Affordable Housing Program Awardees

January 26, 2011

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

FHLBNY Awards $635,000 in Affordable Housing Grants in Philadelphia

Three projects will create or rehabilitate more than 50 units of affordable housing

Philadelphia, Pennsylvania – The Federal Home Loan Bank of New York announced today the awards of a $235,000 grant to ACHIEVEability to help finance the Von Louhr II project, which will provide 24 units of affordable housing for formerly homeless families; a $200,000 grant, also to ACHIEVEability, to help finance the Aspen Housing project, which will create three new homes and rehabilitate seven existing homes; and a $200,000 grant to the Women’s Community Revitalization Project for the Nitza Tufino Townhomes project, which will create 25 affordable housing units for very low-income families.  Home Loan Bank members First Niagara Bank and M&T 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.”

“M&T Bank takes an active role in the communities we serve,” said Ira Brown, M&T Bank’s market manager for the Philadelphia region. “Affordable housing is a crucial issue for every community, so we are pleased to partner with the Federal Home Loan Bank of New York to help create new affordable housing in the Philadelphia area.”

The $235,000 grant for the Von Louhr II project will help fund the rehabilitation of 24 units of affordable housing for formerly homeless families in West Philadelphia.  The Von Louhr building, constructed in 1890 and rehabilitated by the sponsor in 1990, was one of the earliest historic and low income housing tax credit-funded developments in the City of Philadelphia.  Additional financing will be provided by Low Income and Historic Housing Tax Credits, PennHOMES funding, project reserves, and reinvested developer fees.  First Niagara Bank submitted the application for the funding for the project.

The $200,000 grant for the Aspen Housing project will help fund the rehabilitation and new construction of 10 single-family rowhomes in the Haddington neighborhood of Philadelphia.  The project will include the rehabilitation of seven structures and the new construction of three homes.  The homes will be sold to very low-income individuals or families, some of whom will participate in the sponsor’s Family Self-Sufficiency Program and Individual Development Accounts program.  Additional financing will be provided by a Community Development Block Grant from the City of Philadelphia and homebuyer’s down payments and first mortgages.  First Niagara Bank submitted the application for the funding for the project.

The $200,000 grant for the Nitza Tufino Townhomes project will help fund the construction of 25 townhouse units for very low-income families.  Potential residents are expected to be families who are currently living in crowded or substandard apartments.  Additional financing will be provided by the City of Philadelphia Housing Trust Fund, City of Philadelphia HOME funds, Federal Home Loan Bank of Pittsburgh, developer equity, and Low Income Housing Tax Credits.  M&T Bank submitted the application for the funding for the project.

These grants are 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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