Affordable Housing Program Awardees

January 26, 2011

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

FHLBNY Awards $1.7 Million in Affordable Housing Grants in Syracuse and Penfield

Seven projects will create or rehabilitate nearly 300 units of affordable housing

Syracuse, New York – The Federal Home Loan Bank of New York announced today the awards of a $667,500 grant to Christopher Community Inc. to help finance the Roosevelt Arms and Hillside Apartments project, which will create 89 homes for very low-income households; a $245,339 grant to Conifer Realty, LLC to help finance the Moses Dewitt Redevelopment Project, which will preserve 37 units of affordable senior housing; a $400,000 grant to the Syracuse Housing Authority to help finance the Homes of Syracuse project, which will create 50 single-family homes; a $340,000 grant to the 512 LeMoyne Avenue Housing Development Fund Co. to help finance the Salina School Apartments project, which will rehabilitate a 37-unit facility for moderate- to very low-income individuals; and a $77,500 grant to Heritage Christian Services, Inc. to help finance the Plank Road project, which will rehabilitate a long-term supportive living facility for six developmentally disabled individuals in Penfield.  Home Loan Bank members M&T Bank and First Niagara Bank submitted the applications for the funding.

“The grants provided by the Federal Home Loan Bank of New York, M&T Bank and First Niagara will help keep vital affordable housing in the Syracuse and Penfield communities,” said Congresswoman Ann Marie Buerkle (NY-25).

“Our bank can only do well when our communities do well and safe, affordable housing is one of the most basic needs of any community. M&T has a long history of working with the Federal Home Loan Bank to obtain affordable housing grants and the Roosevelt Arms and Hillside Apartments rehabilitation will be a significant neighborhood improvement, while the Moses Dewitt Redevelopment will help preserve 37 affordable housing units for area seniors,” said M&T Bank Regional President Allen Naples.

“The FHLBNY AHP program offers its member banks the ability to make a difference for individuals and families with a variety of housing needs,” said Leisha Gordon, Vice President of Community Reinvestment at First Niagara Bank. “First Niagara is delighted to participate in the program and offer the support needed to provide safe and affordable housing in the City of Syracuse and the Town of Penfield.” 

“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 $667,500 grant for the Roosevelt Arms and Hillside Apartments project will help fund the rehabilitation that will create of an 89-unit modern living community for very low-income families from two vacant historic buildings that have become a blight on the surrounding neighborhood.  The City of Syracuse purchased the property from U.S. Department of Housing and Urban Development through a foreclosure sale and subsequently sold the properties for significantly less than fair market value.  Additional financing will be provided by Low Income Housing and Historic Tax Credits, the New York State Housing Trust Fund, deferred developer fees and a conventional first mortgage.

The $245,339 grant for the Moses Dewitt Redevelopment project will help fund the rehabilitation and preservation of 37 apartments that provide high-quality affordable housing for very low-income senior citizens.  The preservation of these units will enable senior residents to live independently within a community environment that will allow them to comfortably age in place.  Additional financing will be provided by Low Income Housing Credits, the New York State Housing Trust Fund, and a conventional first mortgage.

The $400,000 grant for the Homes of Syracuse project will help fund the construction of 50 single-family homes on scattered sites in targeted neighborhoods in Syracuse.  The project is part of a comprehensive neighborhood revitalization effort, and is the first phase of a multi-phase housing redevelopment initiative targeted to complement the city’s infrastructure and commercial redevelopment efforts.  The homes will be leased to the residents for 15-years and then sold to those residents at a discounted price depending on length of their occupancy in the home.  Additional financing will be provided by Low Income housing Tax Credits, the New York State Housing Trust Fund, and City of Syracuse HOME funds.

The $340,000 grant for the Salina School Apartments project will help fund the rehabilitation of a 37-unit facility for moderate- to very low-income individuals age 55 and older.  The project provides much-needed affordable housing to households with incomes below 50 percent of the area median income.  The site is an old school house that was renovated several years ago and is in need of significant upgrades.  Additional financing will be provided from the New York State Housing Trust fund.

The $77,500 grant for the Plank Road project will help fund the preservation of quality affordable housing with supportive services for six developmentally disabled individuals through the rehabilitation of an existing long-term supportive living facility.  Additional financing for the rehabilitation will be provided by the sponsor. M&T Bank submitted the applications for the funding of the Roosevelt Arms and Moses Dewitt Redevelopment projects.  First Niagara Bank submitted the applications for the funding of the Homes of Syracuse, Salina School and Plan Road projects.

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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