Affordable Housing Program Awardees
January 26, 2012
Contact: Eric Amig - (212) 441-6807
Brian Finnegan - (212) 441-6877
FHLBNY Awards $1.07 Million in Affordable Housing Grants in Buffalo and Niagara Falls
Four projects will create more than 150 affordable homes
Buffalo, New York – The Federal Home Loan Bank of New York announced today the awards of a $390,000 grant to Belmont Housing Resources for WNY to help finance the True Bethel Townhouses project, which will create 30 units of rental housing for very low-income families in Buffalo; a $280,000 grant to the Polish Community Center of Buffalo to help finance the Hope Gardens project, which will create 14 supportive homes in Buffalo for homeless women with mental illness; a $50,000 grant to Hope Buffalo, Inc. to help fund the Cephas House project, which will convert a former rectory in Buffalo into 10 units of transitional housing for men re-entering society from incarceration; and a $350,000 grant to the Niagara Falls Housing Authority to help fund the Center Court Phase II project, which will create 100 townhomes for low- and very low-income families in Niagara Falls. Home Loan Bank members HSBC Bank USA, N.A. and M&T Bank submitted the applications for the funding.
“The Federal Home Loan Bank of New York has been a significant supporter of affordable housing initiatives in the Buffalo area for more than 20 years,” said Congresswoman Louise Slaughter (NY-28). “The Affordable Housing Program grants awarded today by the Home Loan Bank, HSBC and M&T will create new safe, supportive and affordable housing opportunities for those who need it most.”
“HSBC Bank USA congratulates Belmont Housing Resources for WNY and True Bethel Baptist Church for their successful Affordable Housing Program grant application, and is delighted to be a partner in the development of much needed affordable rental housing in the Delevan-Grider neighborhood of Buffalo,” said Kathleen Rizzo Young, senior vice president of Community Development, HSBC Bank USA, N.A.
“M&T Bank is proud to continue our long standing partnership with the Federal Home Loan Bank of New York and Western New York non-profit organizations. The groups receiving AHP funding, The Matt Urban Center, Hope of Buffalo and the Niagara Falls Housing Authority are working extremely hard in difficult economic times to provide those in need with quality affordable housing and critical support services. Working together we are all helping strengthen the fabric of our community,” said Brad Dossinger, regional community reinvestment manager for M&T Bank in Western New York.
“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 $390,000 grant for the True Bethel Townhouses project will help fund the construction of 30 units of rental housing for very low-income families. Six of the units will be accessible to persons with mobility and/or hearing or vision impairments and the remaining units will be handicap adaptable. Additional financing will be provided by the New York State Homes and Community Renewal Low Income Housing Trust Fund, Low Income Housing Tax Credits, the City of Buffalo HOME funds, the National Equity Fund, and HSBC Bank. HSBC Bank USA, N.A. submitted the application for the AHP funding for this project.
The $280,000 grant for the Hope Gardens project will help fund the construction of 14 housing units for homeless women with mental illness. All of the units will be affordable to very low-income households. Supportive services will be provided and will include case management, counseling, independent living skills training, and employment training. Additional financing will be provided by the New York State Homeless Housing Assistance Corporation and the U.S. Department of Housing and Urban Development Continuum of Care for Homeless program. M&T Bank submitted the application for the AHP funding for this project.
The $50,000 grant for the Cephas House project will help fund construction associated with the acquisition and conversion of a former rectory into transitional housing for men re-entering society from incarceration. The project will consist of a total of ten units for very low-income tenants. The sponsor will provide a wide range of supportive services to residents including case management, independent living skills training, employment training, and referrals to additional agencies. These services are necessary to prevent recidivism. Additional financing will be provided by the New York State Homeless Housing Assistance Corporation. M&T Bank submitted the application for the AHP funding for this project.
The $350,000 grant for the Center Court Phase II project will help fund the construction of 100 townhomes for low- and very low-income families. The project will be built on the former site of a 134-unit public housing complex that was demolished; this is the first part of a revitalization plan for the public housing project and the surrounding neighborhood. The development will feature on-site supportive services for the residents, including primary health care services, employment training programs, credit counseling, budgeting courses, and other financial education services. Additional financing will be provided by a New York State Housing Trust Fund loan, the Division of Homes and Community Renewal Low Income Housing Tax Credits, and Bank of America. The Niagara Falls Housing Authority and the City of Niagara Falls donated the project land. M&T Bank submitted the application for the AHP funding for this project.
The grants are 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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