Affordable Housing Program Awardees

July 7, 2010

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

$1.4 Million Affordable Housing Grant Announced to Support Senior Housing in Fishkill

-Affordable Housing Program grant will help create 72 units of housing-

New York, New York – The Federal Home Loan Bank of New York (“FHLBNY”), along with Congressman Maurice Hinchey (NY-22) and Congressman John Hall (NY-19), today announced that Elant, Inc. has been awarded a $1,440,000 Affordable Housing Program (“AHP”) grant from the FHLBNY and its member, Rhinebeck Savings Bank. The grant will help fund construction of The Birches at Fishkill, a planned 72-unit housing complex for very low-income seniors.

“This Affordable Housing Program grant will help bring much-needed senior housing to our region,” said Congressman Hinchey. “The Federal Home Loan Bank of New York and Elant, Inc. have long been supporters of affordable housing across the Hudson Valley; today’s grant continues their commitment to the community.”

“Improving services for our seniors continues to be one of my top priorities,” said Congressman Hall. “With assistance from this Federal Home Loan Bank of New York grant, the Birches at Fishkill will not only create more than 70 affordable homes for Fishkill’s seniors, but will also provide residents with the support and care they deserve.”

“The Federal Home Loan Bank of New York is proud to partner with our member, Rhinebeck Savings Bank, to help make this affordable housing a reality for the seniors in Fishkill,” said Alfred A. DelliBovi, president and CEO of the FHLBNY. “We are grateful to Congressmen Hinchey and Hall for their leadership and support in Congress, which allows us to offer this program to the housing groups like Elant that are strengthening communities across the region.”

The Birches of Fishkill complex will consist of 62 one-bedroom and 10 two-bedroom apartments. The units will be targeted to very low-income senior citizens and will provide a continuum of care.  Elant, Inc., a leading Hudson Valley not-for-profit organization providing healthcare and housing programs, will collaborate with a local agency to provide rehabilitation services, adult foster family care, and long-term home health care to the residents.

The grant is 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, Pennsylvania, Delaware and Maryland. Last year, the Federal Home Loan Bank System celebrated the 20th Anniversary of its Affordable Housing Program. Earlier this month, 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.

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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