Governor David A. Paterson today announced $25.5 million in grants and financing to build and renovate 396 units of affordable housing in New York State. The grants – to neighborhoods in New York City and Western New York – reinforce the Governor’s commitment to the creation and preservation of affordable housing throughout the state.

Today’s grants were approved by the boards of the New York State Housing Finance Agency (HFA) and its subsidiary, the New York State Affordable Housing Corporation (AHC), which make grants to not-for-profit housing organizations around the state to help subsidize the cost of newly constructed homes and the renovation of existing housing.

“My administration is dedicated to improving our existing housing stock and building new affordable housing – and that’s what we are doing today,” said Governor Paterson. “These grants also include $2 million for a new program to help buy and renovate foreclosed homes in New York City, which will help stabilize neighborhoods and keep communities strong.”