FHLBNY Awards $15.3 Million for 64 Affordable
Housing Initiatives in NJ, NY, and Puerto Rico
Contact: Eric Amig - 212 441-6807 |
April 19, 2002 |
New York, NY -- Alfred A. DelliBovi, President of the Federal Home Loan Bank of New York, announced today that the Bank has awarded $15.3 million in subsidies to fund 64 affordable housing initiatives in communities throughout New Jersey, New York, Puerto Rico, and Maryland. These awards, which are funded through the Bank’s Affordable Housing Program (AHP), will result in the creation of 2,255 housing units. It is anticipated that over $213 million in development costs will be generated from implementation of these initiatives in New Jersey, New York, Puerto Rico and Maryland.
“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 47 communities receiving these awards,” said Mr. DelliBovi. “This round of awards includes initiatives which apply a broad spectrum of approaches to affordable housing. These projects will help provide housing designed to serve the needs of the elderly, physically challenged and developmentally disabled adults, families and individuals who are homeless or threatened with homelessness, victims of domestic violence, families in transition, first-time homebuyers and individuals with AIDS. Not only are we providing affordable homes, but we are 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 semi-annual competitive rounds. 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.
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 $15 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: Asbury Park, Brick, Bridgeton, East Brunswick, East Orange, Elizabeth, Harrison Township, Jersey City, Morris Township, New Brunswick, Ringoes, Salem, Somerville, and Trenton.
The following New York communities will benefit from the funds awarded today: Albany, Amherst, Angola, Beacon, Boston, Brookhaven, Brooklyn, Bronx, Buffalo, Carmel, Chatham, Clay, Clyde, Gowanda, Ithaca, Jamaica, Mattydale, Mount Vernon, Nedrow, Newburgh, New York, North Tonawanda, Otisville, Rochester, Tonawanda, Town of Brighton, Town of Penfield, Troy, Wheatfield, and various Scattered Sites in New York.
The following communities in Puerto Rico will benefit from funds awarded today: Arroyo, Barceloneta, Florida, and San Juan.
Scattered sites throughout Maryland will benefit from funds awarded today.
The Federal Home Loan Bank of New York is a AAA rated, 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 295 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 |
| Asbury Park | Center House | Commerce Bank, N.A. | Center in Asbury Park, Inc. | $175,000 |
| Brick | Brick Scattered Site Housing | OceanFirst Bank | Ocean Community Economic Action Now | $149,047 |
| Bridgeton | Cumberland County Habitat for Humanity III | Century Savings Bank | Habitat for Humanity of Cumberland County | $20,000 |
| East Brunswick | Condominium Write-Down/ Buy-Down Project |
The Provident Bank | East Brunswick Community Housing Corporation | $100,000 |
| East Orange | Princeton Street Neighborhood Redevelopment | Investors Savings Bank | Housing and Neighborhood Development Services | $48,000 |
| Elizabeth | Sierra Gardens | Independence Community Bank | YMCA of Eastern Union County | $132,000 |
| Harrison Township | Spring Mill Apartments | Commerce Bank, N.A. | Ingerman Affordable Housing, Inc. | $447,608 |
| Jersey City | Bergenview II | Valley National Bank | The Community Builders | $170,400 |
| Morris Township | Jean Street Apartments | Commerce Bank, N.A. | Homeless Solutions, Inc. | $199,589 |
| New Brunswick | Riverside Urban Renewal | Magyar Savings Bank | The Community Builders | $950,000 |
| Ringoes | Bridgeway Supportive Housing | First Savings Bank | Bridgeway House | $29,800 |
| Salem | Salem Historic Homes | The Woodstown NB & Trust Company | Pennrose Properties, Inc. | $280,350 |
| Somerville | Somerset Permanent Housing | Commerce Bank, N.A. | Volunteers of America/Delaware Valley | $90,000 |
| Trenton | Bellevue Court | Commerce Bank, N.A. | Isles, Inc. | $181,350 |
| NEW YORK | PROJECT | HLB SPONSOR | PROJECT SPONSOR | SUBSIDY AWARDED |
| Albany | Mansion Initiative | Manufacturers and Traders Trust Company | The Community Builders | $292,500 |
| Amherst | Town of Amherst II | HSBC Bank USA | Town of Amherst | $436,000 |
| Angola | St. Paul's Place | First Niagara Bank | Episcopal Community Housing Development Org. Inc. | $77,066 |
| Beacon | Verplanck Estates II |
Ulster Savings Bank | Hudson Valley Housing Development Fund, Inc. | $30,000 |
| Boston | Southtowns Affordable Home Repair Program | Evans National Bank | Southtowns Rural Preservation Co. | $150,000 |
| Brookhaven | Strathmore Ridge Homeownership Program | HSBC Bank USA | Community Housing Innovations, Inc. | $270,000 |
| Brooklyn | Habitat for Humanity NYC/Willoughby Street | Independence Community Bank | Habitat for Humanity of New York City | $144,000 |
| Brooklyn | St. Mary's Prospect Place Supportive Housing | Astoria Federal Savings and Loan Association | Saint Vincent Catholic Medical Centers | $400,000 |
