Affordable Housing Program Awardees

January 26, 2011

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

FHLBNY Awards $300,000 Affordable Housing Grant in Yonkers

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

Yonkers, New York – The Federal Home Loan Bank of New York announced today the award of a $300,000 grant to the Addicts’ Rehabilitation Center Foundation to help finance the rehabilitation costs of the Park Hill Apartments project, which will serve as transitional and permanent housing for formerly homeless veterans. M&T Bank, a Home Loan Bank member, submitted the application for the funding.

“Our veterans deserve our support, and this grant from the Federal Home Loan Bank of New York and M&T Bank will go far in providing high-quality housing for those who need it most,” said Congressman Eliot L. Engel (NY, 17).  “This is part of keeping our promise to our veterans that we would provide the care they needed when they came home.”

“M&T has a long history of working with the Federal Home Loan Bank to support community development projects and the Park Hill Apartments in Yonkers was well worth our support as this project will give formerly homeless veterans a safe, affordable place to live,” said Paula Mandell, regional president for M&T Bank.  “We look forward, along with the Addicts' Rehabilitation Center Foundation, Congressman Engel and the FHLB, to seeing this worthwhile project completed.”

“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 $300,000 grant will be used towards the moderate rehabilitation of two adjacent homes in Yonkers.  After rehabilitation, the homes will serve as transitional housing for 14 formerly homeless veterans and a permanent residence for one homeless veteran.  Several of the units will be ADA compliant and handicapped accessible.  Additional financing will be provided by the Department of Veteran Affairs Homeless Providers Grant and Per Diem Program, the U. S. Department of Housing and Urban Development Supportive Housing Program, the City of Yonkers HOME Investments Partnership program, M&T Bank, and Westhab, the project sponsor.

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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