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 $300,000 Affordable Housing Grant in North East

North Creek Run will provide 53 units of affordable housing for working families.

North East, Maryland — The Federal Home Loan Bank of New York announced today the award of a $300,000 affordable housing grant to Conifer Realty, LLC to help finance construction costs for North Creek Run, a 53-unit townhouse complex which will provide housing for low- and very low-income working families. M&T Bank, a Home Loan Bank member, submitted the application for the funding.

“Providing high-quality affordable homes for families in our community is one of the first steps toward getting the economy back on track,” said Representative Frank M. Kratovil, Jr. (MD, 1). “Partnerships such as these make available the critical funding that increases affordable housing options for families in communities like North East.”

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 focused on supporting our communities. Through this grant, we are able to partner with the Federal Home Loan Bank of New York to support Conifer Realty’s efforts to ensure that the families of North East have an affordable place to live,” said Chuck Martin, Community Reinvestment Officer at M&T 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 nation for years to come.”

The $300,000 grant will be used to help fund costs for the construction of the North Creek Run project, which involves the construction of a 53-unit townhouse complex which will provide housing for low- and very low-income working families. The project site is located near the Aberdeen Proving Ground, which is experiencing significant growth in military and civilian positions as a result of the Defense Base Closure and Realignment (BRAC) Commission. These townhouse units will be needed by working families looking for quality rental housing, and the location will help alleviate the pressure in the housing market in this growth area.

Additional funding will be provided by the Maryland Department of Housing and Community 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.

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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