The New York State Housing Finance Agency last week approved $45.1 million of bonds to build and preserve affordable housing.
“We must not let tough economic times slow down our efforts to provide affordable housing for the residents of New York State,” HFA president and chief executive officer Priscilla Almodovar said in a press release.
The HFA said last month that it hoped to close 17 deals totaling $150 million by the end of the year, but the credit crunch and financial downturn has made that goal difficult.
The Fortune Society, an organization that helps former convicts reintegrate into society, plans to use the proceeds of $23.7 million of bonds to build an 11-story, 114-unit rental apartment building at 625 W. 140th St. in upper Manhattan.
The apartments will be rented to tenants with incomes of up to $46,080 for a family of four. About half of the units will be set aside for formerly homeless families and individuals, while the remainder will be restricted to tenants only based on income. The project is expected to cost $42.3 million and will use other loans and subsidies.
In addition, the HFA approved two bond deals to preserve and rehabilitate Section 8 housing: $10 million to preserve affordability at Adams Court, an 84-unit rental apartment in Hempstead village in Long Island’s Nassau County; and $7.2 million for 111 affordable units in Liberty in upstate Sullivan County.
The agency also signed off on $4.2 million of bonds to finance the construction of 28 units of affordable housing in Syracuse