Affordable Housing Program Awardees

January 26, 2011

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

FHLBNY Awards $369,000 in Affordable Housing Grants in Arcade and Perry

Two projects will create 37 units of affordable housing for households and seniors

Arcade, New York — The Federal Home Loan Bank of New York announced today the awards of a $189,000 grant to Wyoming County Community Action to help finance the Northridge Homes II project, which will create 18 homes for very low-income families and individuals in Arcade; and a $180,000 grant, also to Wyoming County Community Action, to help finance the Champion Place project, which will create 19 units of supportive housing for very low-income seniors in Perry. Home Loan Bank member Five Star Bank submitted the applications for the funding.

“The grants announced today will bring much-needed affordable and supportive housing to the Arcade and Perry communities,” said Congressman Chris Lee (NY-26). “Affordable Housing Program grants are important to ensure Western New York seniors have affordable and reliable housing for years to come.”

“We are proud to participate in and support the Affordable Housing Program and Wyoming County Community Action,” said Peter Humphrey, Five Star Bank president and CEO. “Participating with these programs and reinvesting in our service area is what community banking is all about.”

“Our success directly affects our ability to provide this funding – the better we perform, the more of an impact we are able to make on affordable housing initiatives across the region,” said Alfred A. DelliBovi, president and CEO of the FHLBNY. “I am proud to announce that, as a result of our continued strong performance, we awarded a record amount of Affordable Housing Program funds in 2010. Creating affordable housing is the work of many hands, and for more than 20 years the Federal Home Loan Bank of New York has been honored by the opportunity to support the creation of safe, decent and affordable housing across our region and across the country.  We thank all of our partners – the local lenders, the housing groups and our elected leaders in Congress – for their continued support of the communities they serve, and of the Affordable Housing Program.”

The $189,000 grant for the Northridge Homes II project will help fund the new construction of 18 units of rental housing. All of the units will be affordable to very low-income households, including single-parent families and homeless individuals and families. Three of the units have been set aside for developmentally disabled individuals. This is the second phase of a two-phase project. Phase I also received Affordable Housing Program funds. Additional financing will be provided by Low Income Housing Tax Credits, New York State HOME funds, and a conventional first mortgage.

The $180,000 grant for the Champion Place project will help fund the new construction of 19 units of supportive housing for very low-income senior citizens. The project development and design will allow residents to “age in place” by providing services such as on-site case management, which will enable the tenants to maintain self-sufficiency and independence. These apartments will be the first senior supportive housing to be developed in Wyoming County. Additional financing will be provided by the U. S. Department of Housing and Urban Development 202 Program and Five Star Bank.

The grant is part of a record $32.6 million in Affordable Housing Program subsidies that the Federal Home Loan Bank of New York will award in conjunction with the approval of the second competitive application round of 2010. In total, these grants will help to finance 62 housing projects which will generate 2,813 units of affordable housing, including more than 2,100 units of very low-income housing, in New Jersey, New York and Pennsylvania. Last year, the Federal Home Loan Bank System celebrated the 20th Anniversary of its Affordable Housing Program. In June 2010, the Affordable Housing Program was recognized by the National Housing Conference as its “Housing Person of the Year”, and, in December 2010, the Federal Home Loan Bank of New York was recognized at the New York Housing Conference and National Housing Conference’s Annual Awards Luncheon for its continuing contributions to affordable housing. The Federal Home Loan Banks have distributed nearly $4 billion in AHP funds since 1990. For more information on today’s grants, please click here.

The Federal Home Loan Bank System’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, 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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