Affordable Housing Program Awardees

January 26, 2011

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

FHLBNY Awards $520,000 Affordable Housing Grant in Woodstock

Woodstock Commons will create 52 units of intergenerational affordable rental housing

Woodstock, New York – The Federal Home Loan Bank of New York announced today the award of a $520,000 grant to the Rural Ulster Preservation Company to help finance the construction costs of the Woodstock Commons project, which will create 52 units of intergenerational affordable rental housing for seniors and families.  Ulster Savings Bank, a Home Loan Bank member, submitted the application for the funding.

“I applaud the Federal Home Loan Bank of New York and Ulster Savings Bank for providing this Affordable Housing Program grant, which will create safe, decent and affordable housing for Woodstock’s families and seniors,” said Congressman Maurice D. Hinchey (NY, 22). “For more than two decades, the Home Loan Bank has been a tremendous partner for all those who create affordable housing in New York’s 22nd District.”

“Ulster Savings Bank is proud to sponsor this AHP grant through the Federal Home Loan Bank of New York for RUPCO,” said Ulster Savings Bank Vice President Stephen Hack.  “We expect this project to provide essential affordable housing with the same high quality workmanship that RUPCO brings to all of its projects.”

“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 $520,000 grant will be used towards the construction of the 52 homes.  Senior citizens will occupy 20 of the units, and 33 of the units will be for families.  All units will be affordable to very low- and low-income households. 

Additional financing will be provided by low Income Housing Tax Credits, State Low Income Housing Credits, the Housing Trust Fund, the Infrastructure Development Demonstration Program, Neighborworks America, Enterprise Foundation and the Community Preservation Corporation.

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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