Affordable Housing Program Awardees

January 28, 2009

Federal Home Loan Bank of New York Awards $663,300 Affordable Housing Grant in Camden and Deptford

Combined projects will create six new homes and 91-unit apartment complex

Camden, New Jersey — The Federal Home Loan Bank of New York announced today that it is awarding affordable housing grants totaling $663,300 to Habitat for Humanity of Metro Camden and Moorestown Ecumenical Neighborhood Development to help fund the construction of affordable housing in Deptford and Camden. The resulting housing units will be available to low- and very-low income families.

“Providing access to affordable housing and increasing homeownership is vital to any community,” said Representative Robert E. Andrews (NJ, 1). “The grants by the Federal Home Loan Bank of New York will support families and strengthen neighborhoods in both the Camden and Deptford communities.”

“As an active member of the both the Camden and Deptford communities, Columbia Bank is proud to work with the Federal Home Loan Bank of New York, Habitat for Humanity of Metro Camden and Moorestown Ecumenical Neighborhood Development to create these opportunities for affordable housing,” said Mike Campbell, CRA Officer of Columbia Bank, which submitted the application for the funds. “The support of Representative Andrews and the Home Loan Bank’s Affordable Housing Program has provided us with an opportunity to help the communities we serve.”

The $90,000 grant to Habitat for Humanity of Metro Camden will be used toward the construction of six homes in Camden’s Cooper Plaza neighborhood. The homes are designed to blend with the existing row house architecture of the surrounding neighborhood. Prospective homeowners must satisfactorily complete homeownership training which will enable them to deal with issues such as managing credit, household budgeting, the closing process, obtaining homeowner’s insurance, and home maintenance. The six homes are in a neighborhood in which other homes have been built or rehabilitated through Federal Home Loan Bank of New York funding.

The $573,300 grant to Moorestown Ecumenical Neighborhood Development will help fund the construction of Conifer Village at Deptford, a 91-unit apartment complex that will combine flats and townhouses consisting of one-, two-, and three-bedroom units. The first floor units will be handicap accessible. The complex will also include a community building, on-site parking, laundry facilities and a playground. Workshops will be held on-site regarding educational training and employment opportunities as well as housekeeping, budgeting, parenting and other live skills that promote independent living.

“Providing families with accessible, affordable housing is the goal of every strong community,” said Alfred A. DelliBovi, president and CEO of the Home Loan Bank. “It is the mission of the Federal Home Loan Bank to partner with our member lenders, community organizations and our esteemed elected officials to support community development.”

Additional financing for the $1.2 million Cooper Plaza project will be provided by the City of Camden, Self-Help Homeownership Opportunity Program funds through the U.S. Department of Housing and Urban Development, and the Danellie Foundation. The Affordable Housing Program subsidy will be used to defray construction costs, thereby reducing the sales price of the homes and making homeownership more affordable to very low-income families.

Additional financing for the $20.3 million Conifer Village at Deptford project will be provided by the Home Express and Multifamily Loan Program of the New Jersey Housing and Mortgage Finance Agency and Low Income Housing Tax Credits.

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.

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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