Affordable Housing Program Awardees

January 26, 2011

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

FHLBNY Awards $665,000 in Affordable Housing Grants in Henrietta and Belmont

Two projects will rehabilitate more than 200 homes for seniors and families

Henrietta, New York — The Federal Home Loan Bank of New York announced today the awards of a $470,000 grant to Pathstone, Inc. to help finance the Stonewood Village project, which will rehabilitate 187 units of rental housing for very low-income seniors, families and individuals with disabilities in Henrietta; and a $195,000 grant to the ACCORD Corporation to help finance the Owner-Occupied Housing Rehab project, which will rehabilitate 30 homes owned by very low-income households in Belmont. Home Loan Bank members M&T Bank and the Steuben Trust Company submitted the applications for the funding.

“These private grants will help keep housing affordable for those who need it most,” said Congressman Tom Reed. “I applaud the financial institutions involved for their commitment to our communities.”

“Pathstone Inc. is a leading operator of affordable housing in the Rochester area and the Federal Home Loan Bank is providing a key piece of grant fund for the rehabilitation of 187 units in Henrietta,” said Daniel J. Burns, regional president for M&T Bank in Rochester. “We look forward – along with Congressman Reed, the FHLB and Pathstone – to celebrating the completion of this project with the residents of Stonewood Village.”

“With the support of Congressman Thomas W. Reed II, and the Federal Home Loan Bank of New York, our partnership with ACCORD Corporation will assist with rehabilitating and improving 30 homes owned by very low income households throughout Allegany County. We are pleased to have the opportunity to assist with this worthwhile program for our community,” said Mary E. Hilfiger, Corporate Secretary and CRA Officer of Steuben Trust Company.

“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 $470,000 grant for the Stonewood Village project will help fund rehabilitation of 187 units of rental housing for very low-income families, seniors and handicapped individuals. Many of the residents receive Section 8 vouchers and the project provides supportive services for the very low-income and elderly residents, including case management and referrals to health and nutrition programs. Additional financing will be provided by Low Income Housing Tax Credits, Tax Credit Assistance Program funds, NeighborWorks, Monroe County HOME funds, and the New York State Housing Finance Agency and Energy Research and Development Authority. M&T Bank submitted the application for the funding for the project.

The $195,000 grant for the Owner-Occupied Housing Rehab project will help fund the rehabilitation of 30 homes owned by very low-income households. This project will help to provide decent, safe and affordable housing to Allegany County’s neediest residents. Additional financing will be provided by the New York State Affordable Housing Corporation, New York Homes and Community Renewal, and the Housing Trust Fund Corporation. The Steuben Trust Company submitted the application for the funding for the project.

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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