Affordable Housing Program Awardees

January 26, 2012

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

FHLBNY Awards a $550,000 Affordable Housing Grant in Ithaca

Breckenridge Place will provide 50 affordable apartments

Ithaca, New York – The Federal Home Loan Bank of New York announced today the award of a $550,000 grant to Ithaca Neighborhood Housing Services, Inc. to help finance the Breckenridge Place project, which will create 50 apartments for moderate- to very low-income households. Tompkins Trust Company, a member of the Federal Home Loan Bank of New York, submitted the application for the funding.

“The Federal Home Loan Bank of New York has been a reliable partner for New York’s affordable housing community for more than two decades, and the grant they award today with Tompkins Trust Company will help create 50 new housing opportunities for Ithaca’s families,” said Congressman Maurice Hinchey (NY-22).

“Tompkins Trust Company and Ithaca Neighborhood Housing Services have enjoyed a long relationship and share a deep commitment to affordable housing,” said Greg Hartz, president of Tompkins Trust Company. “We are thrilled to be able to help with this project in this way.”

“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 $550,000 grant will help fund the construction of 50 apartment units designed to house small families and individuals. The residents will include a mix of very low- to moderate-income households. Three of the units will be handicapped accessible or adaptable. The project includes the demolition of an underutilized two-story commercial building and the creation of a new complex which, in addition to the apartment units, will include tenant storage units, laundry facilities and a courtyard. Additional financing will be provided by the New York State Division of Homes and Community Renewal Housing Trust Fund, Low Income Housing Tax Credits, City of Ithaca HOME and Housing Development Action Grant funds, the Community Preservation Corporation and the Enterprise Foundation.

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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