Affordable Housing Program Awardees

January 28, 2009

Federal Home Loan Bank of New York Awards $500,000 Affordable Housing Grant in Franklin Township

Franklin Boulevard Commons will create high-quality affordable housing

Franklin Township, New Jersey — The Federal Home Loan Bank of New York announced today that it is awarding a $500,000 affordable housing grant to Life Management, Inc. to help fund the construction of Franklin Boulevard Commons, the second phase of a multi-stage housing redevelopment project. The Commons, which will be built on an underutilized site in downtown Franklin Township, will provide high-quality affordable housing for low- and very low-income families and individuals.

“We strengthen our communities by providing affordable housing for our families and revitalizing our neighborhoods,” said Representative Frank Pallone, Jr. (NJ, 6). “The grant awarded today from the Federal Home Loan Bank of New York will allow Franklin Township to achieve both of these goals.”

“We are proud that the New Community Federal Credit Union is participating as a vehicle of housing investment in our State,” said Msgr. William Linder, founder and CEO of New Community Corporation. “The participation of our Credit Union with RPM in providing housing will have significant impact in the development of Franklin Blvd. Commons in Franklin Township.”

The $500,000 grant will be put toward the construction of the 65-unit apartment complex, consisting of one-, two-, and three-bedroom apartments. The building will feature an energy-efficient design using sustainable construction materials in accordance with the Environmental Protection Agency’s Energy-Star Program requirements; a portion of the energy for the building will come from solar panels.

“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 $17.1 million project will be provided by the Neighborhood Preservation Balanced Housing Program, Low Income Housing Tax Credits, the New Jersey Housing and Mortgage Finance Agency, and the Franklin Township Affordable Housing Trust Fund. The project also received a tax abatement from Franklin Township, and will help satisfy Franklin Township’s Council on Affordable Housing obligation.

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.

New Community Credit Union
The New Community Credit Union is a community development credit union (CDCU) founded with the specific mission of serving low and moderate-income and minority communities beyond the reach of banks and mainstream credit unions. As a “community development credit union” (CDCU) we specialize in serving populations generally considered the hardest to serve, including low-income wage earners, recent immigrants, and people with disabilities. For more information go to www2.newcommunity.org

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.