Affordable Housing Program Awardees

July 7, 2010

Contact: Eric Amig - (212) 441-6807
Brian Finnegan - (212) 441-6877

Federal Home Loan Bank of New York Awards $4.8 Million in Affordable Housing Grants in Camden, Glassboro and Woodbury

Five projects will create or rehabilitate more than 450 units of affordable housing

Camden, New Jersey – The Federal Home Loan Bank of New York announced today the award of a $1,105,500 grant to Foresight Affordable Housing, Inc. for the Branch Village On-Site Phase I project; the award of a $640,000 grant for the Branch Village Offsite Phase II project; the award of a $650,000 grant to Parkside Business & Community in Partnership, Inc. for the Ferry Family Housing project; the award of a $620,000 grant to Emanuel Community Development Corp., Inc. for the Whitney Crescent project; and the award of a $1,880,003 grant to the Seniors Housing Development Corp. for the Colonial Park projects.  Home Loan Bank members Liberty Bell Bank, Columbia Bank, Sun National Bank and The Bank submitted the applications for the funding.

“The Federal Home Loan Bank of New York has been proud to partner with our members for more than 20 years to help make affordable housing a reality in New Jersey, New York, Puerto Rico, the U.S. Virgin Islands and beyond,” said Alfred A. DelliBovi, president and CEO of the FHLBNY. “We are grateful to our elected officials for their leadership and support in Congress, which allows us to offer this program to the housing groups that are strengthening communities across the region.”

“Liberty Bell Bank is so pleased to again partner with our friends at Michaels Development Company and the Federal Home Loan Bank of New York to bring the Branch Village affordable housing project to the City of Camden,” said John Herring, Senior Vice President and Chief Lending Officer of Liberty Bell Bank, which submitted the funding application for the Branch Village On-Site Phase I project. “This first phase in the redevelopment of Branch Village will help revitalize the neighborhood and provide much needed housing for low and moderate-income applicants.  This family-oriented project is expected to re-establish neighborhood connections through the pedestrian-oriented project design, improve the safety of local residents, and include social programs that should benefit the entire community. Liberty Bell Bank is proud to serve as the Bank Sponsor for such a worthwhile endeavor.”

“As a true community bank, Columbia Bank believes in actively supporting local affordable housing projects that make a difference in the towns we serve,” said Raymond G. Hallock, President and CEO of Columbia Bank, which submitted the funding applications for the Branch Village Offsite Phase II and Ferry Family Housing projects.  “Combined, these two projects will add 112 affordable apartment units for needy families.  We proudly support and encourage these types of affordable housing efforts.”

The $1,105,500 grant for the Branch Village On-Site Phase I project will help finance the construction of 67 housing units for moderate-, low- and very low-income families in Camden.  The residents of Branch Village will have on-site access to services including case management, youth programs and credit counseling.

The $640,000 grant for the Branch Village Offsite Phase II project will help finance the construction of 64 apartments for moderate-, low- and very low-income families in Camden.  This new construction will serve as replacement housing for a defunct housing project.

The $650,000 grant for the Ferry Family Housing project will help finance the construction of a 48-unit apartment complex which will house low- and very low-income families in Camden.  The project was designed to promote a family-oriented community environment and will increase the supply of affordable housing in the area as well as revitalize the neighborhood.

The $620,000 grant for the Whitney Crescent project will help finance the construction of eight new buildings to replace an obsolete housing complex in Glassboro.  The new buildings will provide 79 units of rental housing for very low-income families.  Sun National Bank submitted the funding application for the project.

The $1,880,003 grant for the Colonial Park project will help finance the rehabilitation of a 200-unit building for seniors in Woodbury.  The project is comprised of market rate, low- and very low-income units.  Many activities are conducted to provide social opportunities for the residents.

Additional financing for the Branch Village On-Site project will be provided by Low Income Housing Tax Credits, the New Jersey Housing and Mortgage Finance Agency, and the Housing Authority of Camden.  Additional financing for the Branch Village Offsite project will be provided by the New Jersey Housing and Mortgage Finance Agency, Competitive Public Housing Capital Funds, Housing Replacement Factor Funds, and Low Income Housing Tax Credits.  Additional financing for Ferry Family Housing will be provided by loans under the Tax Credit Exchange and Multifamily Loan program of the New Jersey Housing and Mortgage Finance Agency, and Low Income Housing Tax Credits.  Additional financing for Whitney Crescent will be provided by the New Jersey Housing and Mortgage Finance Agency, the Borough of Glassboro, the Gloucester County HOME Program and Low Income Housing Tax Credits.  Additional financing for Colonial Park will be provided by the New Jersey Housing and Mortgage Finance Agency, Federal Energy Tax Credits, The Bank and Low Income Housing Tax Credits.

These grants are part of a total of $29.7 million in AHP subsidies that the Federal Home Loan Bank of New York will award in conjunction with the approval of the first competitive application round of 2010.  In total, these grants will help to finance the creation of 54 housing projects that will generate 2,917 units of affordable housing in New Jersey, New York, Connecticut, Delaware, Maryland and Pennsylvania. Last year, the Federal Home Loan Bank System celebrated the 20th Anniversary of its Affordable Housing Program. In June 2010, the program was recognized by the National Housing Conference as its “Housing Person of the Year”. The Federal Home Loan Banks have distributed nearly $4 billion in AHP funds since 1990.  For more information on these grants, please visit www.fhlbny.com/news/pressrelease.htm.

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, $107 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.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
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.