Affordable Housing Program Awardees

January 26, 2011

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

FHLBNY Awards $2.4 Million in Affordable Housing Grants in Rochester and Fairport

Five projects will create or rehabilitate 220 units of affordable housing

Rochester, New York – The Federal Home Loan Bank of New York announced today the awards of a $795,000 grant to Fairport Apartments, Inc. to help finance the Fairport Apartments project, which will rehabilitate 104 units of affordable senior housing in Fairport; a $165,000 grant to the South East Area Coalition to help finance the SEAC Repairs Program, which will rehabilitate 20 units of housing in Rochester; a $660,000 grant to the Providence Housing Development Corp. to help finance the East House/State Street Apartments project, which will create 44 units of affordable housing in Rochester; a $645,000 grant, also to the Providence Housing Development Corp., to help finance the Holy Rosary Apartments project, which will create 43 units of affordable housing in Rochester; and a $166,500 grant to Marketview Heights Association, Inc. to help finance the Marketview Heights Rental project, which will rehabilitate nine units of housing in Rochester.  Home Loan Bank members M&T Bank and First Niagara submitted the applications for the funding.

“I am pleased to announce that today’s grants will result in more than 200 affordable homes in the Rochester area,” said Congresswoman Louise M. Slaughter (NY-28). “For more than two decades, the Federal Home Loan Bank of New York has provided significant support to affordable housing opportunities across Rochester and today helps provide funding that will not only be used to create new homes, but also to fortify existing homes, serving to strengthen and preserve our community.”

“In the current economic environment, it’s important for us to work creatively with our partners in the public and private sector to provide financing for safe, affordable housing in the Rochester area, particularly when we have a growing population of seniors living on fixed retirement income,’ said M&T Bank Regional President Daniel J. Burns.

“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 $795,000 grant for the Fairport Apartments project will help fund the rehabilitation of 104 apartments located in 13 buildings which are home to very low-income seniors.  This project will maintain senior housing in an area of Monroe County that currently lacks adequate affordable senior facilities.  Additional financing will be supplied by Low Income Housing Tax Credits, the New York State Housing Trust Fund, tax exempt bonds, and deferred developer’s equity.  M&T Bank submitted the application for the funding for the project.

The $165,000 grant for the SEAC Repairs Program will help fund the rehabilitation of 20 units of housing targeted to moderate- to very low-income homeowners.  The sponsor’s objectives are to address significant housing needs in Rochester’s Southeast neighborhood such as maintenance of the aging housing stock, increasing the number of homeowner occupants, and addressing general property conditions and code violations.  Additional financing will be provided by the Affordable Housing Corporation, the Residential Emergency Services to Offer Repairs to the Elderly (RESTORE) Program and the New York State Energy Research and Development Authority’s Home Performance with Energy Star Program.  M&T Bank submitted the application for the funding for the project.

The $660,000 grant for the East House/State Street Apartments project will help fund the creation 44 units of affordable rental housing for very low-income individuals with mental illness.  Supportive services will be available on-site, and 30 of the 44 apartments will be licensed by the New York State Office of Mental Health.  Additional financing will be provided by Low Income Housing Tax Credits and a permanent loan from the Community Preservation Corporation.  First Niagara Bank submitted the application for the funding for the project.

The $645,000 grant for the Holy Rosary Apartments project will help fund the creation of 43 units of affordable rental housing for very low-income families on the site of the former Holy Rosary parish campus, which was closed in 2008.  This project will create a vibrant urban housing community near a commercial corridor.  Additional financing will be provided by Low Income Housing Tax Credits, the New York State Housing Trust Fund and HOME funds, and City of Rochester HOME funds.  First Niagara Bank submitted the application for the funding for the project.

The $166,500 grant for the Marketview Heights Rental project will help fund the rehabilitation of two buildings containing nine apartments.  All of the apartments will be affordable to very low-income households and two of the units will be set aside for victims of domestic violence.  Additional financing will be provided by City of Rochester HOME funds, the New York State Urban Initiatives Program and HOME funds, and the New York State Housing Trust Fund Corporation.  First Niagara 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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