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 $110,000 Affordable Housing Grant in Northvale

Birchtree Court will provide 11 affordable apartments for seniors.

Northvale, New Jersey — The Federal Home Loan Bank of New York announced today the award of a $110,000 affordable housing grant to the Housing Development Corporation of Bergen County to help finance the construction of Birchtree Court, which will provide 11 new units of affordable housing for seniors in Northvale. Mariner’s Bank, a Home Loan Bank member, submitted the application for the funding.

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.

“Mariner’s Bank, headquartered in Edgewater, New Jersey, has seven locations in Bergen County. The bank was founded by community leaders and local investors in 2000. Since opening for business we have maintained our community focus. We are proud to partner with the Federal Home Loan Bank of New York and we support the Housing Development Corporation of Bergen County’s efforts to bring more senior housing to Northvale,” said Robert Baumann, Senior Vice President and Chief Financial Officer of Mariner’s 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 $110,000 grant will be used to help fund the construction of the Birchtree Court project, which involves the new construction of 11 apartments for senior citizens. Birchtree Court will increase the supply of affordable rental housing for low- and very low-income seniors in an upper-income neighborhood. Many of the potential residents will be seniors overburdened by the financial costs of homeownership or have physical limitations that make maintaining a home and yard increasingly difficult.

Additional funding will be provided by Bergen County and the New Jersey Housing & Mortgage Finance Agency.

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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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.