The New York State Affordable Housing Corporation ("AHC") is a public benefit corporation, established in 1985 pursuant to Section 45-b of the Private Housing Finance Law ("PHFL") as a subsidiary of the New York State Housing Finance Agency ("HFA"), to administer the Affordable Home Ownership Development Program ("Program") under PHFL Article 19. The purpose of the Program is to promote homeownership by persons of low and moderate income, which, in turn, fosters the development, stabilization and preservation of neighborhoods and communities. To achieve these goals, AHC provides financial assistance, in conjunction with other private and public investment, for the construction, acquisition, rehabilitation and improvement of owner-occupied housing.
Within the limits of available funding, AHC may provide grants within the following per dwelling unit limitations: up to $35,000 per unit; or $40,000 per unit for projects located in high cost areas as defined by AHC, or for projects receiving a U.S. Department of Agriculture Rural Development Service (formerly the Farmer's Home Administration) Loan. In addition, under statutory Program requirements, AHC grants cannot exceed 60 percent of total project development costs. By leveraging other private and public funds, and reducing development and rehabilitation costs, assistance provided by AHC makes homeownership affordable to families and individuals for whom there are no other reasonable and affordable home ownership alternatives in the private market. Additionally, the development, rehabilitation, and home improvement activities undertaken in connection with the Program are intended to help eliminate conditions of blight and deterioration, and to encourage stability and create jobs in communities throughout the State. Eligible applicants include: local municipalities; housing authorities; housing development fund companies; neighborhood and rural preservation companies; as well as not-for-profit or charitable organizations which have the development or improvement of housing as a primary purpose.
AHC works with its parent agency, HFA, and its sister agency, the State of New York Mortgage Agency ("SONYMA") (collectively, the "Agencies"), to increase homeownership opportunities. As part of the Agencies' policy of one-stop shopping, an AHC Program application includes a SONYMA Project Set-Aside application.
The membership of AHC consists of the Commissioner of Housing and Community Renewal, the Director of the Budget and the Commissioner of Taxation and Finance of the State of New York, and four additional members appointed by the Governor, with the advice and consent of the Senate. The Chairman of AHC's parent agency, HFA, is, pursuant to law, the Chairman of AHC. The members appointed by the Governor serve for the full or unexpired portions of six-year terms.