Affordable Housing Program Awardees

January 26, 2011

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

FHLBNY Awards $664,650 in Affordable Housing Grants in Buffalo

Two projects will rehabilitate 57 affordable homes in Buffalo

Buffalo, New York – The Federal Home Loan Bank of New York announced today the awards of a $559,650 grant to Monsignor Adamski Village HDFC, Inc. to help finance the Adamski Housing Renovation Project, which will rehabilitate a 50-unit facility for very low-income seniors and individuals with disabilities; and a $105,000 grant to the Martin Luther King Community Development Corp. to help finance the rehabilitation of seven owner-occupied homes.  Home Loan Bank members M&T Bank and First Niagara Bank submitted the applications for the funding.

“I am pleased to announce that today’s grants will result in more than 50 affordable homes in the Buffalo area,” said Congresswoman Louise M. Slaughter (NY-28). “For more than two decades, the Federal Home Loan Bank of New York has provided significant support to affordable housing opportunities across Buffalo and today helps provide funding that will not only be used to create new homes, but also to fortify existing homes, serving to strengthen and preserve our community.”

“M&T is proud to partner with Christopher Community Inc. and the Federal Home Loan Bank of New York to support the rehabilitation and weatherization efforts at the Monsignor Adamski Village Apartments. This is an excellent example of how public and private resources can be leveraged for the redevelopment of quality affordable housing opportunities in Western New York,” said Brad Dossinger, regional community reinvestment manager for M&T Bank in Western New York. 

“First Niagara is pleased to have submitted the application to help homeowners in the City of Buffalo secure the resources necessary to make improvements to their homes,” said Leisha Gordon, Vice President of Community Reinvestment at First Niagara Bank. “We know firsthand about the importance of quality housing and the impact it has on families and the community at large. We are delighted help.”

“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 $559,650 grant for the Adamski Housing Renovation Project will help fund rehabilitation of a 50-unit facility for very low-income senior citizens and individuals with disabilities.  The building was designed to promote an aging in place environment and provides much needed affordable housing to elderly residents, the majority of which have incomes below 30 percent of the area median income.  Additional financing will be provided from the buildings reserve funds and through the state’s weatherization program.  M&T Bank submitted the application for the funding for the project.

The $105,000 grant for the Martin Luther King Community Development Corp. project will help fund the rehabilitation of seven homes in Buffalo.  The project will provide financial assistance for low- and very low-income homeowners to make repairs to their homes and will significantly add to the revitalization and stabilization of the neighborhood.  The project will improve the quality of the housing stock and extend the useful life of the housing.  Additional financing will be provided by the New York State Affordable Housing Corporation and the Home Performance with Energy Star Program.  First Niagara Bank 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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