Affordable Housing Program Awardees

January 26, 2012

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

FHLBNY Awards $3.3 Million Affordable Housing Grant in Jersey City,
Bayonne and Weehawken

Four projects will create more than 200 affordable homes

Jersey City, New Jersey – The Federal Home Loan Bank of New York announced today the awards of a $1 million grant to Foresight Affordable Housing, Inc. to help finance the Montgomery Senior project, which will convert a vacant building into 67 units of housing for low- and very low-income seniors in Jersey City; a $900,000 grant, also to Foresight Affordable Housing, Inc., to help finance the Glennview Townhouses II project, which will build mixed-income rental units in Jersey City; a $900,000 grant to Greater Newark Housing Partnership, Inc., to help finance the Bayonne Transit Oriented Workforce Family Housing project, which will create apartments in Bayonne for families with incomes ranging from moderate to very low; and a $504,000 grant to Weehawken Senior Housing Rehabilitation Corp. to help finance the 4800 Park Avenue project, which will construct apartments for very low-income seniors in Weehawken. Home Loan Bank members Liberty Bell Bank, Bank of New Jersey and BCB Community Bank submitted the applications for the funding.

“The significant amount of funding the Federal Home Loan Bank of New York, Liberty Bell Bank, Bank of New Jersey and BCB Community Bank have awarded today will go a long way to strengthen Jersey City, Bayonne and Weehawken by bringing much-needed affordable housing to these communities,” said Congressman Albio Sires (NJ-13).

“Building local economies and nurturing business relationships is what we do,” stated Bank of New Jersey Chairman and CEO Albert F. Buzzetti. “We are proud to be a part of this program.”

“At Bank of New Jersey, we are committed to meeting the needs of the communities we do business in. Affordable housing is a cornerstone to revitalizing neighborhoods,” added Bank of New Jersey President and COO Michael Lesler.

Donald Mindiak, president and CEO of BCB Community Bank, remarked: “BCB Community Bank is proud to be associated with the Bayonne Transit Oriented Workforce Family Housing Project. Our involvement in this project reinforces our commitment to work with both the public and private sector to assist in the provision of affordable housing units in this community.”

“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 million grant for the Montgomery Senior project will help fund the conversion of a vacant and functionally obsolete apartment building into 67 new, modern apartments for low- and very low-income senior citizens. On-site social services will be provided that will allow the residents to age-in-place. Additional financing will be provided by New Jersey Housing and Mortgage Finance Agency Low Income Housing Tax Credits and Jersey City Community Development Block Grant funds. Liberty Bell Bank submitted the application for the AHP funding for this project.

The $900,000 grant for the Glennview Townhouses II project will help fund the construction of 64 mixed-income rental units. With the completion of the project, the sponsor will have completed all phases of a HOPE VI Revitalization Plan which replaced an obsolete very low-income public housing complex. Additional financing will be provided by Low Income Housing Tax Credits allocated by the New Jersey Housing and Mortgage Finance Agency, a Special Needs Trust Fund allocation, and a Community Development Block Grant from the Jersey City Housing Authority. Liberty Bell Bank submitted the application for the AHP funding for this project.

The $900,000 grant for the Bayonne Transit Oriented Workforce Family Housing project will help fund the construction of 46 apartments for moderate-, low- and very low-income households. The project site is a former gas station that has been the target of an extensive environmental remediation. Twelve of the units will be reserved for households with special needs, specifically six formerly homeless veterans and six persons with Multiple Sclerosis. A supportive service program will be in place for these residents and be administered by social services organizations in the community. Additional financing will be provided by the New Jersey Housing and Mortgage Finance Agency, Low Income Housing Tax Credits, Hudson County HOME funds, and City of Bayonne Affordable Housing Trust Funds. In addition, the City of Bayonne has approved a PILOT for the project to assist in maintaining long term affordability. BCB Community Bank submitted the application for the AHP funding for this project.

The $504,000 grant for the 4800 Park Avenue project will help fund the construction of 28 apartments for very low-income senior citizens. The building site is a former blighted property and this construction will stabilize and revitalize the neighborhood. The sponsor will provide social service support and residents will be able to take advantage of case management services, medical screenings, independent living assistance, financial counseling, employment training, nutritional services, free transportation, and credit counseling. Additional financing will be provided by the Hudson County HOME Investment Partnership Program and the Township of Weehawken. Bank of New Jersey 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.

BCB Community Bank
BCB Community Bank is a full service financial institution with over $1.2 billion in assets and offices serving the communities of Bayonne, Jersey City, Hoboken, Monroe Township, South Orange and Woodbridge, New Jersey.

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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