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$2 Million in Financing Approved to Construct 50 Affordable Condominium Units In Ossining
Release Date: September 18, 2008

$2 Million in Financing Approved to Construct 50 Affordable Condominium Units In Ossining


The boards of the New York State Housing Finance Agency (HFA) and its subsidiary, the New York State Affordable Housing Corporation (AHC), today approved $2 million in financing to construct 50 affordable condominium units in the Village of Ossining.    The project referred to as Academy Place Homes received a $2 million grant to the Housing Action Council to finance the construction of 50 condominium units in the Village of Ossining. 


The condominiums will be located two blocks from the business district of Ossining and will consist of 12 one-bedroom and 38 two-bedroom units. They will be made available to households earning up to $91,034 for a family of four. Eligible applicants will be chosen via a lottery with preferences given to residents of the Village, employees of the Village, Ossining school district employees, unpaid members of the Ossining Fire Department or Ambulance Corps, relatives of current residents of the Village, and people employed in the Village.  Mayor William Hanauer said: “The fifty units of Academy Place Homes will be a giant leap forward in the Village’s effort to provide affordable housing for our residents.”


Lionheart Group, LLC is the proposed developer for the project, and Phoenix Building Corporation is the proposed builder.  The total cost of the project is nearly $13.6 million. In addition to the AHC grant, the project will receive $1.35 million in New Homes Land Acquisition funds, $270,000 in Housing Infrastructure Funds, and $440,000 in HOME Program funds provided by the City of White Plains.


The NYS Housing Finance Agency was created in 1960 to sell bonds to finance the construction and rehabilitation of multi-family affordable rental housing in New York State.  AHC was established in 1985 to promote homeownership by low- and moderate-income households. Financial assistance approved annually by the New York State Legislature, combined with other private and public investment, is used for the construction, acquisition, rehabilitation and improvement of owner-occupied housing.



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