Affordable Housing Program Awardees

January 26, 2012

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

FHLBNY Awards a $1.1 Million Affordable Housing Grant in Baltimore

O’Donnell Townhomes will create 75 affordable homes for low- and very low-income families

Baltimore, Maryland – The Federal Home Loan Bank of New York announced today the award of a $1,146,584 grant to Greater Baltimore AHC, Inc. to help finance the O’Donnell Townhomes project, which will create a 75-unit townhouse development for low- and very low-income families. Liberty Bell Bank, a member of the Federal Home Loan Bank of New York, submitted the application for the funding.

“This funding will help bring this long-awaited project one step closer to reality,” Congressman Dutch Ruppersberger (MD-2) said. “With the input of existing residents and other community stakeholders, this development plan will help revitalize one of Baltimore’s landmark neighborhoods. It is my hope that this effort will create a vibrant community where current and future O’Donnell Heights residents can live, play and work.”

“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.”

The $1,146,584 grant will help fund the construction of a 75-unit townhouse development for low- and very low-income families. O’Donnell Townhomes is part of an effort to redevelop a former public housing complex into new mixed-income housing, and 26 replacement units are reserved for former residents of the public housing complex. The project will also contribute to the significant demand for affordable rental housing in an area that has not seen investment in new housing in many years. Additional financing is being provided by the Maryland Department of Housing and Community Development Low Income Housing Tax Credits and Rental Housing funds, Baltimore Housing HOME funds, and City Community Capital. The Housing Authority of Baltimore City will donate the land for the development.

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.

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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