LI, nonprofits win $2.5M in affordable housing awards
Long Island municipalities and nonprofits competed for and won $2.5 million of affordable housing awards out of a total of $14 million that was divided around the state, Gov. Andrew M. Cuomo said on Tuesday.
Rehabilitation projects in Nassau and Suffolk will receive most of Long Island's share of the state funds.
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Long Island municipalities and nonprofits competed for and won $2.5 million of affordable housing awards out of a total of $14 million that was divided around the state, Gov. Andrew M. Cuomo said on Tuesday.
Rehabilitation projects in Nassau and Suffolk will receive most of Long Island's share of the state funds.
The awards also include $200,000 for the Town of Hempstead to help pay for five new $425,000 two-story homes for first-time buyers in Inwood.
The financing plan for these units includes homeowners' mortgages and nearly $697,000 of federal grants. Nassau will kick in $375,000. The plan relies on a $1.4 million construction loan from a private bank.
The Community Development Corp, a nonprofit, plans to overhaul about 60 affordable units in Nassau and Suffolk with its $1 million award. Another nonprofit, The Long Island Housing Development Fund Company, will receive $727,500 to improve about 20 homes.
Similarly, Community Housing Innovations, Inc., also a nonprofit, plans to buy and improve 16 housing units with the $640,000 it won.
The projects' exact locations will not be determined until the localities and nonprofits screen and select the winners from the people who apply."Every New Yorker deserves a home that is safe and affordable, and today we are funding projects across the state that will help to make that a reality," Cuomo said in a statement.
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