Affordable Housing Program Awardees

January 26, 2011

FHLBNY Awards $1.35 Million in Affordable Housing Grants in Florence, Burlington and Millstone Township

Three projects will create or rehabilitate 60 affordable homes

Florence, New Jersey – The Federal Home Loan Bank of New York announced today the awards of a $1.17 million grant to Emanuel Community Development Corp., Inc. to help finance the Heritage Village at Duffy Manor project, which will create 46 units of affordable senior housing; a $120,000 grant to Catholic Charities Diocese of Trenton to help finance the Delaware House project, which will create eight supportive units of homeless housing; and a $60,000 grant to the Ladacin Network to help finance the Burnt Tavern Road project, which will create six units of housing for individuals with physical disabilities.  Home Loan Bank members Sun National Bank, Amboy Bank and OceanFirst Bank submitted the applications for the funding.

“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 LADACIN Network offers tremendous resources to individuals with physical disabilities in our Jersey Shore communities.  OceanFirst has been a long-time supporter of LADACIN and we are proud to be part of the grant awarded for the Burnt Tavern Road project,” said James J. Flynn, Senior Vice President and Community Reinvestment Officer at OceanFirst Bank.

The $1.17 million grant for the Heritage Village at Duffy Manor project will help fund the construction costs of converting of a former elementary school into 46 units of affordable housing for senior citizens.  Ten of the units will be set aside for frail elderly individuals who need assistance with daily living activities and one unit will be set aside for a physically disabled resident.  Additional financing will be provided by Low Income Housing Tax Credits, the Special Needs Revolving Loan Program administered by the New Jersey Housing and Mortgage Finance Agency, affordable housing trust funds from the Township of Florence, and Burlington County HOME funds.  Sun National Bank submitted the application for the funding for the project.

The $120,000 grant for the Delaware House project will help fund the substantial renovation of a former rooming house which will be converted into eight units of permanent supportive housing for homeless individuals with a mental illness.  A supportive service program will provide individualized counseling and case management services for residents, in addition to life skills training and employment opportunities that promote independent living.  Additional financing will be provided by the Division of Mental Health Services, which has committed capital funds, project-based rental subsidies and supportive service funds.  Amboy Bank submitted the application for the funding for the project.

The $60,000 grant for the Burnt Tavern Road project will help fund the construction of a single-story, handicapped-accessible six-bedroom home designed for people with physical disabilities.  All of the very low-income tenants will be homeless or at imminent risk of homelessness and may be medically fragile. The land has been donated by Millstone Township.  The Township has been active in providing opportunities for integrating affordable housing into upper income, low density rural settings. Additional financing will be provided by the U. S. Department of Housing and Development Section 811 Supportive Housing for Persons with Disabilities program.  OceanFirst 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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