Affordable Housing Program Awardees

January 28, 2009

Federal Home Loan Bank of New York Awards $200,000 Affordable Housing Grant in Evesham Township

104-unit Sharp Road Family Housing Project will provide homes for low- and very-low income families

Evesham Township, New Jersey — The Federal Home Loan Bank of New York announced today the award of a $200,000 affordable housing grant to Moorestown Ecumenical Neighborhood Development to help fund the construction of the 104-unit Sharp Road Family Housing project in Evesham Township. The apartment complex will provide a family-oriented community environment for low- and very low-income families.

“At a time when families elsewhere are losing their homes to foreclosure, it is great to see Evesham and the Federal Home Loan Bank’s Affordable Housing Program create new home ownership opportunities right here,” said Congressman John Adler (NJ-03).

“Columbia Bank believes in being an active member of the community, and the Affordable Housing Program provides us with an opportunity to support the communities we serve,” said Mike Campbell, CRA Officer of Columbia Bank, which submitted the application for the funds. “Through the support of Representative Adler, and our partnership the Federal Home Loan Bank of New York and Moorestown Ecumenical Neighborhood Development, we are proud to create this housing opportunity.”

The $200,000 grant will be used towards the construction of a 104-unit housing complex for low- and very-low- income families. All first floor units will be either handicapped accessible or handicapped adaptable, and project amenities will include on-site parking, laundry facilities, an exercise room, a computer lab, tot-lot recreation areas as well as bike and pedestrian paths. Workshops will be held on-site to address, among other topics, educational training, employment opportunities and credit counseling.

“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 $20.7 million project will be provided by the Home Express and Multifamily Loan Programs of the New Jersey Housing and Mortgage Finance Agency, Low Income Housing Tax Credits and Burlington County HOME funds. Evesham Township has conveyed the property to Moorestown Ecumenical Neighborhood Development for a fee of $1.

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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This report contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as "projected," "expects," "may," or their negatives or other variations on these terms. The Bank cautions that, by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, regulatory and accounting rule adjustments or requirements, changes in interest rates, changes in projected business volumes, changes in prepayment speeds on mortgage assets, the cost of our funding, changes in our membership profile, the withdrawal of one or more large members, competitive pressures, shifts in demand for our products, and general economic conditions. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.