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 $615,000 Affordable Housing Grant in the Bronx

Project will create affordable housing for 41 low- and very low-income families.

Bronx, New York — The Federal Home Loan Bank of New York announced today the award of a $615,000 affordable housing grant to the New Destiny Housing Corporation to help finance the construction of affordable housing for 41 low- and very-low income families. Astoria Federal Savings, a Home Loan Bank member, submitted the application for the funding.

“I applaud the efforts of the Federal Home Loan Bank to provide affordable housing and supportive services for families in my Congressional District,” said Congressman José E. Serrano (NY-16). “I also appreciate their partnership with community organizations that are working to maintain affordable housing options in the Bronx.”

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 Serrano and the Federal Home Loan Bank of New York, our partnership with New Destiny Housing Corporation will help create much-needed housing options in the Bronx. We are proud to be a part of this project to give residents a decent home and a fresh start,” said George L. Engelke, Jr., Chairman and Chief Executive Officer of Astoria Federal Savings.

“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 $615,000 grant will be used to help fund the construction of affordable housing on vacant land for 41 low- and very low-income families.  Twenty-five of the units will be reserved for very low-income households from the community, and fifteen units will be reserved for individuals and families who have experienced episodes of domestic violence.  A full-time case manager will provide support services including counseling and case management, life skills training, financial literacy instruction, employment training, and referrals to legal assistance.  The project will participate in the New York State Energy Research and Development Authority’s Multifamily Residential Program and will also pursue a Leadership in Energy and Environmental Design Silver rating. 

Additional fundng will be provided by a New York State Homeless Housing Assistance Program grant, Low Income Housing Tax Credits, and grants from the Bronx Borough President’s Office.

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.

Astoria Federal Savings
Astoria Financial Corporation, with assets of $21.1 billion, is the holding company for Astoria Federal Savings and Loan Association.  Established in 1888, Astoria Federal, with deposits in New York totaling $13.6 billion, is the largest thrift depository headquartered in New York and embraces its philosophy of “Putting people first” by providing the customers and local communities it serves with quality financial products and services through 85 convenient banking office locations and multiple delivery channels, including its enhanced website, www.astoriafederal.com. Astoria Federal commands the fourth largest deposit market share in the attractive Long Island market, which includes Brooklyn, Queens, Nassau, and Suffolk counties with a population exceeding that of 38 individual states.  Astoria Federal originates mortgage loans through its banking and loan production offices in New York, an extensive broker network covering sixteen states, primarily along the East Coast, and the District of Columbia, and through correspondent relationships covering seventeen states and the District of Columbia.

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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