Astoria Federal Savings, Federal Home Loan Bank of
New York, New York State and Long Island Housing
Partnership Break Ground on 42 Units of Senior Citizen
Housing in Brentwood, NY
Contacts: |
March 18 , 2003 |
(Brentwood, NY, March 18, 2003)—Astoria Federal Savings Chairman, President and Chief Executive Officer George L. Engelke, Jr., and Federal Home Loan Bank of New York President Alfred A. DelliBovi today joined with New York State Division of Housing and Community Renewal (DHCR) Commissioner Judith A. Calogero and Jim Morgo of the Long Island Housing Partnership to break ground on Broadway West II, 42 new units of low-income senior citizen housing in Brentwood, NY.
According to Chairman Engelke, Astoria Federal is providing a $3.3 million construction loan to National Development of America, LLC to develop the apartment complex for low- and very low-income senior citizens. Additionally, Astoria Federal will provide $1.3 million in permanent financing similar to its permanent financing of Broadway West I (72 units at the same site) which was completed in 1999.
New York State is providing funds, via the federal Low Income Housing Credit Program (LIHC), that will leverage nearly $5.7 million in private investment for the project. “Our State continues to provide affordable housing by harnessing the power of private initiative at the local level,” Governor George E. Pataki said. “By partnering with the developers of Broadway West II, we are giving some of our neediest seniors on Long Island a second lease on life, an opportunity to live in dignity and comfort.”
The project is also being supported by a large grant from the Federal Home Loan Bank of New York. Alfred A. DelliBovi, President and CEO of Federal Home Loan Bank of New York, said, "Today's award is a result of the successful efforts of the Long Island Housing Partnership, New York State's Division of Housing and Community Renewal, the Federal Home Loan Bank of New York and Astoria Federal Savings. As a Congressionally-chartered organization, we are proud to act as a catalyst to bring these important housing developments to Long Island where it is needed. The Home Loan Bank commends our partners and the leadership of Governor Pataki for making affordable housing a priority."
In combating the challenges of the lack of affordable housing on Long Island, Astoria Federal’s Chairman Engelke said, “We have always believed in ‘Putting people first,’ and our ability to serve as the conduit for this affordable housing project means a great deal to us. We are proud to work with all of our partners in the public, private and non-profit sectors, from Governor Pataki to the residents of Brentwood, to make this a reality.”
“Under Governor Pataki’s leadership, through public/private partnerships, our State has invested $7 billion in affordable housing, providing more than 135,000 housing opportunities, including 16,000 units for our seniors,” said DHCR Commissioner Calogero. “Today we witness yet another example of how these partnerships are changing lives for the better by enabling our seniors to remain a part of the communities they know and love.”
“The only way the Housing Partnership has been able to have more than 1,300 affordable homes added to Long Island’s dwindling supply is through public and private collaborations. These 42 additional rental homes at Broadway West that are affordable to low-income seniors is a perfect example of these necessary collaborations,” LIHP President Morgo said. “The Housing Partnership’s long-time partnerships with our valued private-sector partners, Astoria Federal Savings and the Federal Home Loan Bank of New York, and our long-time public sector partners, most notably, Governor Pataki, the New York State’s Division of Housing and Community Renewal and Islip Town, make the second phase of this desperately needed senior apartment complex at Broadway West possible.”
Since 1990, the FHLBNY has advanced over $9.75 million to Long Island’s community banks to help fund the construction of 1,356 units of affordable housing with a total development value of $217 million. According to Engelke, Astoria Federal Savings alone has infused nearly $3.4 million of FHLBNY grants into the communities it serves to generate 453 units of housing, many of those being rental units for seniors, the disabled and young people.
About Astoria Federal Savings
Astoria Federal Savings and Loan Association, with assets of $21.7 billion, is the wholly-owned subsidiary of Astoria Financial Corporation (NYSE:AF). It is the second largest thrift institution headquartered in New York and fifth largest in the United States. Astoria Federal embraces its philosophy of “Putting people first” by providing its 700,000 customers and the local communities it serves with quality financial products and services through 86 convenient banking office locations and multiple delivery channels, including its enhanced website, www.astoriafederal.com. Astoria commands the third largest deposit market share in the attractive Long Island market, which includes Brooklyn, Queens, Nassau and Suffolk counties with a population exceeding that of 38 individual states. Astoria originates mortgage loans through its banking offices and loan production offices in New York, an extensive broker network in fifteen states, primarily the East Coast, and through correspondent relationships in forty-four states.
About the Federal Home Loan Bank
The Federal Home Loan Bank is a AAA-rated wholesale bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 12 regional, stockholder owned banks. The Federal Home Loan Bank serves 300 community lenders in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of the Federal Home Loan Bank is to advance housing opportunity and local community development by maximizing the capacity of community-based member-lenders to serve their markets. Created in 1989, The Federal Home Loan Bank’s Affordable Housing Program (AHP) provides member community lenders with direct subsidies which are passed on to qualified households through a sponsoring local non-profit organization. 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 semi-annual competitive rounds. Each competing project must be sponsored by a financial organization that is a member of the Federal Home Loan Bank in partnership with a community-based sponsoring organization.
About the Division of Housing and Community Renewal
DHCR works to make New York State a better place to live by supporting community efforts to preserve and expand affordable housing, home ownership and economic opportunities, and by providing equal access to safe, decent and affordable housing. These goals are achieved through a commitment to building partnerships, excellence in customer service, and seeking innovative solutions to people's housing needs.
About the Long Island Housing Partnership
The Long Island Housing Partnership is a private-sector initiative that invests private and public funds and offers expertise to create housing, which, in turn, spurs economic development and neighborhood revitalization. The Housing Partnership is the nation’s first not-for-profit, public/private housing development company based solely in the suburbs. It is a consortium of Long Island-based business, religious, civic, professional, and labor organizations. The Housing Partnership builds affordable homes for low- and moderate-income Long Islanders, administers down payment assistance programs for Long Island municipalities and employers, rents affordable units to low-income Long Islanders, arranges financing for socially-worthy housing developments, offers technical assistance to community housing groups, provides technical assistance to several Long Island towns, and provides free mortgage counseling to first-time buyers.
The Federal Low Income Housing Credit Program
The Federal Low Income Housing Credit Program (LIHC) was established to promote private sector investment in the development and retention of rental housing for low-income seniors, families and individuals. The program provides a dollar-for-dollar reduction in federal income tax liability for project owners in direct relation to the number of affordable housing units they produce.