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 Million Affordable Housing Grant in Ogden, Williamsville and Holley

Three projects will create 113 affordable housing units for the communities’ seniors.

Ogden, New York — The Federal Home Loan Bank of New York announced today the award of a $702,000 affordable housing grant to the North Star Housing and Development Corporation to help finance the construction of the Ogden Heights Senior Apartments, which will provide 88 units of affordable housing for seniors; the award of a $142,000 affordable housing grant to the Episcopal Community Housing Development Organization, Inc. to help finance the construction of All Saints Manor, which will provide 15 units of affordable housing for low- and very low-income seniors in Williamsville; and the award of a $175,000 affordable housing grant to the Urban League of Rochester to help finance the construction of the Akeley Landing Senior Apartments, which will provide 10 units of affordable housing for very low-income seniors in Holley. Home Loan Bank members M&T Bank and First Niagara Bank submitted the applications for the funding.

“I commend the Federal Home Loan Bank of New York, M&T Bank and First Niagara Bank for their service to the community through the creation of more than 100 affordable homes for seniors across Western New York,” said Congressman Chris Lee (NY-26). “These important Affordable Housing Program grants will ensure Western New York seniors have affordable and reliable housing for years to come.”

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.

“Working with the Federal Home Loan Bank to provide additional funding for the construction of Ogden Heights Senior Apartments has allowed M&T Bank to build on our long and productive relationship with North Star Housing and Development to provide more affordable housing options for residents of our communities,” said M&T Bank Regional President Daniel J. Burns.

“As a community stakeholder, First Niagara is proud to partner with the Federal Home Loan Bank of New York to provide funding to support the construction of senior housing in Williamsville and Holley,” said Leisha Gordon, Vice President of Community Reinvestment at First Niagara Bank, which submitted the applications for All Saints Manor and the Akeley Landing Senior Apartments. “Organizations such as the Episcopal Community Housing Development Organization, Inc. and the Urban League of Rochester Economic Development Corp. provide a much needed service to our communities and we are delighted to support their efforts.” 

“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 $702,000 grant will be used to help fund construction costs for the Ogden Heights Senior Apartments, which will provide 88 housing units for seniors 62 years of age and older and the frail elderly.  Local agencies will conduct on-site workshops regarding health issues, health insurance counseling, nutrition, and life skills training to assist the residents as they age in place.  They will also provide resident needs assessments and provide individual services to residents as their needs change.

The $142,500 grant will be used to help fund construction costs of All Saints Manor, which involves the construction of 15 apartments for very low- and low-income senior citizens. Three units will be set aside for frail elderly individuals and will be equipped to enable the residents to live independently for as long as possible.  The Episcopal Community Housing Development Organization will provide case management services to these residents, and arrange for transportation and other services.  The apartments are designed as townhouse units and will form a village setting, with a common outdoor gathering space, a community room, and on-site laundry facilities.

The $175,000 grant will be used to help fund construction costs of the Akeley Landing Senior Apartments, which involves the construction of a 10-unit apartment building which will house very low-income senior citizens. The project is designed to serve elderly persons who are independent, at risk and frail.  Supportive services will be provided, facilitating the residents’ ability to remain independent and age in place.  Each unit will be covered by a Project Rental Assistance Contract and residents will pay no more than 30% of their income towards rent.

Additional financing for the Ogden Heights Senior Apartments will be provided by New York State Housing Finance Agency tax exempt bonds, the Infrastructure Development Demonstration Program, the Tax Credit Assistance Program, Low Income Housing Tax Credits, and Monroe County HOME funds. 

Additional financing for All Saints Manor will be provided by the New York State Division of Housing and Community Renewal and the Community Preservation Corporation.

Additional financing for the Akeley Landing Senior Apartments will be provided by the U. S. Department of Housing and Urban Development and New York State Rural Area Revitalization Program funding.   

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.

First Niagara Financial Group
First Niagara Financial Group, Inc. through its wholly owned subsidiary First Niagara Bank, had assets of $14.1 billion and deposits of $9.9 billion at September 30, 2009.  First Niagara Bank is a community–oriented bank providing financial services to individuals, families and businesses through 171 branches and five Regional market Centers across Upstate New York and Western Pennsylvania.  In July 2009, First Niagara announced its plans to acquire Harleysville National Corporation and its$ 5.6 billion in assets and 83 branches in the Philadelphia area, subject to regulatory and Harleysville shareholder approval.  For more information, visit www.fnfg.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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