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 $240,000 Affordable Housing Grant in Philadelphia

Sojourner House will provide transitional housing for victims of domestic abuse

Philadelphia, Pennsylvania – The Federal Home Loan Bank of New York announced today the award of a $240,000 affordable housing grant to Women Against Abuse to help finance the renovation costs of Sojourner House, which will provide a transitional housing program for victims of domestic violence and their children.  M&T Bank, a Home Loan Bank member, submitted the application for the funding.

“The Affordable Housing Program grant announced today by the Federal Home Loan Bank of New York will help repair and preserve an important shelter for victims of domestic abuse and their children,” said Congressman Chaka Fattah (PA, 2). “The Federal Home Loan Bank of New York is to be commended for supporting this vital effort by Women Against Abuse and for providing affordable housing assistance to those who need it most in the Philadelphia community.”

“M&T Bank is pleased to be able to partner with the FHLB of NY and Women Against Abuse to enable a project like Sojourner House to happen,” said Naima Oyo, CRA Officer for the Philadelphia Metro Region for M&T Bank. “Transitional housing is a key factor on the path to stability for victims of domestic violence, and M&T Bank is proud to have assisted in the facilitation of this project.”

“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 $240,000 grant will be used to help finance the renovation of a 12-unit transitional housing program for victims of domestic violence and their children.  The units are in dire need of extensive renovations in order to continue to provide a safe haven.  The program is committed to empowering domestic violence victims by promoting self-sufficiency and independence.  On-site case managers will assist clients with educational planning, career training, financial planning, crisis management and other counseling services.

Additional financing will be provided by the Pennsylvania Housing Finance Agency, the City of Philadelphia, the U.S. Department of Housing and Urban Development Emergency Shelter Grant funds, the Connelly Foundation, the Nonprofit Finance Fund, and the Federal Home Loan Bank of Pittsburgh.

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.

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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.