Bank gives $5,000 to CHLDC

Real Estate Weekly, Jan 1, 2003

Astoria Federal Savings has awarded a $5,000 grant to Cypress Hills Local Development Corporation (CHLDC) to assist in expanding its economic development, housing and youth education programs. The funds will assist in the acquisition. of a factory building in Cypress Hills to help begin the development phase of converting it into the permanent home of the Cypress Hills Community School, a New Visions, dual-language elementary school for 260 children established in 1997. In addition, the grant will help support the effort to rehabilitate three small homes purchased from the U.S. Department of Housing and Urban Development which will be sold to low-income families.

Recently, CHLDC secured mortgage commitments for seventy-five low and moderate income, first-time home-buyers and rehabilitated seven small vacant and partially occupied homes into affordable home-ownership opportunities. The CHLDC has found employment for 120 public assistance recipients and unemployed neighborhood residents and opened the Cypress Hills Child Care Center which cares for seventy-two toddlers on a daily basis. Cypress Hills Development Corporation provides ongoing landlord/tenant and home ownership counseling as well as career gudance to young people entering the job market.