FHLBNY Awards $6.9 Million for 21 Affordable Housing Initiatives in New Jersey and New York
Contact: Eric Amig - 212 441-6807 |
January 10 , 2005 |
New York, NY -- Alfred A. DelliBovi, President of the Federal Home Loan Bank of New York, announced that the Bank has awarded $6.9 million in subsidies to fund 21 affordable housing initiatives throughout New Jersey and New York. These awards, which are funded through the Bank’s Affordable Housing Program (AHP), will result in the creation of 1,212 housing units. It is anticipated that almost $161 million in development costs will be generated from development of these initiatives.
"The Federal Home Loan Bank of New York is very pleased to lend a hand in building communities by helping to meet the special housing needs of over 24 communities receiving these awards," said Mr. DelliBovi. "Not only are we providing affordable homes, but we are also making contributions to the revitalization, economic development, stability and the overall quality of life of these communities."
The Federal Home Loan Bank of New York’s AHP provides member lenders with direct subsidies which are passed on to income qualified households through sponsoring local nonprofit organizations. AHP financing is combined with other funding sources to create housing for moderate-, low- and very low-income families. Program awardees receive this funding through a competitive application process. Each competing project must be sponsored by a financial organization that is a member of the Bank in partnership with a community-based sponsoring organization. Since 1990, the Federal Home Loan Bank has contributed $193.7 million to fund 30,710 affordable housing units in New Jersey, New York, Puerto Rico and the U.S. Virgin Islands.
These awards are a result of effective public/private partnerships involving the Federal Home Loan Bank, member banks and thrifts, and nonprofit community housing organizations. The $6.9 million awarded today are funds drawn from the Bank’s earnings. As mandated by Congress, Bank members forgo 10 percent of their earnings to support these neighborhood housing and economic development initiatives.
The following New Jersey communities will benefit from the funds awarded today: Camden, Neptune, Old Bridge, Paterson, Princeton, Rahway, and various locations in or near Burlington County.
The following New York communities will benefit from the funds awarded today: Albany, Brooklyn, Canandaigua, Hilton, Lysander, Rochester, Saugerties, Syracuse, Town of Ulster, Town of Wheatfield, Wappingers Falls, Yonkers, and various Scattered Sites in New York.
The Federal Home Loan Bank of New York is a Congressionally chartered, wholesale Bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 12 regional, stockholder-owned banks. The FHLB of New York currently serves 300 financial institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of the Federal Home Loan Banks is to support the efforts of local members to help provide financing for America’s homebuyers.
The AHP awardees are:
| NEW JERSEY | PROJECT | HLB SPONSOR | PROJECT SPONSOR | SUBSIDY AWARDED | UNITS |
| Camden | Baldwin’s Run Phase 8 | Commerce Bank, North | St. Joseph’s Carpenter Society | $360,000 | 72 |
| Neptune | Carver Hotel Apartments | Amboy National Bank | Monmouth Housing Alliance | $112,350 | 14 |
| Old Bridge | Chuck Costello Independent Living | Columbia Bank | Old Bridge Township Housing Authority | $335,000 | 61 |
| Paterson | Paterson Habitat for Humanity (Y2005 Build) | Columbia Bank | Humanity of Paterson, Inc. | $95,000 | 10 |
| Princeton | Elm Court | Hopewell Valley Community Bank | Elm Court II | $675,000 | 67 |
| Rahway | Home Vision Development | The Rahway Savings Institution | Home Vision Development, Inc. | $40,000 | 4 |
| Scattered Sites | Habitat for Humanity Burlington County | Peoples Savings Bank | Habitat for Humanity of Burlington County | $70,000 | 7 |
| NEW YORK | PROJECT | HLB SPONSOR | PROJECT SPONSOR | SUBSIDY AWARDED | UNITS |
| Albany | Ezra Prentice Rehabilitation | HSBC Bank USA, National Association | Albany Housing Authority | $537,000 | 179 |
| Brooklyn | Schermerhorn House | Independence Community Bank | Common Ground Community, HDFC Inc. | 675,000 | 217 |
| Canandaigua | Old Brookside | Manufacturers and Traders Trust Company | Action for a Better Community | $440,000 | 64 |
| Hilton | Hilton Senior Housing | Manufacturers and Traders Trust Company | Unity Health System | $350,00 | 69 |
| Lysander | Riverknoll at Radisson | HSBC Bank USA, National Association | Isla Housing and Development Corporation | $640,000 | 80 |
| Rochester | Olean Revitalizaton Project | HSBC Bank USA, National Association | Providence Housing Development Corporation | $654,500 | 77 |
| Saugerties | The Birches at Saugerties | Ulster Savings Bank | Catskill Mountain Housing Development Corporation | $425,000 | 60 |
| Scattered Sites | Chautauqua Homeownership Program IV | HSBC Bank USA, National Association | Chautauqua Opportunities | $200,000 | 40 |
| Scattered Sites | HCRC Home Improvement Program | First Niagara Bank | Highland Community Revitalization Committee, Inc. | $110,250 | 15 |
| Scattered Sites | Housing Choice Voucher Homeowner Program-HSBC | HSBC Bank USA | Community Development Corporation of Long Island | $60,000 | 5 |
| Syracuse | Near West Side Revitalization Project | Beacon Federal | Habitat for Humanity of Syracuse | $14,000 | 2 |
| Town of Ulster | Chambers Senior Housing | HSBC Bank USA | Kingston Housing Authority | $375,000 | 72 |
| Town of Wheatfield | Shawnee Lending | HSBC Bank, USA, National Association | Belmont Shelter Corporation | $640,000 | 64 |
| Wappingers Falls | DiMarco Place II Senior Citizen Residence | Ulster Savings Bank | Hudson Valley Housing Development Fund, Inc. | $96,000 | 32 |
| Yonkers | Wilson, Cola & Brown Condominium | Hudson Valley Bank | West Yonkers Affordable Housing Development Fund | $39,996 | 6 |