FHLBNY Awards $12.1 Million for 54 Affordable
Housing Initiatives in NJ, NY, and Puerto Rico
Contact: Eric Amig - 212 441-6807 |
July 09, 2002 |
New York, NY -- Alfred A. DelliBovi, President of the Federal Home Loan Bank of New York, announced today that the Bank has awarded $12.1 million in subsidies to fund 54 affordable housing initiatives in communities throughout New Jersey, New York, and Puerto Rico. These awards, which are funded through the Bank’s Affordable Housing Program (AHP), will result in the creation of 1,775 housing units. It is anticipated that over $229 million in development costs will be generated from implementation of these initiatives in New Jersey, New York, and Puerto Rico.
“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 40 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 $12.1 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: Beverly, Bridgeton, Camden, Closter, Edison, Elizabeth, Glen Ridge, Jersey City, New Brunswick, Point Pleasant, Ringwood, and various Scattered Sites in New Jersey.
The following New York communities will benefit from the funds awarded today: Albany, Astoria, Batavia, Brentwood, Bronx, Brooklyn, Buffalo, Clarkson, Coram, Dunkirk, Fredonia, Groton, Livonia, New York, North Creek, Olean, Perry, Rochester, Seneca Falls, Schenectady, Syracuse, Town of Gates, Town of Ulster, Tyre, Watertown, and various Scattered Sites in New York.
The following communities in Puerto Rico will benefit from funds awarded today: Hay Puerco Arriba Ward and San Juan.
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 297 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 |
| Beverly | Habitat for Humanity Burlington IV | Peoples Savings Bank | Habitat for Humanity of Burlington | $15,000 |
| Bridgeton | Wesley Village | Sun National Bank | Tri-County Community Action Agency | $130,000 |
| Camden | Sixth Street Project | Columbia Bank | Habitat for Humanity of Metro Camden | $70,000 |
| Edison | Spectrum for Living Middlesex, Inc. | Columbia Bank | Spectrum for Living Middlesex, Inc. | $88,000 |
| Elizabeth | Portside II | Amboy National Bank | Magnolia Avenue, LLC | $1,200,000 |
| Glen Ridge | Project Live VIII | The Provident Bank | Project Live | $20,000 |
| Jersey City | Senior Living Center at Lafayette | Valley National Bank | Jersey City Housing Authority | $323,715 |
| New Brunswick | Jones-Baldwin | Magyar Savings Bank | Brunswick & Raritan Housing Corporation | $10,000 |
| Point Pleasant | Angie's Home | Commerce Bank, N.A. | Ocean Housing Alliance, Inc. | $50,000 |
| Ringwood/Closter | Spectrum for Living Group Homes | Columbia Bank | Spectrum for Living Middlesex, Inc. | $232,578 |
| Scattered Sites | Alternative Supportive Housing Program | United Trust Bank | Alternatives Inc./ADTI Housing Coalition | $145,500 |
| Scattered Sites | Project Live 2002 | The Provident Bank | Project Live | $79,020 |
| NEW YORK | PROJECT | HLB SPONSOR | PROJECT SPONSOR | SUBSIDY AWARDED |
| Albany | Affordable Home Ownership Program | HSBC Bank USA | Albany Community Land Trust | $25,000 |
| Albany | Stephen Myers Affordable Housing Program | HSBC Bank USA | Albany Housing Authority | $200,000 |
| Astoria | Astoria Senior Residence | Astoria Federal Savings and Loan Association | Astoria VBGC, Inc. | $480,000 |
| Batavia | South City Partnership II |
The Bank of Castile | Genese Valley Rural Preservation Council | $71,085 |
| Brentwood | Broadway West II | Astoria Federal Savings and Loan Association | Long Island Housing Partnership | $525,000 |
| Brooklyn | Housing Works Transgender Transitional Housing Program | GreenPoint Bank | Housing Works, Inc. | $144,000 |
| Brooklyn | Red Hook Homes | Astoria Federal Savings and Loan Association | Fifth Avenue Committee | $350,000 |
| Bronx | Freeman-Simpson Plaza | The Roslyn Savings Bank | Mid Bronx Desperadoes/MBD Community Housing Corporation | $402,000 |
