Affordable Housing Program Awardees

January 20, 2010

Contact: Eric Amig - (212) 441-6807
Brian Finnegan - (212) 441-6877

Federal Home Loan Bank of New York Awards $1.08 Million Affordable Housing Grant in Greenburgh and Haverstraw

Two projects will create more than 50 affordable homes in Westchester and Rockland.

Greenburgh, New York — The Federal Home Loan Bank of New York announced today the award of a $560,000 affordable housing grant to Westhab, Inc. to help finance the construction costs for the Tarrytown Workforce Housing project, which will create 28 units of affordable, workforce housing; and the award of a $520,000 affordable housing grant to the Rockland Housing Action Coalition to help finance the construction of Murphy Manor, which will provide 26 units of affordable rental housing for low- and very low-income households. Home Loan Bank members M&T Bank and Provident Bank submitted the applications for the funding.

“The cost of living in our region is among the highest in the country, and it is increasingly difficult for working families and individuals to find housing that meets their budget,” said Congresswoman Nita M. Lowey (D-Westchester/Rockland).  “I am pleased these grants will help finance construction of housing options for those most in need.”

In 2009, the Federal Home Loan Banks marked the 20th anniversary of the 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, the AHP has supported nearly 1,200 projects with grants totaling more than $330 million, creating more than 48,000 units of affordable housing and generating nearly $6 billion in total development costs.

“M&T Bank is once again honored to partner with Westhab, Inc. and the Federal Home Loan Bank on this forward-thinking workforce housing development. Models such as the Tarrytown Workforce Housing project are on the cutting edge of broad-based community development and the Bank is particularly proud of this type of investment,” said Paula Mandell, regional president for M&T Bank, which submitted the application for Westhab, Inc.

“For the past two decades, the Affordable Housing Program has been one of the nation’s most successful housing initiatives because of the partnership between the Home Loan Bank, our members, community organizations and elected officials,” said Alfred A. DelliBovi, president and CEO of the Federal Home Loan Bank of New York. “As we celebrate the start of a new decade, we look forward to continuing this partnership and helping to build stronger communities across the Empire State for years to come.”

The $560,000 grant will be used to help fund the construction of a mixed-income apartment building which will be affordable to very low-, low-, and moderate-income households. The three-story building will contain 28 apartments, five of which will be reserved for disabled veterans. The Tarrytown Workforce Housing project was conceived to provide workforce housing located within walking distance of numerous employment opportunities and train and bus stations. Westhab, Inc. will offer on-site services to assist residents in maintaining or improving their financial and employment situation. 

The $520,000 grant for Murphy Manor will be used to help fund the construction of 26 units of rental housing for very low- and low income households.  Murphy Manor will enable neighborhood residents who are paying high rents for substandard housing to rent new apartments at affordable rates. Four of the units will be fully handicapped-accessible or adaptable to accommodate physically disabled individuals. A supportive service provider will create individualized programs to ensure that these tenants receive the proper care needed to live independently. Provident Bank submitted the applications for the funding for the Murphy Manor project.

Additional financing for the Tarrytown Workforce Housing project will be provided by Low Income Housing Tax Credits, the New York State Housing Trust Fund, and the U.S. Department of Housing and Urban Development.

Additional financing for Murphy Manor will be provided by the Community Preservation Corporation, Low Income Housing Tax Credits, and the New York State Housing Trust Fund.

These grants are part of a total of $16 million in AHP subsidies that the Federal Home Loan Bank of New York has awarded in conjunction with the approval of the second competitive application round of 2009. The grants announced today will help to finance the creation of 37 housing projects that will generate 1,901 units of affordable housing in New Jersey, New York, Maryland and Pennsylvania. In August 2009, the Federal Home Loan Bank of New York awarded grants for the first application round of 2009 totaling $16 million to fund 39 housing projects that will generate 1,545 units of affordable housing. For more information on these grants, please click here.

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.

M&T Bank
M&T Bank Corporation, founded in 1856, is one of the top 20 bank holding companies in the nation, with more than 750 branch offices in New York, Pennsylvania, Delaware, Maryland, Washington D.C., Virginia and West Virginia. More information is available at www.mtb.com.

Federal Home Loan Bank of New York
The Federal Home Loan Bank of New York is a Congressionally chartered, $110 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 330 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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