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 $400,000 Affordable Housing Grant in Hempstead

Parkside Garden Villas will create 79 new homes for low-income families

Hempstead, New York – The Federal Home Loan Bank of New York announced today the award of a $400,000 affordable housing grant to Middle County Resources Management to help finance the construction costs of the Parkside Garden Villas project, which will provide 79 units of housing for low- and very low-income families. New York Community Bank, a Home Loan Bank member, submitted the application for the funding.

“The Federal Home Loan Bank of New York’s Affordable Housing Program has been an important part of the New York community for more than 20 years,” said Congresswoman Carolyn McCarthy (NY, 4). “The grant announced today will create nearly 80 new homes for families, ensuring that this affordable housing remains in the Hempstead community.”

Commenting on New York Community Bank's role, First Senior Vice President and Senior Mortgage Lending Officer, John T. Adams, stated, “We are grateful for the opportunity to make a difference in our community and in the lives of those who live on Long Island through our involvement with the Affordable Housing Program of the Federal Home Loan Bank of New York.  Our commitment to community service is as much a part of our business ethic as ensuring that our depositors, our borrowers, and our shareholders are well served.”

 “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 $400,000 grant will be used towards the construction costs of the Parkside Garden Villas project, which involves the replacement of an existing obsolete apartment building with 79 new townhome one-, two-, and three-bedroom rental units.  The existing building structure did not meet building code requirements and was deemed functionally obsolete by current housing standards.  As the new units are completed, residents will be relocated from the old building to the new townhomes.

Additional financing will be provided by Low Income Housing Tax Credits, HOME funds, a Community Development Block Grant, the New York State Housing Trust Fund, and the Division of Housing and Community Renewal.  The Village of Hempstead Housing Authority owns the property and will lease the land to Middle County Resources Management for $1 per year.

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.

About New York Community Bank
New York Community Bank is the savings bank subsidiary of New York Community Bancorp, the 22nd largest bank holding company in the nation, with 278 branches and assets of $42.4 billion at March 31, 2010.  Now in its 151st year of strength, stability, and service, the Community Bank serves its customers through seven local divisions:  Roslyn Savings Bank--the largest, with 56 branches on Long Island--as well as Queens County Savings Bank in Queens; Richmond County Savings Bank on Staten Island; Roosevelt Savings Bank in Brooklyn; Ohio Savings Bank in Ohio; and AmTrust Bank in Florida and Arizona.

In addition to New York Community Bank, the NYCB Family of Banks includes New York Commercial Bank, which meets the financial needs of small and mid-size businesses throughout Long Island, New York City, and Westchester County, with 35 branch offices.

For more information about New York Community Bank, New York Commercial Bank, and New York Community Bancorp, Inc., please visit www.myNYCB.com or www.NewYorkCommercialBank.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.

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.