$500,000 Affordable Housing Grant Awarded
to Immaculata Hall Supportive Housing
Contact: Eric Amig - 212 441-6807 |
June 24 , 2002 |
Jamaica, New York – Congressman Gregory W. Meeks (NY-6), Alfred A. DelliBovi, President of the Federal Home Loan Bank, and George L. Engelke, Jr., Chairman, President and Chief Executive Officer of Astoria Federal Savings, announced today the awarding of a $500,000 affordable housing grant to Saint Vincent Catholic Medical Center, to fund 100 affordable housing units in Jamaica. The application for the funds was submitted by Astoria Federal Savings.
The $500,000 will be used towards the development of 100 units of supportive housing for adults with mental illness. The large majority of the new residents are homeless. Immaculata Hall Supportive Housing, the project name, will provide permanent housing with on-site supportive services for individuals who want private living units, but are in need of supportive services. Educational training, employment opportunities, independent living skills instruction, and referrals to mental healthcare facilities as well as other services will be provided.
“Just last week I made an impassioned plea to my colleagues on the Financial Services Committee to support the creation and funding of a national trust fund to spur the development of much needed affordable housing units across the country,” said Congressman Meeks. “These 100 units are an example of the type of development that can be made available to Americans with various housing needs.”
“Astoria Federal has 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 Congressman Meeks, the Federal Home Loan Bank of New York, St. Vincent Medical Center and the residents of the Sixth District to assist those who will greatly benefit from the supportive environment provided by the Immaculata Hall development,” Mr. Engelke said. “This housing development is one of 19 such projects that Astoria Federal is supporting, through the Federal Home Loan Bank of New York, to infuse more than $4.6 million in housing dollars into the community -- almost $1.9 million of that funding is for projects in this Congressional District.”
Saint Vincent Catholic Medical Centers Chief Administrative Officer and President of the Brooklyn and Queens service division, Robert J. Peebles, JD, applauds the project and commented that “Immaculata Hall will continue its tradition of becoming the home for people who need it most.”
“Today’s award results from the successful joint effort among the Home Loan Bank, Astoria Federal Savings and Saint Vincent Catholic Medical Center,” said Mr. DelliBovi. “The Federal Home Loan Bank – a Congressionally chartered organization -- is pleased to help fund these sound housing units and help persons truly in need of a helping hand.”
Additional financing for the $10.3 million project will be provided by the New York City Department of Housing Preservation and Development and the Corporation for Supportive Housing.
The Federal Home Loan Bank’s Affordable Housing Program (AHP), created in 1989, 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 Astoria Federal Savings
Astoria Federal Savings and Loan Association, with assets of $22.1 billion, is the primary banking subsidiary of Astoria Financial Corporation (NYSE:AF). Founded in 1888, Astoria Federal is the largest thrift institution headquartered in New York and fifth largest in the United States. Through 86 convenient branch locations and multiple delivery channels, including www.astoriafederal.com, Astoria Federal provides retail banking, mortgage, consumer and small business loan services to 700,000 customers. Astoria Federal commands the third largest deposit market share in the attractive Long Island market, which includes Brooklyn, Queens, Nassau and Suffolk counties, with a combined population of seven million, exceeding that of 38 individual states. Astoria Federal originates mortgage loans through its banking and loan production offices in New York, an extensive broker network in 15 states (primarily the East Coast) and through correspondent relationships in 44 states. Astoria Federal embraces its philosophy of Putting people first by providing the best financial services and products available and delivering them with a personal touch in the local communities it serves.
About Immaculata Hall
Immaculata Hall is owned by Saint Vincent Catholic Medical Centers’ Mary Immaculate Hospital and was formerly the Nursing residence for the Mary Immaculate Hospital School of Nursing in the mid 1900s. In the 1980s, it also served as the corporate offices for the Catholic Medical Center’s Home Healthcare Program. Additionally, most recently, it was used as temporary housing for family members of a traveler’s who had fallen ill during their travel through Kennedy Airport.
Mary Immaculate was founded in 1902 by the Roman Catholic Sisters of St. Dominic, of Amityville, New York. Today, Mary Immaculate is a 249-bed acute-care hospital for the medical and surgical care of children and adults. The hospital serves its community with a Level I Trauma Center -Emergency Department, an extensive outpatient family health care, cardiac care, care for asthma, diabetes and other chronic illnesses, a network of substance-abuse treatment programs.
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 Banks is to advance housing opportunity and local community development by maximizing the capacity of community-based member-lenders to serve their markets.