Affordable Housing Program Awardees

January 26, 2012

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

FHLBNY Awards $3.6 Million in Affordable Housing Grants in New York

Three projects will create or renovate more than 230 affordable homes

New York, New York – The Federal Home Loan Bank of New York announced today the awards of a $1,980,930 grant to Broadway Housing Communities to help finance the Sugar Hill Apartments project, which will provide 124 units of affordable housing for moderate-, low- and very low-income families; a $1,124,008 grant to Hope Community, Inc. to help finance the New Haarlem Village Hope HDFC project, which will renovate 10 buildings containing 70 apartments; and a $537,516 grant, also to Hope Community, Inc., to help finance the Roosevelt Lane Hope HDFC project, which will renovate six buildings containing 45 apartments. Home Loan Bank members Hudson Valley Bank and HSBC Bank USA, N.A. submitted the applications for the funding.

“This is great news for New Yorkers looking for affordable housing. For more than 20 years, the Federal Home Loan Bank of New York has been at the forefront of helping families find a place to call home,” said Congressman Charles Rangel (NY-15). “I want to thank FHLBNY president Alfred DelliBovi for bringing the American Dream closer to so many more people in our District.”

Hope Community, Inc. is one of the largest community housing organizations in New York City. “Hudson Valley Bank is proud to support Hope Community and to be a part of this vital project to assure affordable housing for the residents of East Harlem,” said James J. Landy, president & CEO of Hudson Valley Bank. “Since our founding almost 40 years ago, Hudson Valley Bank has been committed to giving back to the community through loans to help businesses grow and not-for-profits succeed, as well as through our corporate citizenship and philanthropy. We are proud of our involvement in and for the cities, towns and neighborhoods we serve.”

“HSBC Bank USA congratulates Broadway Housing Communities on their successful Affordable Housing Program grant application, and is delighted to assist in the development of supportive housing which is urgently needed in this neighborhood bordering West Harlem and Washington Heights,” said Kathleen Rizzo Young, senior vice president of Community Development, HSBC Bank USA, N.A.

“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 $1,980,930 grant for the Sugar Hill Apartments project will help fund the construction of a new mixed-income development which will provide 124 units of affordable housing for moderate-, low- and very low-income families. Twenty-five apartments will be set-aside for homeless individuals and families with a variety of special needs. The Sugar Hill Apartments will provide supportive housing designed to meet the needs of the community with services covering educational enrichment, homelessness prevention, addiction recovery, mental health services and case management services. Additional financing will be provided by Low Income Housing Tax Credits, Housing Preservation and Development HOME funds, New York City Capital Funds, the New York State Homeless Housing and Assistance Program, and the Low Income Investment Fund. HSBC Bank USA, N.A. submitted the application for the AHP funding for this project.

The $1,124,008 grant for the New Haarlem Village Hope HDFC project will help fund the renovation of ten scattered-site buildings which contain 70 apartments for mixed-income households. Twenty-one of the seventy units are reserved for formerly homeless households. The renovation will preserve the apartments as affordable housing and ensure that the building systems remain in good condition. Additional financing will be provided by the New York City Department of Housing Preservation and Development and sponsor equity. Hudson Valley Bank submitted the application for the AHP funding for this project.

The $537,516 grant for the Roosevelt Lane Hope HDFC project will help fund the renovation of six scattered-site buildings which contain 45 apartments. It is a mixed-income project with apartments that will be affordable to very low- to moderate-income households and also contain market-rate units. Fourteen of the 45 units are reserved for formerly homeless households. The renovation will preserve the apartments as affordable housing and ensure that the building systems remain in good condition. Additional financing will be provided by the New York City Department of Housing Preservation and Development and sponsor equity. Hudson Valley 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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