Affordable Housing Program Awardees
August 4, 2009
Contact: Eric Amig - (212) 441-6807
Brian Finnegan - (212) 441-6877
Federal Home Loan Bank of New York Awards $54,000 Affordable Housing Grant in Basking Ridge
Somerset Hills YMCA will use new facility to provide affordable housing to six very low-income adults with developmental disabilities .
Basking Ridge, New Jersey — The Federal Home Loan Bank of New York announced today the award of a $54,000 affordable housing grant to the Somerset Hills YMCA to help finance the construction of a new facility which will provide affordable housing and support services to six very low-income adults with developmental disabilities. Peapack-Gladstone Bank, a Home Loan Bank member, submitted the application for the funding.
“Peapack-Gladstone Bank is delighted to sponsor the Somerset Hills YMCA's grant application to the Federal Home Loan Bank of New York's Affordable Housing Program,” said James Stadtmueller, vice president and commercial lender of Peapack-Gladstone Bank. “The Somerset Hills YMCA, and the service provider, Bethel Ridge, are local and well-respected non-profit organizations dedicated to helping individuals with special needs achieve the highest degree of independence possible. We applaud their mission and are pleased to be their partner in this project.”
This year marks the 20th anniversary of the Federal Home Loan Banks’ Affordable Housing Program (AHP), which was created by Congress in 1989. Since the Program’s inception, the Federal Home Loan Banks have provided more than $3.6 billion to facilitate more than 15,000 affordable housing projects across the nation. These grants have created nearly 670,000 units of affordable housing. At the Federal Home Loan Bank of New York, AHP has supported more than 1,100 projects with grants totaling more than $320 million, creating more than 46,000 units of affordable housing and generating nearly $6 billion in total development costs.
“For 20 years, the Home Loan Bank of New York has been given the tremendous opportunity to work hand-in-hand with New Jersey’s esteemed elected officials, its locally-focused hometown banks and its terrific community organizations to bring safe, stable and affordable housing to the State,” said Alfred A. DelliBovi, president and CEO of the Home Loan Bank. “It is an opportunity, and a partnership, that we are most grateful for.”
The $54,000 grant will be used to help fund construction of a new single-family ranch home facility that the Somerset Hills YMCA will operate to provide affordable housing and related services to six very low-income adults with developmental disabilities.
The assistance to be provided to the residents will include residential, vocational, educational, recreational and family support services. The location of the home will allow residents to take advantage of recreational activities and employment opportunities for individuals with disabilities offered at the Somerset Hills YMCA. Further employment options exist at local libraries and businesses that participate in a Supported Employment Program.
Additional funding will be provided by the Somerset County HOME program, a Community Development Block Grant, and the Bernards Township Municipal Housing Trust Fund in accordance with the requirements of the New Jersey Council on Affordable Housing.
Today’s grant is part of a total of $16 million in AHP subsidies that the Federal Home Loan Bank of New York has announced in August. These grants will fund 39 housing projects that will generate 1,545 units of affordable housing in New Jersey, New York, Delaware and Pennsylvania. In January 2009, the Federal Home Loan Bank of New York awarded grants totaling $19.1 million to fund 51 housing projects that will generate 2,213 units of affordable housing and an anticipated $409.8 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, 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.
Established in 1921, Peapack-Gladstone Bank is a $1.4 billion asset, wholly owned community bank that offers a full range of quality banking products and services to businesses and residents of Essex, Somerset, Hunterdon, Middlesex, Morris and Union counties in New Jersey, through 23 full-service branches, an online branch and a Trust division, PGB Trust & Investments. In addition to its personal and business banking product line, Peapack-Gladstone Bank offers consumer and commercial lending products and services like auto and home equity loans and lines of credit, residential mortgages, commercial mortgages, term loans, lines of credit and construction loans. For additional information about Peapack-Gladstone Bank or to open an account online, visit www.pgbank.com or call 908-234-0700. Member FDIC. Equal Housing Lender.
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 over 330 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.