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(Read more on the multifamily market and more on the debt and equity markets.)

ALBANY-New York State housing finance agencies have approved loans, grants and mortgage commitments totaling more than $45 million for affordable housing initiatives in New York City and upstate New York. The lion’s share of the financing commitments are earmarked for ventures in Brooklyn, Manhattan and Queens. The boards of the three state agencies–the Housing Finance Agency, the Affordable Housing Corp. and the State of New York Mortgage Agency (Sonyma)–approved the financing for the projects that will build or improve more than 750 affordable housing units.

“These projects will help hundreds of families achieve economic security by providing housing that is both affordable and livable,” says Gov. Eliot Spitzer. “It is critical that we work toward improving access to and increasing affordable housing in an effort to revitalize our struggling communities.”

Approximately $39.6 million in grants and financing was approved by HFA and AHC to finance the construction and renovation of 609 housing units in New York City. HFA approved financing totaling $36.2 million for major capital improvements at Tri-Senior Housing in the Borough Park and Flatbush sections of Brooklyn and at the Remeeder House in the East New York section of Brooklyn. Also, AHC gave the go-ahead for more than $3.4 million in grants to finance construction of new housing units at St. Phillips Homes and the Halsey Street and Marcus Garvey Boulevard Project in the Bedford-Stuyvesant section of Brooklyn; lofts at West 115th Street in Manhattan and two-family homes in the Far Rockaway section of Queens.

A total of almost $5.4 million in grants and mortgage insurance commitments was approved by Sonyma and AHC to renovate the Spaghetti Warehouse Building in Syracuse and for the Onondaga County Community Development Division. Specifically, Sonyma approved funding for $5.1 million to insure a mortgage for the Spaghetti Warehouse, a three-story former handbag factory in the Franklin Square area of Syracuse. When complete, the project will have 50 residential units and 30,210 sf of retail and commercial space. The AHC approved a $300,000 grant to help fund the Onondaga County Home Improvement Program for low-income families. In Monroe County, $600,000 in grants was approved by AHC to renovate 90 homes in the City of Rochester. The grants were awarded to two non-profit organizations: the Coalition of Northeast Association Inc. and NeighborhoodWorks Rochester Inc.

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