Affordable Housing Program Awardees

January 28, 2009

Federal Home Loan Bank of New York Awards $120,000 Affordable Housing Grant in Burlington

Project will provide supportive housing for persons with a mental health disability

Burlington, New Jersey — The Federal Home Loan Bank of New York announced today that it is awarding a $120,000 affordable housing grant to the Catholic Charities Diocese of Trenton to help fund rehabilitation for the Delaware House project. The project will create eight supportive housing units for persons with a mental health disability.

“The Delaware House project strives to improve the quality of life for individuals with disabilities,” said Congressman Chris Smith (NJ, 4). “This project aims to foster independent living, and onsite support to develop life-skills, as well as educational and employment opportunities.”

“At Amboy Bank, our mission is to support the local efforts of organizations such as the Catholic Charities Dioceses of Trenton that enhance the quality of life of the people who live and work in our communities,” said George E. Scharpf, president and CEO of Amboy Bank, which submitted the application for the funds. “With the support of Representative Smith and our partnership with the Federal Home Loan Bank of New York, we have been able to further our mission.”

The $120,000 grant will be put toward the rehabilitation of the property, a former boarding home. Upon completion, the building will provide eight supportive housing units, with one unit on the main floor designated for a handicapped household. The building will contain office space that will be used for property management and supportive services, as well as a laundry room and a common area for tenant interaction. Supportive services offered at the Delaware House will include employment opportunities, and educational and life skills training.

“The Delaware House reflects what is possible when the entire community comes together to provide accessible, affordable housing for all those who need it,” said Alfred A. DelliBovi, president and CEO of the Home Loan Bank. “In addition to providing a safe, stable home for its tenants, the rehabilitation of this building will serve to revitalize the neighborhood.”

Additional financing for the $953,211 project will be provided by the New Jersey Housing and Mortgage Finance Agency Special Needs Housing Trust Fund and the Burlington County HOME program.

In 2008, the Federal Home Loan Bank of New York awarded grants totaling $42.9 million to fund 92 housing projects that will generate 4,655 units of affordable housing and an anticipated $975.5 million in development costs. For more information on these grants, please visit www.fhlbny.com/news/pressrelease.htm.

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.

Amboy Bank
Founded in 1888, Amboy Bank is a full-service commercial bank with 25 offices. Amboy has been voted “Best Bank in Central New Jersey for 11 years in a row. It has assets of $2.6 billion.  

Federal Home Loan Bank of New York
The Federal Home Loan Bank of New York is a Congressionally chartered, $130 billion, 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 of New York serves 307 community lenders in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands.  The mission of the 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.

Federal Home Loan Bank of New York
The Federal Home Loan Bank of New York is a 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 more than 340 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.

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