency shelter; Single Room Occupancy, transitional or supportive housing; families on the HUD rental assistance waiting list; women leaving domestic violence situations; or women who were formerly homeless. Additional financing will be provided by the City of Rochester and Monroe County HOME funds, Town of Irondequoit CDBG funds, First Niagara Bank, and local foundations. The building will be donated by the Meran Company.

•$53,822 to Providence Housing Development Corporation for the construction of 12 units of affordable rental housing for persons with developmental and physical disabilities. Additional financing will be provided by the Low-Income Housing Tax Credits, New York State HOME funds, and HSBC Bank USA.

The Bank board is also providing a grant for the following project in the Town of Gates:

•$393,600 to Housing Opportunities, Inc. for the construction of a 48-unit townhouse development at Elmgrove Place, in the Town of Gates. All units will be made available to low-income and very low-income households, with 12 units resevered for households receiving Section 8 assistance. Additional financing is being provided by the New York State Division of Housing and Community Renewal, Housing Opportunities, Inc., and Low Income Housing Tax Credits.

And, the Bank board is also providing a grant for the following project located in Clarkson:

•$250,000 for Rural Housing Action Corporation for the construction of a 36-unit garden apartment complex for rental to low-income and very low-income families. First preference for six of the units will be given to independent developmentally and physically disabled households. Additional financing will be provided by Monroe County HOME funds, the New York State Division of Housing and Community Renewal, and Low-Income Housing Tax Credits.