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 $1.5 Million Affordable Housing Grant in Delanco

Living Springs Senior Residence will increase housing options for seniors.

Delanco, New Jersey — The Federal Home Loan Bank of New York announced today the award of a $1,499,999 affordable housing grant to Living Springs Senior Residence, LLC to help fund the construction of the Living Springs Senior Residence, which will create a mixed-income independent living facility for senior citizens. Hudson City Savings Bank, a Home Loan Bank member, submitted the application for the funding.

“This funding will make a critical difference in the lives of Delanco seniors,” Congressman John Adler said. “Our seniors have given so much to our families and communities, and we need to give back to them now. This grant will help Living Springs Senior Residence provide our seniors with more safe, supportive housing options.”

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 Adler and the Federal Home Loan Bank of New York, we are proud to partner with Living Springs Senior Residence LLC to create this housing opportunity for Delanco’s seniors,” said Christopher Dooley, First Vice President of Hudson City Savings Bank.

“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 $1,499,999 grant will be used to help fund the construction of a new four-story building that will house 99 moderate-, low-, and very low-income households with a mix of one- and two-bedroom apartments. The project will include a well-rounded supportive services program with options available to meet the residents’ individual needs.  The project will have a wide variety of amenities including laundry facilities, medical clinic, a Visiting Grandchildren’s Room, and a Visiting Family Dining Room. 

Additional financing will be provided by the New Jersey Housing and Mortgage Finance Agency, Tax Credit Assistance Program funds, and Low Income Housing 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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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.