Affordable Housing Program Awardees

January 28, 2009

Federal Home Loan Bank of New York Awards $800,000 Affordable Housing Grant in Manchester

The project will create 84 units of rental housing for very low-income senior citizens

Manchester, New Jersey — The Federal Home Loan Bank of New York announced today that it is awarding an $800,000 affordable housing grant to PHS Senior Living, Inc. for the construction of the Presbyterian Home at Manchester. The Home will provide 84 units of rental housing for very low-income senior citizens.

“This grant from the Federal Home Loan Bank will help provide more than 80 affordable homes to individuals who need them,” said Congressman Chris Smith (NJ, 4), who has been supporting the project since May of 2007. “Presbyterian Home at Manchester will provide low-income seniors with handicapped-accessible homes and access to assistance for daily living activities like meal preparation and health care screenings.”

“At Two River Community Bank, our goal is to support our neighbors and the communities in which we serve,” said Alan B. Turner, Executive Vice President/Senior Loan Officer of Two River Community Bank, which submitted the application for the funds. “Through our work with the Federal Home Loan Bank of New York and PHS Senior Living, and the support of Representative Smith, we are able to help strengthen the Manchester community.”

The $800,000 grant will be put toward the construction of the 84-unit Presbyterian Home at Manchester. All of the apartments will be handicapped accessible and 10% of the units will be set aside specifically for handicapped individuals. The Home will be supervised by an on-site service coordinator, and the supportive services offered will range from socialization and health screening programs to assistance with daily tasks such as shopping, housekeeping, meal preparation, transportation and personal care assistance. Participation in social and recreational programs will be encouraged to promote mental and social stimulation.

 “The Presbyterian Home at Manchester 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 $12.8 million project will be provided by the United States Department of Housing and Urban Development and Manchester Township.

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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