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 $900,000 Affordable Housing Grant in Bordentown

Grants will create 75 affordable housing units.

Bordentown, New Jersey — The Federal Home Loan Bank of New York announced today affordable housing grants totaling $900,000 to Lutheran Social Ministries of New Jersey to help fund the construction of both the Bordentown Lutheran Senior Apartments and the Bordentown Lutheran 811 Project. The two projects will create 75 units of affordable housing for very low-income senior citizens and independent adults with developmental disabilities. Columbia Bank, a Home Loan Bank member, submitted the application for the funding for both grants.

“We are pleased to join with Lutheran Social Ministries of New Jersey and the Federal Home Loan Bank of New York to support these two important projects, which will create 75 units of safe, supportive, and affordable housing for those who need it most,” said Raymond G. Hallock, President and CEO of Columbia Bank.

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.”

A $620,000 grant will be used to help fund construction of the Bordentown Lutheran Senior Apartments, which will provide 61 apartments for very low-income senior citizens. The four-story building will consist of one-bedroom units and will include seven units for mobility impaired residents.  The project site is within walking distance of public transportation and within two miles of grocery stores, pharmacies, retail shopping, houses of worship, numerous doctor and dentist offices, and the Bordentown Senior Center. 

A $280,000 grant will be used to help fund construction 14 units of supportive housing for very low-income independent adults with developmental disabilities as part of the Bordentown Lutheran 811 Project.  The project will meet the township’s New Jersey Council on Affordable Housing requirements and goals set forth in Burlington County’s Consolidated Plan.  The project also includes an on-site management and social service office which will provide case management and supportive services including management of the residents’ individual treatment plans, assistance with medication administration, guidance and assistance with daily living skills, and personal financial management.

Additional financing for the projects will be provided by Section 202 and Section 811 funds from the U.S. Department of Housing and Urban Development and local and county HOME and/or housing trust funds. 

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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