| Brooklyn | Third Party Transfer Project | Manufacturers and Traders Trust Company | Pratt Area Community Council | $460,000 |
| Bronx | Bronx Family Center | GreenPoint Bank (Savings Bank) | American Red Cross of Greater New York | $1,000,000 |
| Buffalo | Community Rental Services | Manufacturers and Traders Trust Company | Community Services Programs, Inc. | $444,474 |
| Buffalo | Kenmore Shelter | Manufacturers and Traders Trust Company | Community Services for Developmentally Disabled | $26,082 |
| Buffalo | Parkridge Shelter | Manufacturers and Traders Trust Company | Community Services for Developmentally Disabled | $27,475 |
| Buffalo | Second Chance Home | First Niagara Bank | Homespace Corporation | $52,149 |
| Carmel | Hughson Commons II |
The Mahopac National Bank | Housing Action Council | $250,000 |
| Chatham | Highpointe at Chatham Senior Apartments | Hudson River Bank & Trust Company | Housing Resources of Columbia County | $174,500 |
| Clay | Byrne Manor | Manufacturers and Traders Trust Company | Christopher Community Inc. | $70,364 |
| Clyde | Highland Residential Project | HSBC Bank USA | Rural Housing Action Corporation | $200,000 |
| Gowanda | Gowanda Housing Options | HSBC Bank USA Bank | Housing Options Made Easy, Inc. | $41,900 |
| Ithaca | EcoVillage Affordable Housing Project | Tompkins Trust Company | Better Housing for Tompkins County | $112,000 |
| Jamaica | Immaculata Hall Supportive Housing | Astoria Federal Savings and Loan Association | Saint Vincent Catholic Medical Centers | $500,000 |
| Mattydale | Onondaga County Homeownership Program | Seneca Federal Savings and Loan Association | Onondaga County Community Development Division | $116,000 |
| Mount Vernon | Liberty Plaza Senior Campus | Community Mutual Savings Bank | Local Development Corporation of Mount Vernon N.Y. Inc. | $750,000 |
| Nedrow | Nedrow/Onondaga County Affordable Home Ownership | HSBC Bank USA | Empire Housing & Development Corp. | $29,200 |
| Newburgh | Habitat for Humanity of Greater Newburgh | Manufacturers and Traders Trust Company | Habitat for Humanity of Greater Newburgh | $28,637 |
| New York | Bailey-Holt House | GreenPoint Bank (Savings Bank) | Bailey House, Inc. | $100,000 |
| New York | Casa Renacer | Carver Federal Savings Bank | Weston United Community Renewal, Inc. | $420,000 |
| New York | NCS Residence | GreenPoint Bank (Savings Bank) | Neighborhood Coalition for Shelter | $544,000 |
| North Tonawanda | Tonawanda Creek Road | HSBC Bank USA | Heritage Christian Home, Inc. | $48,500 |
| Otisville | Mount Hope Senior Housing | HSBC Bank USA | Rockland Housing Action Coalition | $150,000 |
| Rochester | Rochester Affordable Rental Effort | Manufacturers and Traders Trust Company | Housing Opportunities, Inc. | $144,000 |
| Rochester | Tempro Emergency Housing Project | Manufacturers and Traders Trust Company | Tempro Development Corporation | $57,244 |
| Rochester | Chautaugua Homebuyers Program | HSBC Bank USA | Chautaugua Home Rehab/ Improvement Corporation |
$190,000 |
| Scattered Sites | Chautaugua Home Rehab Project 2001 |
Lake Shore Savings and Loan Association | Chautaugua Home Rehab/ Improvement Corp. |
$480,000 |
| Scattered Sites | Concern's Section 8 Housing | Astoria Federal Savings and Loan Association | Concern for Independent Living, Inc. | $160,000 |
| Scattered Sites | Delaware County Scattered Sites Project | NBT Bank, N.A. | M-ark Project, Inc. | $280,500 |
| Scattered Sites | NCS Rehab Program | HSBC Bank USA | Northwest Community Services, Inc. | $200,000 |
| Scattered Sites | Project Turnaround | HSBC Bank USA | Group Community Association | $238,200 |
| Scattered Sites | Wayne County Homeownership Programs | HSBC Bank USA | Rural Opportunities-New York | $198,500 |
| Tonawanda | Main Street | HSBC Bank USA | Heritage Christian Home, Inc. | $28,750 |
| Town of Brighton | Clover Street | HSBC Bank USA | Heritage Christian Home, Inc. | $58,500 |
| Town of Penfield | Whalen Road | HSBC Bank USA | Heritage Christian Home, Inc. | $58,500 |
| Troy | School 10 Apartments | The Troy Savings Bank | TAP, Inc. | $98,700 |
| Wheatfield | Canterbury Gardens | HSBC Bank USA | Episcopal Community Housing Development Org., Inc. | $378,100 |
| PUERTO RICO |
PROJECT | HLB SPONSOR | PROJECT SPONSOR | SUBSIDY AWARDED |
| Arroyo | Sagrado Corazon | R-G Premier Bank of Puerto Rico | Housing America Foundation | $768,167 |
| Barceloneta | Villas de Barceloneta | R-G Premier Bank of Puerto Rico | Lucha Contra El Sida, Inc. | $720,000 |
| Florida | Villas de Florida II |
R-G Premier Bank of Puerto Rico | Housing America Foundation | $374,751 |
| San Juan | Habitat Cantera | R-G Premier Bank of Puerto Rico | Habitat for Humanity Puerto Rico | $195,000 |
| MARYLAND | PROJECT | HLB SPONSOR | PROJECT SPONSOR | SUBSIDY AWARDED |
| Scattered Sites | Allegany County Revitalization | Manufacturers and Traders Trust Company | Interfaith Housing of Western Maryland, Inc. | $240,000 |
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