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 $876,000 Affordable Housing Grant in Pleasantville

The Village at St. Peter’s will provide housing for very low-income seniors.

Pleasantville, New Jersey — The Federal Home Loan Bank of New York announced today the award of a $876,000 affordable housing grant to Village at St. Peter’s, Inc. to help fund the development of 73 apartments for very low-income senior citizens. Sun National Bank, a Home Loan Bank member, submitted the application for the funding.

“This project is an important opportunity for Sun to further support the core of who we’ve been serving for nearly 25 years — local people in local communities,” said Mariluz Gonzalez, Vice President and Director of Sun National Bank’s Community Development Department. “With the support of the Federal Home Loan Bank of New York, our partnership with Village at St. Peter’s, Inc. will help create vital senior housing and make a difference in the lives of those we call our neighbors.”

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 $876,000 grant will be used to help fund the construction of 73 apartments for very low-income senior citizens on a site where a former convent has been demolished.  Four of the units will be handicapped accessible and the remaining units will be handicapped adaptable. The project will also include on-site parking, laundry facilities and a large community room and warming kitchen. The building has been designed for frail and at-risk seniors. The project site is located in a Smart Growth and transit village area within the central business district and is close to a major shopping center, medical offices, places of worship, recreational facilities and transportation.

Additional financing will be provided by the U.S. Department of Housing and Urban Development through the Section 202 Program, the Atlantic County HOME Program, Low Income Housing Tax Credits, Tax Credit Assistance Program and the New Jersey Housing and Mortgage Finance Agency.

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.