| Bronx | Tiffany Gardens Apartments | Manufacturers and Traders Trust Company | SEBCO | $493,500 |
| Bronx | Woodycrest House Project | HSBC Bank USA | Highbridge Woodycrest Center, Inc. | $350,223 |
| Buffalo | Broadway Fillmore Downpayment/Closing Program | HSBC Bank USA | Lt. Col. Matt Urban Human Services Center/WNY | $50,000 |
| Buffalo | ECMC Homeownership Project | Manufacturers and Traders Trust Company | Citizen's Alliance | $25,500 |
| Buffalo | Frederick Douglas Phase III | Manufacturers and Traders Trust Company | Buffalo Municipal Housing Authority | $500,000 |
| Buffalo | Niagara District Home Ownership Effort | HSBC Bank USA | West Side Neighborhood Housing Services, Inc. | $136,000 |
| Clarkson | Seldon Square Phase II |
HSBC Bank USA | Rural Housing Action Corporation | $250,000 |
| Coram | Cabrini Gardens Senior Housing | Astoria Federal Savings and Loan Association | Catholic Charities Rockville Centre | $400,000 |
| Dunkirk | Chautauqua Crisis Housing Project | HSBC Bank USA | Providence Housing Development Corp. | $30,000 |
| Fredonia | Fredonia Senior Commons | HSBC Bank USA Bank | Chautauqua Opportunities | $200,000 |
| Groton | Groton Commons | HSBC Bank USA | Better Housing for Tompkins County | $110,000 |
| Livonia | Lake Breeze Estates | The Bank of Castile | Housing Opportunities, Inc. | $296,979 |
| New York | Andrews House | GreenPoint Bank | Common Ground Community, HDFC Inc.. | $500,000 |
| New York | GrandParent Family Apartments | GreenPoint Bank | Westside Federation for Senior Housing | $400,000 |
| North Creek | North Creek Townhouses | The Tupper Lake National Bank | Community Action Agency/Franklin County | $104,000 |
| Olean | First Apartments Olean | HSBC Bank USA | Southern Tier Environments for Living, Inc. | $78,400 |
| Perry | Tempest Street Townhouses | The Bank of Castile | Wyoming County Community | $119,200 |
| Rochester | Lynn's Place | Manufacturers and Traders Trust Company | YWCA of Rochester and Monroe County | $90,000 |
| Rochester | Flower City Habitat for Humanity | HSBC Bank USA | Habitat for Humanity of Flower City | $130,500 |
| Rochester | Home Expo 2002 | HSBC Bank USA | North East Area Development, Inc. (NEAD) |
$91,000 |
| Rochester | Our Lady of Mount Carmel | HSBC Bank USA | Our Lady of Mount Carmel | $94,630 |
| Rochester | St. Andrews Apartment | HSBC Bank USA | Providence Housing Development Corporation | $53,822 |
| Scattered Sites | Chautauqua Homeownership Program II | HSBC Bank USA | Chautauqua Opportunities | $160,000 |
| Scattered Sites | Chautauqua Housing Rehabilitation | HSBC Bank USA | Chautauqua Opportunities. | $120,000 |
| Scattered Sites | Habitat for Humanity of Suffolk 2002 | Astoria Federal Savings and Loan Association | Habitat for Humanity of Suffolk | $50,000 |
| Schenectady | Vale Housing Revitalization | Manufacturers and Traders Trust Company | The Community Builders | $320,000 |
| Seneca Falls | Academy Place | Manufacturers and Traders Trust Company | Housing Opportunities, Inc. | $132,000 |
| Syracuse | Syracuse Homebuyer Assistance Program | HSBC Bank USA | Home HeadQuarters, Inc. | $399,200 |
| Town of Gates | Elmgrove Place | Manufacturers and Traders Trust Company | Housing Opportunities, Inc. | $393,600 |
| Town of Ulster | Chambers Senior Housing | HSBC Bank USA | Kingston Housing Authority, Inc. | $200,000 |
| Tyre | Black Brook Road | The Seneca Falls Savings Bank | Habitat for Humanity of Seneca County | $10,000 |
| Watertown | Emerson Place Revitalization Area | HSBC Bank USA | Neighbors of Watertown, Inc. | $250,000 |
| PUERTO RICO |
PROJECT | HLB SPONSOR | PROJECT SPONSOR | SUBSIDY AWARDED |
| Hay Puerco Ariba Ward | Villalba Apartments | Banco Popular de Puerto Rico | Housing America Foundation | $344,303 |
| San Juan | Sunrise Elderly Apartments | Banco Popular de Puerto Rico | Housing America Foundation | $650,000 |
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