NYS HFA and NYS AHC approve $12m for rehab of affordable housing

The boards of the NYS Housing Finance Agency (HFA) and the NYS Affordable Housing Corp. (AHC) approved $12 million in financing to renovate 186 affordable housing units in Westchester County. "Our agencies are dedicated to improving the affordable housing stock throughout NYS, particularly in high cost areas like Westchester County," said Priscilla Almodovar, president and CEO of AHC and HFA. HFA approved the issuance of tax-exempt bonds to fund an $11.75 million mortgage that will finance capital improvements at the College Arms Apartments, a 164-unit federally-financed affordable apartment building located in Sleepy Hollow. The financing will enable the borrower, an entity controlled by Marathon Development Group LLC, to purchase the College Arms Apartments and undertake renovations of the 10-story apartment building. The total development cost is $21.1 million. AHC approved a $300,000 grant to the Housing Action Council for home improvements on 22 homes throughout Westchester County. The assistance will go to owners of single-family and two-family homes as well as co-ops and condos.