FHLBNY Awards $10.1 Million for 44 Affordable Housing Initiatives in NJ, NY, Puerto Rico, Maryland and Pennsylvania
Contact: Eric Amig - 212 441-6807 |
January 27 , 2004 |
New York, NY -- Alfred A. DelliBovi, President of the Federal Home Loan Bank of New York, announced that the Bank has awarded $10.1 million in subsidies to fund 44 affordable housing initiatives throughout New Jersey, New York, and Puerto Rico, as well as Maryland and Pennsylvania. These awards, which are funded through the Bank’s Affordable Housing Program (AHP), will result in the creation of 1,333 housing units. It is anticipated that almost $143 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 the more than 30 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 institutions with direct subsidies which are passed on to 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 12 district banks in the Federal Home Loan Bank System have contributed more than $1.7 billion to affordable housing development in the U.S.
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 $10.1 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: Atlantic City, Camden, Millstone Township and Trenton.
The following New York communities will benefit from the funds awarded today: Albany, Arcade, Binghamton, Buffalo, Dunkirk, Niagara Falls, North Collins, Fulton, Haverstraw, Henrietta, Hornell, Hyde Park/Straatsburg, New York, Olean, Palmyra, Penfield, Rochester, and various Scattered Sites in New York.
The following communities in Puerto Rico will benefit from funds awarded today: Hormigueros and Santurce.
The following community in Maryland will benefit from funds awarded today: Baltimore.
The following community in Pennsylvania will benefit from funds awarded today: Philadelphia.
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 306 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 |
| Atlantic City | Atlantic Heights, Phase I | Commerce Bank, N.A. | Housing Authority/Urban Redevelopment of Atlantic City | $600,000 | 50 |
| Camden | Emerald/Jefferson Housing Project Phase I | Equity Bank | Heart of Camden Inc. | $80,000 | 8 |
| Millstone Township | The Millstone House | Amboy National Bank | Monmouth Housing Alliance | $105,000 | 11 |
| Trenton | North Ward Development | Roma Bank | Canal Center Housing Rehab Corporation | $90,000 | 10 |
| NEW YORK | PROJECT | HLB SPONSOR | PROJECT SPONSOR | SUBSIDY AWARDED | UNITS |
| Albany | Interfaith Partnership for the Homeless | The Troy Savings Bank | Interfaith Partnership for the Homeless | $93,914 | 25 |
| Arcade | Northridge Homes | The Bank of Castile | Wyoming County Community Action | $187,200 | 24 |
| Binghamton | YWCA of Binghamton and Broome County |
BSB Bank and Trust | YWCA of Binghamton and Broome County | $880,000 | 54 |
| Buffalo | Ellicot Homes West | Greater Buffalo Savings Bank | Community Action Organization of Erie County | $672,000 | 84 |
| Buffalo | Fruit Belt Homeownership Program-HSBC | HSBC Bank USA | St. John Fruit Belt Development Corporation | $207,500 | 25 |
| Buffalo | Willert Park Homeownership Program | Manufacturers and Traders Trust Company | Buffalo Neighborhood Revitalization | $160,000 | 20 |
| Dunkirk | Central Apartments | HSBC Bank USA | Southern Tier Environments for Living, Inc. | $277,500 | 37 |
| Niagara Falls | Carolyn’s House | Manufacturers and Traders Trust Company | YWCA of Niagara | $148,200 | 19 |
| North Collins | Dewey Affordable Housing Opportunity | HSBC Bank USA | Belmont Shelter Corporation | $7,500 | |
| Fulton | Pathfinder Courts | Fulton Savings Bank | Fulton Housing Authority | $300,000 | 136 |
| Haverstraw | Fix it Up Rehab Program | HSBC Bank USA | HOGAR, Inc. | $285,000 | 30 |
| Henrietta | Erica Place | The Bank of Castile | Housing Opportunities, Inc. | $70,000 | 14 |
