Affordable Housing Program Awardees
January 26, 2012
Contact: Eric Amig - (212) 441-6807
Brian Finnegan - (212) 441-6877
FHLBNY Awards a $340,000 Affordable Housing Grant in Allendale
Crescent Commons will create a 17-unit special needs development
Allendale, New Jersey – The Federal Home Loan Bank of New York announced today the award of a $340,000 grant to Allendale Housing, Inc. to help finance the Crescent Commons project, which will construct 17 units of affordable special needs housing for individuals with development disabilities and/or multiple sclerosis. Lakeland Bank, a member of the Federal Home Loan Bank of New York, submitted the application for the funding.
“Safe, decent and affordable housing is vital not only to the stability of our economy, but our communities and families, as well,” said Alfred DelliBovi, president and CEO of the Federal Home Loan Bank of New York. “The Federal Home Loan Bank of New York is proud to offer this funding to continue to support those who strengthen the foundation of this cornerstone of the American Dream. We thank all of our partners – the local lenders, the housing groups and our elected officials – for their continued support of the Affordable Housing Program, and their work towards revitalizing our country’s housing sector.”
“Giving back to the community is one of our company’s core values, and we are pleased to provide financing to the Crescent Commons project through the Affordable Housing Program,” said Thomas J. Shara, President and CEO of Lakeland Bank. “We believe access to affordable housing for individuals with special needs should be an integral part of all communities.”
The $340,000 grant will help fund the construction of a 17-unit special needs housing project for individuals with developmental disabilities and/or multiple sclerosis. The housing units will be wheelchair accessible and fully equipped to accommodate individuals with disabilities. Six units will be designated for residents with multiple sclerosis and the remainder for persons with developmental disabilities. All residents will be provided with on-site case management services. Additional financing will be provided by the New Jersey Housing and Mortgage Finance Agency Special Needs Housing Trust Fund, the Division of Developmental Disabilities, the Bergen County HOME Program, and the United Way of Bergen County.
The grant is part of $33.6 million in Affordable Housing Program subsidies that the Federal Home Loan Bank of New York will award as its 2011 AHP grant round. In total, these grants will help to finance 57 housing projects which will create or preserve 2,837 units of affordable housing, including more than 2,200 units of very low-income housing, in New Jersey, New York, Maryland and Pennsylvania. The Federal Home Loan Banks have distributed $4.3 billion in AHP funds since 1990. At the Federal Home Loan Bank of New York, the AHP has supported more than 1,300 projects with grants of more than $425 million, creating nearly 59,000 units of affordable housing and generating an estimated $8.2 billion in total development costs. 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.
About Lakeland Bank
Lakeland Bancorp, the holding company for Lakeland Bank, has an asset base of approximately $2.8 billion and forty-seven (47) offices spanning six northwestern New Jersey counties: Bergen, Essex, Morris, Passaic, Sussex and Warren. Lakeland Bank offers an extensive array of consumer and commercial products and services, including online banking, localized commercial lending teams and 24-hour or less turnaround time on consumer loan applications. For more information about their full line of products and services, visit their Web site at Lakelandbank.com.
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 over 330 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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