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 $525,100 Affordable Housing Grant in Jamaica

58-unit complex will house low- and very low-income seniors.

Jamaica, New York — The Federal Home Loan Bank of New York announced today the award of a $525,100 affordable housing grant to the Allen A.M.E. Neighborhood Preservation and Development Corporation to help finance the construction of an apartment complex which will create 58 affordable homes in Jamaica, New York. New York Community Bank, a Home Loan Bank member, submitted the application for the funding.

“The Affordable Housing Program grant by the Federal Home Loan Bank of New York and New York Community Bank will help support the Allen A.M.E. Neighborhood Preservation and Development Corporation’s efforts to create quality, affordable housing in the community,” said Representative Gregory W. Meeks (NY, 6).  “The creation of this housing will not only provide our seniors and veterans with homes, but also serve to revitalize the surrounding neighborhood.”

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.

“New York Community Bank has been an active member of the Queens community for more than 150 years and we are proud to once again partner with the Federal Home Loan Bank of New York to help the Allen A.M.E. Neighborhood Preservation and Development Corporation create much-needed affordable housing,” said John T. Adams, 1st Senior Vice President of New York Community Bank.

“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 $525,100 grant will be used to help fund the construction of the 58-unit complex, which will house low- and very low-income seniors. Twelve of the units will be reserved for formerly homeless veterans referred by the Department of Veteran Affairs. This project will increase the supply of affordable housing as well as revitalize the neighborhood, and an on-site Service Coordinator will ensure that appropriate services are provided to the residents, including case management, personal assistance, housekeeping, meal delivery, transportation, visiting nurses, preventative screening and legal services. 

Additional financing will be provided by the New York Department of Housing Preservation and Development and Low Income Housing Tax Credits.

This grant is 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.

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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