Astoria Federal Savings, Federal Home Loan Bank of New
York, New York State, NYC Officials and Variety Boys & Girls
Club of Queens Break Ground on 98 Units of Senior Citizen
Housing in Astoria
Contacts: |
June 13 , 2003 |
LONG ISLAND CITY, NY, JUNE 11, 2003)—Astoria Federal Savings Community Reinvestment Officer Harry Oster and Federal Home Loan Bank of New York Vice President of Community Investment Joseph Gallo today joined with Congresswoman Carolyn B. Maloney, New York State Division of Housing and Community Renewal (DHCR) Commissioner Judith A. Calogero, State Senator George Onorato, Assemblyman Michael Giannaris, Queens Borough President Helen Marshall, City Councilman Peter Vallone, Jr., and Tom Nowierski of Variety Boys & Girls Club of Queens to break ground on the Astoria Senior Residence, 98 units of low- and very low-income senior citizen housing to be constructed in Astoria, NY.
New York State is providing tax credits, via the federal Low Income Housing Credit Program (LIHC), that will leverage $11.4 million in private investment for the project. Astoria Federal is providing a $3.5 million construction loan to D&F Consultants, LLC to develop the $13.5 million, 11-story affordable housing complex, which includes supportive services and health related activities.
“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 Astoria Senior Residence, we are giving some of our neediest seniors in Queens a second lease on life, an opportunity to live in dignity and comfort.”
The property has been donated by, and is located adjacent to, the Variety Boys & Girls Club of Queens, Inc. The complex will also house an intergenerational program, the brainchild of the non-profit organization. “Seniors can play an important role in the lives of children,” states Tom Nowierski, president of the board of the Variety Boys & Girls Club. “We have already been working with our seniors and young people to cultivate an intergenerational flavor at the Club. Presently seniors help the children read in the library, serve as monitors in the pool area and teach chess. In turn, the children help make the seniors laugh, stay involved with life and feel needed. It’s a fair trade and one we plan to build on with our new community of seniors and children.”
"You can't ask for a much better affordable housing investment for seniors than this. Young people from the Boys and Girls Club will be keeping residents company for years to come and will learn from the perspectives of their elders at the same time,” Congresswoman Carolyn B. Maloney said. “I am proud to have been very supportive of this application to the Federal Home Loan Bank and to be a champion in Congress of the affordable housing program which ensures the availability of these funds. Ultimately, we have been successful in advancing this unique and important senior residence in Queens."
The project is also being supported by a $480,000 grant from the Federal Home Loan Bank of New York. Mr. Gallo of the Federal Home Loan Bank of New York, said, "Today's award is a result of the successful efforts of Variety Boys & Girls Club of Queens, 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 Queens 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 in our region, Astoria Federal’s CRA Officer Harry Oster 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, particularly in the community where Astoria Federal began 115 years ago. 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 Astoria, 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.”
Since 1990, the FHLBNY has advanced over $9.75 million to area community banks to help fund the construction of 1,356 units of affordable housing with a total development value of $217 million. 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. Construction is slated for completion in late summer 2004 and residents of the complex will be selected on a lottery basis sometime after December 2004.
(Pictured left to right) -- Astoria Federal Savings Community Reinvestment Officer Harry Oster and Federal Home Loan Bank of New York Vice President of Community Investment Joseph Gallo present a $480,000 grant to Variety Boys & Girls Club of Queens Treasurer Robert Robotti.
About Astoria Federal Savings
Astoria Federal Savings and Loan Association, with assets of $22.5 billion, is the wholly-owned subsidiary of Astoria Financial Corporation (NYSE:AF). It is the largest thrift institution headquartered in New York and fourth 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 branches 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 branches and loan production offices in New York, an extensive broker network in 15 states, primarily on the East Coast, and through correspondent relationships in 45 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.
Variety Boys & Girls Club of Queens
For more than fifty years the Variety Boys & Girls Club of Queens has been known for quality programs that give more than 1,200 neighborhood children a safe place to go after school (from 3 to 8:30 p.m.) and on weekends. The Club supports children through a myriad of programs including homework assistance, computer training, sports, dance, art, drama and musical tutoring. The Club is well known for its indoor junior Olympic-size pool where generations of Astoria children have learned to swim. The children are encouraged to get involved in the community through the age-appropriate leadership groups within the Club. Membership is only $12 per year and no child is denied membership because of a family’s inability to pay dues. The Variety Boys & Girls Club is the “positive place for kids.”
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.