Affordable Housing Program Awardees

January 26, 2011

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

FHLBNY Awards $1.2 Million in Affordable Housing Grants in Jamestown, Buffalo and Depew

Five projects will create or rehabilitate more than 130 units of affordable housing

Jamestown, New York – The Federal Home Loan Bank of New York announced today the awards of an $800,000 affordable housing grant to Pathstone, Inc. to help finance the Bradmar Village Apartments project, which will preserve 99 affordable homes in Jamestown; a $154,000 grant to West Side Neighborhood Housing Services, Inc. to help finance the White’s Livery Apartments project, which will create 14 units of affordable housing in Buffalo; a $150,000 grant to the Old First Ward Community Association to help finance the Old First Ward Home Repair Program, which will provide rehabilitation funds to 15 homeowners in Buffalo; a $140,000 grant to Southeast Works to help finance the Walden Apartments project, which will create an independent living facility for eight developmentally disabled individuals in Depew; and a $40,000 grant to the Chautauqua Home Rehabilitation and Improvement Corp. to help finance its Neighborhood Stabilization Program, which will rehabilitate a vacant two-family home in Jamestown.  Home Loan Bank members Maple City Savings Bank, First Niagara Bank, M&T Bank and Lake Shore Savings Bank submitted the applications for the funding.

“This is a $1.284 million direct investment positively impacting 130 properties in the Western New York community,” said Congressman Brian Higgins (NY-27). “This funding is rehabbing houses, improving neighborhoods and making the American Dream of owning a home affordable for residents in Jamestown, Depew and Buffalo’s Old First Ward and West Side.”

“M&T is proud to partner with Southeast Works and the FHLB of NY to secure funding for Walden Ave Apartment project. This 8-unit development is part of a unique residential program which will, by leveraging Southeast Works excellent track record of case management and household support programming,  provide independent living opportunities for developmentally disabled individuals while also revitalizing two multi-family properties,” said Brad Dossinger, regional community reinvestment manager for M&T Bank in Western New York. 

“Lake Shore Savings Bank has an on-going commitment to serve the needs of our communities and a long-standing relationship with CHRIC.   Since 1995, Lake Shore has sponsored several successful CHRIC grants through the Affordable Housing Program.  Chautauqua County has one of the oldest housing stocks in the nation and CHRIC’s mission is to improve the housing stock of Chautauqua County and the living conditions of its low income residents.  We are pleased to support CHRIC in its mission”, stated Katherine A. Kaus, Senior Vice President – Chief Lending Officer.

“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 $800,000 grant for the Bradmar Village Apartments project will help fund the preservation of a 99-unit rental townhouse for low- to very low-income families.  The subsidy will be used to update the property and improve the quality of life for the residents, increase the number of handicapped-accessible units for visual and hearing impaired, and improve the energy efficiency of the building.  Additional financing will be provided by Low Income Housing Tax Credits, NeighborWorks America, the New York State Housing Finance Agency, and the New York Homes and Community Renewal Homes for Working Families’ program.  Maple City Savings Bank submitted the application for the funding for the project.

The $154,000 grant for the White’s Livery Apartments project will help fund the acquisition and conversion of a vacant building into 14 apartments, which will be affordable to low- and very low-income households.  Additional financing will be provided by the Community Preservation Corporation, City of Buffalo HOME and RESTORE NY funds, and New York Homes and Community Renewal.  First Niagara Bank submitted the application for the funding for the project.

The $150,000 grant for the Old First Ward Home Repair Program will help provide rehabilitation funds to 15 low- and very low-income homeowners living in the Buffalo River area of the City of Buffalo.  This area has some of the oldest housing stock in the city, and the proposed rehabilitation program will give homeowners a viable alternative to predatory loans to maintain their homes.  Additional financing will be provided by the New York State Affordable Housing Corporation and the New York State Energy Research and Development Authority.  First Niagara Bank submitted the application for the funding for the project.

The $140,000 grant for the Walden Apartments project will help fund the creation of an independent living facility for very low-income individuals with developmental disabilities.  The project involves acquisition of the site and renovations needed to meet health and safety needs, achieve energy efficiencies and address structural issues.  The facility will consist of two buildings with four apartments in each building.  This residential program is designed to provide essential services to assist the tenants in achieving and maintaining independence thereby avoiding placement in a group home.  Additional financing will be provided by the New York State Capital Assistance Program and the Cummings Foundation.  M&T Bank submitted the application for the funding for the project.

The $40,000 grant for the Neighborhood Stabilization Program will help fund the substantial rehabilitation of the kitchens, bathrooms and heating systems of a vacant two-family home.  The sponsor acquired the property at a tax foreclosure auction to be used to meet a Neighborhood Stabilization Program requirement to provide rental units to very low-income households who may have been displaced as tenants elsewhere through foreclosure.  Additional financing will be provided by HOME funds from the City of Jamestown, Neighborworks, and a New York State Urban Initiatives grant.  Lake Shore Savings 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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