Through the Affordable Home Ownership Development program (AHOD), the New York State Affordable Housing Corporation (AHC) administers grants to governmental, non-profit and charitable groups to build, acquire and rehabilitate, or improve homes for low- and moderate-income families. The goals of the program are to promote homeownership among families of low- and moderate-income for whom there are few affordable homeownership alternatives in the private market and to stimulate the development, stabilization, and preservation of New York communities. Grants are not made directly to individual homebuyers or homeowners but to government and non-government sponsors (the grantees) that develop affordable housing or assist homeowners in funding necessary repairs. These grantees are responsible for ensuring that the homebuyers or homeowners are income qualified and otherwise eligible recipients of funds under AHOD.
The New York State Affordable Housing Corporation (AHC) is a public benefit corporation and was 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) in order to administer AHOD under PHFL Article 19.