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 $1.4 Million in Affordable Housing Grants in East Syracuse, Town of Lysander, Palmyra and Webster

Four projects will rehabilitate or create 205 units of affordable housing

East Syracuse, New York – The Federal Home Loan Bank of New York announced today the award of a $281,000 grant to Christopher Community Inc. for the St. David’s Court project, which will rehabilitate a 23-unit facility in East Syracuse that houses very low-income individuals with disabilities; the award of a $650,000 grant to the Isla Housing and Development Corp. for the Riverknoll at Radisson Phase II project, which will create 80 apartments in the Town of Lysander for very low-income families; the award of a $400,000 grant to Pathstone, Inc. for the Towpath Preservation project, which will rehabilitate 96 apartments for very low-income seniors in Palmyra; and the award of a $90,000 grant to Heritage Christian Services, Inc. for the Yorktown project, which will preserve affordable, supportive housing for six developmentally disabled individuals in Webster.  Home Loan Bank members Alliance Bank, M&T Bank and First Niagara Bank submitted the applications for the funding.

“The Federal Home Loan Bank of New York’s Affordable Housing Program is vital to revitalizing communities across the region,” said Congressman Dan Maffei (NY, 25). “The grants announced today will help create or preserve more than 200 homes, including safe, decent and affordable housing for our seniors and families, and supportive housing for those who need it most.”

“Alliance Bank is pleased to partner with Christopher Community and The Federal Home Loan Bank on the St. David's Court project,” said Steven G. Cacchio, Senior Vice President of Retail Banking Sales and Service at Alliance Bank. “This grant will help support the needs of the individuals residing at this facility, and the mission of Christopher Community, Inc.”

“Creating strong neighborhoods is one of the most important issues facing communities across Upstate New York. We appreciate the opportunity to work with Congressman Maffei and the Federal Home Loan Bank to bring additional resources to these affordable housing projects in Lysander and Palmyra” said Beverly Fair-Brooks, Vice President and Regional Community Reinvestment Officer for M&T Bank, which sponsored the applications for Isla Housing and Development Corp. and Pathstone Inc.

“First Niagara is pleased to support the continued efforts of organizations such as Heritage Christian Services, Inc. that create safe and affordable housing options for the developmentally disabled,” said Leisha Gordon, Vice President of Community Reinvestment at First Niagara Bank, which submitted the funding application for the Yorktown project. “We are happy to assist with the submission of the Yorktown project and applaud them for all they do to provide housing and supportive living services for those in need.”

 “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.”

The $281,000 grant for St. David’s Court will be used to help fund the rehabilitation of a 23-unit facility that houses very low-income individuals with disabilities.  The rehab will include the installation of handicapped-accessible showers and a sprinkler system, as well as new kitchen countertops and windows.

The $650,000 grant for the Riverknoll at Radisson Phase II project will be used to help fund the construction of 80 apartments for very low-income families.  This project will play a substantial role in serving a public purpose as well as several critical community needs, including providing much-needed large family units, construction jobs and property tax revenue.

The $400,000 grant for the Towpath Preservation project will be used to help fund the rehabilitation of 96 affordable apartments for very low-income seniors.  The preservation of these units will enable seniors to live independently within a community environment that will allow them to comfortably age in place.

The $90,000 grant for the Yorktown project will be used to help preserve affordable, supportive housing for six developmentally disabled individuals through the rehabilitation of an existing long-term supportive living facility, which is currently in need of capital improvements.

Additional financing for St. David’s Court will be provided by the Section 8 program.  Additional financing for the Riverknoll at Radisson project will be provided by the New York State Housing Trust Fund, the New York State Division of Housing and Community Renewal, and Low Income Housing Tax Credits.  Additional financing for the Towpath Preservation project will be provided by Low Income Housing Tax Credits, a construction loan and the New York State Housing Trust Fund.  Additional financing for the Yorktown project will be provided by the Office For Mental Retardation and Developmental Disabilities.

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.

Alliance Bank
Alliance Bank is headquartered in Syracuse and has 29 locations in Cortland, Madison, Oneida, Onondaga and Oswego Counties.

First Niagara Financial Group
First Niagara Financial Group, Inc. through its wholly owned subsidiary, First Niagara Bank, N.A., has $ 20 billion in assets, 255 branches and $ 14 billion in deposits.  First Niagara Bank is a community-oriented bank providing financial services to individuals, families and businesses across Upstate New York and Pennsylvania.  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, $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.

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