Affordable Housing Program Awardees

January 26, 2011

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

FHLBNY Awards $1.3 Million in Affordable Housing Grant in Queens

Howard Beach Senior Apartments will provide 96 units of housing for seniors

Queens, New York — The Federal Home Loan Bank of New York announced today the award of a $1,380,083 grant to Progress of Peoples Development Corp. to help finance the construction costs of the Howard Beach Senior Apartments project, which will provide 96 units of housing for senior citizens and the developmentally disabled. New York Community 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.”

Commenting on the grant, New York Community Bank’s Senior Lending Officer, John Adams, stated, “We are very pleased to partner with the Federal Home Loan Bank of New York on this very worthwhile project, which will create affordable housing for seniors and developmentally disabled persons in a section of Queens where the need for such housing is great.  Given that Queens has been home to our bank for more than 15 decades, it is especially gratifying to be giving back to our community in this very meaningful way.”

The $1,380,083 grant will be used towards the construction costs of converting a vacant, blighted building into 96 apartments for senior citizens and the developmentally disabled.  This project will be the first affordable housing development located in this neighborhood of Queens, and will address a critical need for senior housing in an area that is experiencing a significant increase in its aging population.

Additional financing will be provided by Federal and New York State Low Income Housing Tax Credits, a conventional first mortgage, grants from the Queens Borough President and City Council Discretionary funds, and the New York State Energy Research and Development Authority.

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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