By Ivan Pereira
The state announced last Thursday that it will be funding new projects to renovate old homes in southeast Queens and the Rockaways and bring more affordable housing to the city.
New York State’s Affordable Housing Corp. approved three grants totaling $1.5 million to rehabilitate dozens of housing units in Queens and Staten Island and build new homes in other parts of the city. Many of the homes will be foreclosed properties in Jamaica and Far Rockaway, communities that have seen a surge in foreclosures over the last couple of years, according to Priscilla Almodovar, the AHC president and chief executive officer.
“These grants will help stabilize communities affected by foreclosures and bring new home-ownership opportunities throughout the city,” she said in a statement.
The homes will be purchased by the U.S. Department of Housing and Urban Development and funds will be used to not only renovate the houses but also lower the sales prices. The houses include 16 single-family homes, one two-family home and one three-family home in Jamaica and Far Rockaway.
Those neighborhoods lead the state in the number of foreclosures, according to state statistics. Thousands of homeowners bought their properties using subprime loans, which ballooned to higher interest rates rapidly after the loans were purchased.
The Affordable Housing Corp. will use the grant money to construct new homes in Harlem and Cypress Village, Brooklyn. The new apartment buildings will feature amenities such as storage space and laundry rooms and will be built to be environmentally friendly, according to Almodovar.
“The grants reinforce Gov. [David] Paterson’s vision of making New York a better place to live and work,” she said.
Reach reporter Ivan Pereira by e-mail at ipereira@cnglocal.com or by phone at 718-229-0300, Ext. 146.
