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 $840,000 Affordable Housing Grant in Perth Amboy

The Parkview will create 84 affordable homes for low-income seniors

Perth Amboy, New Jersey – The Federal Home Loan Bank of New York announced today the award of an $840,000 affordable housing grant to the Housing Authority of the City of Perth Amboy to help finance the construction costs of The Parkview, an 84-unit apartment building for low- and very low-income seniors.  Investors Savings Bank, a Home Loan Bank member, submitted the application for the funding.

“The Federal Home Loan Bank of New York’s Affordable Housing Program grant will help turn an existing property into safe, affordable housing for our seniors,” said Congressman Albio Sires (NJ, 13). “The Affordable Housing Program has been a vital source of funding for New Jersey’s housing initiatives for two decades.”

“Investors Savings Bank is pleased to be a part of the Affordable Housing Program,” said Kevin Cummings, President and CEO of Investors Savings Bank. “We are committed to helping to strengthen our communities. By partnering with the Federal Home Loan Bank we are part of the solution for safe and convenient housing for seniors in Perth Amboy.”

 “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 $840,000 grant will be used to help finance the construction of The Parkview, an 84-unit apartment buildings on the site of a former vocational high school.  The Parkview will offer various social services to its residents, and the project will feature a library, book club, and Tenants’ Advisory Council.  The site is located near shopping, medical services, public transportation, religious centers and a park.
 
Additional financing will be provided by Low Income Housing Tax Credits, Tax Credit Exchange Funds, Replacement Housing Funds from the Housing Authority of the City of Perth Amboy, Middlesex County, and the New Jersey Housing and Mortgage Finance Agency.

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 Investors Savings Bank
Investors Savings Bank has been serving New Jersey since 1926. With $8.7 billion in assets and a network of 66 branches in ten Garden State counties, the Bank delivers personalized and friendly services and products tailored to the needs of its customers. The range of products includes mortgages, home equity loans and lines of credit, CDs, and a variety of checking and savings accounts.

Serving New Jersey’s business community, the Bank provides commercial real estate loans, lines of credit and structured financing as well as sweep accounts and checking, deposit and escrow services. Investors’ commercial banking services are offered to professional services firms, municipalities, small and middle market companies, commercial and industrial firms and other businesses. Investors Savings Bank is a member of the FDIC and an Equal Housing Lender.
 
For more information about Investors Savings Bank, contact the Bank at 1.800.252.8119 or visit www.isbnj.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.