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 $610,000 Affordable Housing Grant in Long Branch
60 new housing units to be built on site of Garfield Court.
Long Branch, New Jersey — The Federal Home Loan Bank of New York announced today the award of a $610,000 affordable housing grant to the Long Branch Housing Authority to help finance the construction costs of the Garfield II project, which will provide 60 new units of housing on the site of the former Garfield Court public housing development. Columbia Bank, a Home Loan Bank member, submitted the application for the funding.
“The Affordable Housing Program grant announced today from the Federal Home Loan Bank of New York and Columbia Bank will help to ensure that this supply of affordable housing options will remain accessible to the Long Branch community,” said Representative Frank Pallone, Jr. (NJ, 6).
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.
“Columbia Bank is dedicated to the communities we serve and we are pleased to be able to partner with the Federal Home Loan Bank of New York to help support the Long Branch Housing Authority’s efforts to create new, affordable housing in the community,” said Raymond G. Hallock, President and CEO of Columbia 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 Garden State for years to come.”
The $610,000 grant will be used to help fund construction costs for the Garfield II project, which will replace public housing units and be constructed on the site of the former Garfield Court public housing development. The current structure, built in 1943, is scheduled to be demolished in order to provide 60 units of new housing. The new design will consist of 13 two- and three-story rowhouse/townhouse buildings. Thirty-seven of these townhomes will replace public housing units and will be affordable to low- and very low-income households.
Additional funding will be provided by Low Income Housing Tax Credits and HOPE VI funds.
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 over 330 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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