FHLBNY Awards $12.0 Million for 44 Affordable
Housing Initiatives in NJ, NY, and Puerto Rico
Contact: Eric Amig - 212 441-6807 |
August 06, 2003 |
New York, NY -- Alfred A. DelliBovi, President of the Federal Home Loan Bank of New York, announced that the Bank has awarded $12 million in subsidies to fund 44 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 1,762 housing units. It is anticipated that almost $214 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 29 communities receiving these awards,” said Mr. DelliBovi. “Not only are we providing affordable homes, but we are also 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 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, Ewing, Flemington, New Brunswick, Newark, Old Bridge, Plainfield, and Toms River.
The following New York communities will benefit from the funds awarded today: Amherst, Batavia, Binghamton, Brooklyn, Dryden, Kingston, Lackawanna, New York, Newburgh, Poughkeepsie, Ridge, Rochester, Town of Cicero, Troy, Yonkers and various Scattered Sites in New York.
The following community in Puerto Rico will benefit from funds awarded today: Lares.
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 306 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 | UNITS |
| Beverly | Habitat for Humanity Burlington County 2003 | Peoples Savings Bank | Habitat for Humanity of Burlington County | $30,000 | 3 |
| Bridgeton | Bridgeton HOPE VI Phase I, Rental | Commerce Bank, N.A. | Bridgeton Housing Authority | $500,000 | 114 |
| Bridgeton | Bridgeton HOPE VI Phase II For Sale | Commerce Bank, N.A. | Bridgeton Housing Authority | $90,000 | 9 |
| Camden | Community Links II | Commerce Bank, N.A. | St. Joseph’s Carpenter Society | $150,000 | 30 |
| Camden | Fairview Village | Commerce Bank, N.A. | Life Management, Inc. | $657,000 | 73 |
| Camden | Liberty Place | Equity Bank | Camden Council on Economic Opportunities | $160,000 | 8 |
| Camden | Sheridan Apartments | Equity Bank | Camden Council on Economic Opportunities | $896,740 | 108 |
| Ewing | Ujima Village 2003 | New Community Federal Credit Union | Ujima Ministries, Inc. | $182,000 | 52 |
| Flemington | Church Street Senior Residences | Peapack-Gladstone Bank | Hunterdon County Housing Corporation | $300,000 | 60 |
| Newark | St. James Estates | Valley National Bank | Housing Authority of the City of Newark | $1,000,000 | 158 |
| Newark | Habitat Newark Project 6A | City National Bank of New Jersey | Habitat for Humanity of Newark, Inc. | $60,000 | 6 |
| New Brunswick | Lord Stirling Senior Housing | Magyar Savings Bank | The Community Builders | $360,000 | 48 |
| Old Bridge | Old Bridge Senior Housing | Amboy National Bank | Old Bridge Township Housing Authority | $500,000 | 99 |
| Plainfield | Housing Success | United Trust Bank | Interfaith Council for the Homeless-Union County | $100,000 | 5 |
| Toms River | Cornerstone Commons at Massachusetts Avenue | First Washington State Bank | Trinity Behavioral Health | $438,693 | 131 |
| NEW YORK | PROJECT | HLB SPONSOR | PROJECT SPONSOR | SUBSIDY AWARDED | UNITS |
| Amherst | Town of Amherst 2003 | HSBC Bank USA | Town of Amherst | $556,000 | 60 |
| Batavia | South City Partnership III | The Bank of Castile | Genesee Valley Rural Pres. Council | $91,045 | 10 |
| Binghamton | Northside Renewal | BSB Bank and Trust | Broome County Habitat for Humanity | $50,000 | 5 |
| Brooklyn | F.A.C.’s Third Party Transfer Program II | HSBC Bank USA | Fifth Avenue Committee | $300,000 | 31 |
| Brooklyn | West Brushwick Third Party Transfer | HSBC Bank USA | Ridgewood Bushwick Senior Citizens Council | $430,000 | 43 |
| Dryden | Dryden Commons | HSBC Bank USA | Better Housing for Tompkins County | $160,000 | 36 |
| Kingston | Birchwood Village | HSBC Bank USA | Kingston Housing Authority | $350,000 | 80 |
| Lackawanna | Victory Ridge Associates | First Niagara Bank | Catholic Health System | $300,000 | 74 |
| Newburgh | Habitat for Humanity of Greater Newburgh 2003 | M&T Bank | Habitat for Humanity of Greater Newburgh | $30,000 | 3 |
| Newburgh | Lander Street Apartments, Phase III | Maple City Savings Bank, FSB | Rural Opportunities, Inc. | $200,000 | 20 |
| New York | Housing Works Women’s Transitional Housing Program | GreenPoint Bank | Housing Works, Inc. | $200,000 | 20 |
| New York | Nazareth House | GreenPoint Bank | Nazareth House | $152,120 | 15 |
| Poughkeepsie | 400 Main | HSBC Bank USA | 400 Main LLC | $265,000 | 54 |
| Ridge | St. Mark’s Village Housing | Astoria Federal Savings and Loan Association | Catholic Charities Rockville Centre | $396,000 | 32 |
| Rochester | Brooks Village | M&T Bank | Urban League/Rochester | $112,000 | 16 |
| Rochester | Catherine McAuley Housing | HSBC Bank USA | Mercy Residential Services | $50,000 | 5 |
| Rochester | Kennedy Townhomes Revitalization | HSBC Bank USA | Providence Housing Development Corp. | $350,000 | 67 |
| Rochester | RARE 2 | M&T Bank | Housing Opportunities, Inc. | $99,997 | 10 |
| Town of Cicero | Cicero Apartments | M&T Bank | Christopher Community Inc. | $120,000 | 23 |
| Troy | Hillside Homeowner Rehab Program | HSBC Bank USA | Rensselaer Polytechnic Institute | $240,000 | 30 |
| Yonkers | Livingston Avenue | HSBC Bank USA | Westhab, Inc. | $300,000 | 15 |
| Scattered Sites | Chautauqua Housing Rehabilitation, Phase II | HSBC Bank USA | Chautauqua Opportunities | $120,000 | 15 |
| Scattered Sites | Chautauqua Homeownership Program III | HSBC Bank USA | Chautauqua Opportunities | $200,000 | 25 |
| Scattered Sites | Chautauqua Home Rehab Project 2003 | Lake Shore Savings and Loan Association | Chautauqua Home Rehab./Imp. Corporation | $480,000 | 60 |
| Scattered Sites | Niagara County Home Repair Program 2003 | M&T Bank | Niagara Community Action Program, Inc. | $400,000 | 40 |
| Scattered Sites | NCS Rehab Program II | HSBC Bank USA | NCS Community Development Corp. | $200,000 | 20 |
| Scattered Sites | Project Turnaround | HSBC Bank USA | Ibero-American Action League | $131,200 | 20 |
| Scattered Sites | St. Lawrence County Step-Up Program | HSBC Bank USA | St. Lawrence County Housing Council | $142,500 | 15 |
| PUERTO RICO |
PROJECT | HLB SPONSOR | PROJECT SPONSOR | SUBSIDY AWARDED | UNITS |
| Lares | Parque Platino Housing For Elderly | R-G Premier Bank of Puerto Rico | Rural Housing Action Corporation | $146,200 | 14 |
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