Friday, August 5 Arbor Housing and Development announced that it was awarded a $234,843 affordable housing grant to bring some of their existing properties up to current energy efficiency standards as well as improve and update some of the unit’s amenities for the safety and comfort of the tenants.

Friday, August 5 Arbor Housing and Development announced that it was awarded a $234,843 affordable housing grant to bring some of their existing properties up to current energy efficiency standards as well as improve and update some of the unit’s amenities for the safety and comfort of the tenants. Arbor Housing and Development is one of 115 local NeighborWorks organizations to receive $34.9 million in Capital Funding for the Rehabilitation of Affordable Housing (CFRAH) grants to rehabilitate or finance the rehabilitation of affordable housing nationwide, including smaller and rural communities with affordable housing needs.
Jeffrey Eaton, CEO of Arbor Housing and Development, noted that “the CFRAH funds allow us to leverage other funding in our ongoing efforts to complete green and energy efficient renovations to some of the properties in our portfolios while maintaining affordable rents.”
The Capital Funding for the Rehabilitation of Affordable Housing (CFRAH) grants enables Arbor Housing and Development and other local small and medium-size nonprofit businesses to develop, or continue to fund:
• Revolving loan funds for rehabilitation lending for owner-occupied property;
• Rehab of residential rental housing currently owned by local NeighborWorks organizations;
• Rehab of residential rental housing that is newly acquired or will be acquired by local NeighborWorks organizations;
• Rehab of single family homes that will be acquired or have been recently acquired by local NeighborWorks organizations and will be sold to homeowners.
In addition to enabling nonprofit small businesses to acquire and rehab properties, the $35 million in grant funding will also jump start local economies through the creation of more than 1,000 jobs, and produce in excess of $300 million in economic activity.
Arbor Housing and Development is a not-for-profit, 501(c)3 corporation, providing housing and assistance to under-served populations in several counties in the Soutehrn Tier of New York State. For more information about the capital grant please contact Dan Gallagher, Director, Real Estate Development, 607-776-7664, ext. 220, DGallagher@ArborDevelopment.org.