Affordable Housing Program Awardees

January 26, 2011

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

FHLBNY Awards $978,940 Affordable Housing Grant in Pennington

Freedom Village at Hopewell Township will create 72 homes for the physically disabled

Pennington, New Jersey — The Federal Home Loan Bank of New York announced today the award of a $42,000 grant to Habitat for Humanity of the Capital District to help finance the construction and rehabilitation costs of the South End Renewal Project, which will create two single-family homes and rehabilitate a third home for very low-income families. M&T Bank, a Home Loan Bank member, submitted the application 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.”

“We are most pleased to partner with the Federal Home Loan Bank of New York through its Affordable Housing Program to provide funds to allow Project Freedom to further achieve its mission of providing independent living opportunities for the physically limited.   Roma Bank has had a long standing relationship with Project Freedom; and is one of its major supporters.  Roma Bank commends Norman Smith, the inspiration for Project Freedom, for his steadfast commitment to barrier-free, independent living for those afflicted with developmental disabilities,” said Peter A. Inverso, President & CEO of Roma Bank.

The $978,940 grant will be used towards the construction of 72 units of housing for the physically disabled.  The project will consist of five two-story buildings which will be built on 10 acres of vacant land.  The project is being developed for very low- and low–income households and will combine an open, universal design which will appeal to the general population with functional amenities that will allow residents confined to wheelchairs to live independently.

Additional financing will be provided by the New Jersey Housing and Mortgage Finance Agency (“NJHMFA”) Low Income Housing Tax Credits, the NJHMFA Special Needs Housing Trust Fund, and a conventional first mortgage.

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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