| Hornell | Brickside Townhouse Project | Maple City Savings Bank, FSB | Steuben Churchpeople Against Poverty | $50,000 | 4 |
| Hyde Park/ Staatsburg |
Heritage Pointe Apartments II | Rhinebeck Savings Bank | Housing Action Council | $270,000 | 81 |
| New York | Harlem United Community AIDS Center Supportive Housing | GreenPoint Bank | Harlem United Community AIDS Center, Inc. | $200,000 | 25 |
| Olean | Olean SRO | HSBC Bank USA | Southern Tier Environments for Living, Inc. | $270,000 | 36 |
| Palmyra | Willow Landing Apartments | First Niagara Bank | Steuben Churchpeople Against Poverty | $315,000 | 40 |
| Penfield | State Road Apartments | HSBC Bank USA | Heritage Christian Home, Inc. | $45,000 | 6 |
| Rochester | 2003-4 Westside Rehabilitation Project | HSBC Bank USA | Habitat for Humanity of Flower City | $154,000 | 11 |
| Rochester | Cornhill Apartments | Manufacturers and Traders Trust Company | Urban League/ Rochester |
$56,000 | 8 |
| Rochester | Residential Assistance Program | HSBC Bank USA | South Wedge Planning Committee | $140,000 | 20 |
| Rochester | Rexford Place | Manufacturers and Traders Trust Company | Housing Opportunities, Inc. | $72,000 | 12 |
| Rochester | Unity Senior Housing | HSBC Bank USA | Unity Housing Development Fund | $260,000 | 33 |
| Scattered Sites | Affordable Homes 2003 | HSBC Bank USA | Tri-County Housing Council | $190,000 | 20 |
| Scattered Sites | Fruit Belt Homeownership Program-M&T | Manufacturers and Traders Trust Company | St. John Fruit Belt Development Corporation | $207,500 | 25 |
| Scattered Sites | Habitat for Humanity Suffolk 2003 | Astoria Federal Savings and Loan Association | Habitat for Humanity of Suffolk | $40,000 | 4 |
| Scattered Sites | Housing Choice Voucher Homeowner Program-Astoria | Astoria Federal Savings and Loan Association | Community Development Corporation of Long Island | $60,000 | 5 |
| Scattered Sites | Housing Choice Voucher Homeowner Program-HSBC | HSBC Bank USA | Community Development Corporation of Long Island | $60,000 | 5 |
| Scattered Sites | Housing Choice Voucher Homeowner Program-North Fork | North Fork Bank | Community Development Corporation of Long Island | $120,000 | 10 |
| Scattered Sites | Housing Rehabilitation Project | Maple City Savings Bank, FSB | Steuben Churchpeople Against Poverty | $319,550 | 55 |
| Scattered Sites | Southtowns Home Repair Program | Evans National Bank | Southtowns Rural Preservation Company | $150,000 | 25 |
| Scattered Sites | Section 8 Home Ownership Program, Phase II | HSBC Bank USA | Belmont Shelter Corporation | $50,000 | 10 |
| Staten Island | Sr. Louise DeMarillac Manor | Northfield Savings Bank | Sisters of Charity Housing Development Corporation | $158,000 | 18 |
| Wheatfield | Rivercrest Senior Housing | Greater Buffalo Savings Bank | National Church Residences | $900,000 | 77 |
| Yonkers | Porach and Walnut Streets | City and Suburban Federal Savings Bank | Habitat for Humanity of Westchester | $60,000 | 6 |
| Yonkers | 217 South Waverly Street | HSBC Bank USA | Westhab, Inc. | $300,000 | 29 |
| PUERTO RICO |
PROJECT | HLB SPONSOR | PROJECT SPONSOR | SUBSIDY AWARDED | UNITS |
| Hormigueros | Monserrate Elderly Apartments | R-G Premier Bank of Puerto Rico | Housing America Foundation | $595,00 | 74 |
| Santurce | La Inmaculada Elderly Center | Banco Popular de Puerto Rico | Housing America Foundation | $725,000 | 120 |
| MARYLAND | PROJECT | HLB SPONSOR | PROJECT SPONSOR | SUBSIDY AWARDED | UNITS |
| Baltimore | Northeast Baltimore Housing Renovations | Manufacturers and Traders Trust Company | Habitat for Humanity Chesapeake | $40,000 | 8 |
| PENNSYL-VANIA | PROJECT | HLB SPONSOR | PROJECT SPONSOR | SUBSIDY AWARDED | UNITS |
| Philadelphia | Germantown Home Section 811 | HSBC Bank USA | Germantown Home Section 811 Corporation | $135,000 | 18 |
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