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ALBANY, NY-Newly authorized state grants totaling more than $5.4 million will help develop affordable housing projects valued in excess of $33 million in Orange and Rockland counties, according to New York Governor George E. Pataki.

The state aid will create a total of 318 affordable units in the two-county region. One of the most noteworthy projects to be funded by the state grants is the rehabilitation of the former Hotel Newburgh. Safe Harbors on the Hudson will receive more than $1.4 million to convert the hotel into 116 fully furnished single-room occupancy units, each with its own kitchenette, bath, and closet, and 12 artist live/work units, for very low-income single adults. The Cornerstone Residence development, as it will be known, will receive federal Low Income Housing Tax Credits that will leverage approximately $14.2 million of private equity. The total project cost is approximately $19.4 million, according to state officials.

“Through partnering with worthy endeavors like fhe Cornerstone Residence to produce safe and affordable housing, we are stimulating businesses, strengthening families, and revitalizing our communities in the Newburgh area and beyond,” the governor says.

Other programs earmarked for state funding include: Water’s Edge Limited Partnership, which will receive $1.4 million to create 40 units of affordable housing in Orange County; the Regional Economic Community Action Program, which will be given $500,000 for 20 units of affordable housing in Orange County; the Kiryas Joel Community Housing Development Organization, which will produce 49 units of affordable housing in the Village of Kiryas Joel in Orange County thanks to $400,000 in state funding; the Rockland Community Development Council, which will be given $400,000 in state grants which in turn will involve the availability of 40 affordable housing units in Rockland County; the Village of Spring Valley will use $25,000 in state funding to create 11 affordable units and the Village of New Square Housing Authority will receive a total of $2.17 million in funding from Housing Trust Fund and the Federal Low Income Housing Tax Credit Program.

State officials say the funding for the new housing developments was approved under the Low Income Housing Trust Fund program, the HOME program, the Federal Low Income Housing Credit program and the RESTORE program.

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