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 $192,474 Affordable Housing Grant in Belmont

Apartments at the Belmont will create 19 rehabilitated affordable apartments in the historic Belmont Hotel.

Belmont, New York — The Federal Home Loan Bank of New York announced today the award of a $192,474 affordable housing grant to Arbor Development to help finance the construction of the Apartments at the Belmont, which will create 19 rehabilitated affordable apartments in the historic Belmont Hotel. The Steuben Trust Company, a Home Loan Bank member, submitted the application for the funding.

“I'm proud to help announce these funds which are designed to improve the lives of the families of New York's 29th Congressional District,” said Representative Eric J. Massa (NY, 29). “Grants like these help get New Yorkers back to work and help families get back on their feet and that's why I will continue to fight for our fair share of the federal budget.”

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.

“With the support of Representative Massa and the Federal Home Loan Bank of New York, our partnership with Arbor Development will help create affordable housing opportunities in Belmont with the rehabilitation of the Belmont Hotel. We are pleased to have had the opportunity to assist with this worthwhile project for our community,” said Mary Hilfiger, Corporate Secretary & CRA Officer of Steuben Trust Company.

“For 20 years, the Home Loan Bank of New York has been given the tremendous opportunity to work hand-in-hand with New York’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 $192,474 grant will be used to help fund the construction of The Apartments at the Belmont, which will create 19 rehabilitated affordable apartments in the historic Belmont Hotel. Three units will be reserved for special needs tenants including persons with physical disabilities and the addition of an elevator will make most of the units accessible or adaptable for the handicapped.  The building is located in the center of Belmont’s Main Street revitalization area and is currently a blighting influence on the neighborhood and a public safety hazard.  The project will provide work-force housing and revitalize the downtown neighborhood. 

Additional funding will be provided by the New York State Housing Trust Fund, Low Income Housing Tax Credits and historic tax credits.

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.

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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