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 $500,000 Affordable Housing Grant in Philadelphia

Two projects will create more than 40 units of affordable housing.

Philadelphia, Pennsylvania — The Federal Home Loan Bank of New York announced today the award of a $300,000 affordable housing grant to Citizens Acting Together Can Help, Inc. to help finance construction costs for Patriot House, which will create 15 units of supportive rental housing for chronically homeless veterans with mental health or substance abuse issues; and the award of a $200,000 affordable housing grant to Friends Rehabilitation to help finance construction costs for the Strawberry Mansion Homeownership Development project, which will create 26 homes for moderate-income, first-time homebuyers. M&T Bank, a Home Loan Bank member, submitted the application for the funding for both projects.

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 thrilled to be able to partner with the Federal Home Loan Bank of New York to support Citizens Acting Together Can Help’s work to bring affordable and supportive housing to Philadelphia and Friends Rehabilitation’s efforts to increase the supply of affordable housing in community. We look forward to working with these organizations to preserve, rebuild and improve our communities,” said Naima Oyo, regional 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 construction costs for the Patriot House project, which involves the construction of 12 one-bedroom units and three efficiency units. Two units will be fully handicapped-accessible.  The residents will be provided with comprehensive supportive services specifically designed to help them become self-sufficient, economically independent, stabilize their health, gain sobriety and obtain employment in an alcohol- and drug-free environment. Services provided on-site will include case management, mental health care, primary health care, welfare-to-work programs, private transportation, and job readiness training.

The $200,000 grant will be used to help fund costs for the construction of 26 homes for moderate-income, first-time homebuyers through the Strawberry Mansion Homeownership Development project. The Strawberry Mansion neighborhood was identified as a targeted transitional neighborhood by a blight removal and community revitalization initiative sponsored by the City of Philadelphia. This project will contribute to the transformation of a community that has been threatened by blight and crime. The construction of these homes will stabilize an area that includes a combination of rental and commercial units. All of the homes will have a 10-year real estate tax abatement.

Additional funding will be provided by Philadelphia’s Office of Housing and Community Development HOME funds, U.S. Department of Housing and Urban Development McKinney Supportive Housing Program funds, and the Federal Home Loan Bank of Pittsburgh.

Additional funding will be provided by the Pennsylvania Housing Finance Agency, the City of Philadelphia Housing Trust Fund, the Philadelphia Office of Housing and Community Development and the Federal Home Loan Bank of Pittsburgh.

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.

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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