Affordable Housing Program Awardees

January 26, 2011

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

FHLBNY Awards $1.8 Million in Affordable Housing Grants in Camden

Four projects will create more than 120 units of affordable housing in Camden

Camden, New Jersey – The Federal Home Loan Bank of New York announced today the awards of a $600,000 grant to Volunteers of America/Delaware Valley to help finance the Home for the Brave project, which will create 30 units of housing for homeless veterans; a $555,674 grant to Foresight Affordable Housing, Inc. to help finance the Morgan Village project, which will create 40 units of housing for low- and very low-income families; a $412,400 grant to Respond, Inc. to help finance The Meadows at Pine Poynt project, which will create 40 supportive units of homeless housing; and a $240,000 grant to Habitat for Humanity of Metro Camden to help finance The Cooper Plaza Phase VIII project, which will create nine new homes and rehabilitate three existing homes.  Home Loan Bank members Sun National Bank, Liberty Bell Bank and Columbia Bank submitted the applications for the funding.

“This investment will not only bring more than  120 new affordable homes to Camden, it will provide steady work for those constructing and rehabbing the properties and create nearly a dozen permanent jobs for the property managers and maintenance staff involved,” said Congressman Rob Andrews (NJ-01). “But, this isn’t just about the workers who will now get a pay check because of these improvements, it’s about providing people with the means to build a better future for themselves, their families, and their neighborhood.”

“Housing is often the first, essential step in helping families and individuals build foundations for a better future,” said John Herring, Senior Vice-President for Liberty Bell Bank. “It is critical that we do all we can to help some of our most vulnerable individuals, and it is one of the primary responsibilities of a community bank to support and help the communities it serves,” concluded Herring.

“Columbia Bank’s relationship with Habitat for Humanity of Metro Camden, as well as the support from the Federal Home Loan Bank of New York provides us the means to create new affordable housing opportunities for those in need,” said Raymond G. Hallock, President and Chief Executive Officer of Columbia Bank.

“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 $600,000 grant for the Home for the Brave project will help fund the construction of a 30-bed transitional housing program with supportive services for homeless veterans.  The construction will be an addition to the sponsor’s existing facility which currently houses an emergency shelter program as well as a transitional living program for homeless single men.  Additional financing will be provided by the U. S. Department of Veterans Affairs and private fundraising.  Sun National Bank submitted the application for the funding for the project.

The $555,674 grant for the Morgan Village project will help fund the construction of 40 housing units for low- and very low-income families with a mix of one-bedroom to four-bedroom units.  Additional financing will be provided by Low Income Tax Credits, the New Jersey Housing and Mortgage Finance Agency, and the Neighborhood Stabilization Program II funds from the Housing Authority of Camden, and a Special Needs Trust Fund Allocation.  Liberty Bell Bank submitted the application for the funding for the project.

The $412,400 grant for The Meadows at Pyne Poynt will help fund the construction of a supportive housing rental development created to service the homeless population of North Camden.  The development will contain 40 apartments that will be made available to very low-income households.  To meet the needs of the residents, the project will also offer the residents supportive services on-site.  Additional financing will be provided by Low Income Housing Tax Credits from the New Jersey Housing and Mortgage Finance Agency, Neighborhood Stabilization Program II Funds from the City of Camden, a grant from the NJHMFA Special Needs Trust Fund, and a conventional first mortgage.  Liberty Bell Bank submitted the application for the funding for the project.

The $240,000 grant for The Cooper Plaza Phase VIII project will help fund the construction of nine homes, and the rehabilitation of three houses.  The completed homes will be made available to very low-income first-time homebuyers.  These homes are in a neighborhood where other homes have been built or rehabilitated using Federal Home Loan Bank of New York funding.  Additional financing will be provided by the Danellie Foundation, HOME funds through the City of Camden, PSE&G, A Better Camden, Lowe’s, Fannie Mae, the Camden Police & Fire Departments, Subaru of America and other private funding sources.   Columbia 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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