Affordable Housing Program Awardees

January 26, 2012

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

FHLBNY Awards $3.7 Million in Affordable Housing Grants in Rochester

Eight projects will create or preserve 380 affordable homes

Rochester, New York – The Federal Home Loan Bank of New York announced today the awards of a $1,306,111 grant to the YWCA of Rochester and Monroe County to help fund the YWCA Supportive Housing Initiative, which will preserve 96 units of affordable, transitional and supportive housing for low- and very low-income households; a $500,000 grant to the Ibero-American Development Corp. to help fund the Huntington Park Apartments project, which will preserve 75 units of housing for moderate-to-very low-income households; a $500,000 grant to the NCS Community Development Corp. to help fund the NCS Rehab Program VII project, which will rehabilitate 50 homes belonging to very low-income households; a $345,000 grant to DePaul Properties, Inc. for the Neighborhood of the Arts project, which will rehabilitate four buildings and build a fifth to provide housing for 60 families; a $315,000 grant to the Isla Housing and Development Corp. to help fund the Corpus Christi Senior Apartments project, which will convert a vacant building into 42 units of housing for very low-income seniors; a $308,000 grant to the Rochester Housing Authority for the Frederick Douglass Apartments project, which will preserve 28 apartments for very low-income families; a $300,000 grant to the Providence Housing Development Corp. for the Rivendell Court Apartments project, which will rehabilitate 19 units of housing for very low-income individuals with mental illness or chemical addiction; and a $150,000 grant to Habitat for Humanity of Flower City for the JOSANA II project, which will create homeownership opportunities for 10 very low-income families. Home Loan Bank members M&T Bank, First Niagara Bank and The Canandaigua NB & Trust Company submitted the applications for the funding.

“For more than two decades, the Federal Home Loan Bank of New York has, through its Affordable Housing Program, been a tremendous partner to Rochester’s affordable housing community,” said Congresswoman Louise Slaughter (NY-28). “These grants from the Home Loan Bank, M&T, First Niagara and The Canandaigua NB & Trust Company continue that vital and supportive partnership, and will create or keep nearly 400 affordable homes in Rochester.”

“M&T Bank is gratified that we’ve been selected by the Federal Home Loan Bank of New York to help fund the YWCA Support Housing Initiative,” said Dan Burns, M&T Bank regional president for Rochester. “Affordable housing is important to this community because it improves the lives of low-income families, and together we’re making it possible by bringing together different funding sources to meet that challenge.”

“The applications submitted by First Niagara will provide more than $1 million of financing for the three projects, all together making available over 150 units of affordable housing in the City of Rochester,” said Leisha Gordon, vice president of Community Reinvestment at First Niagara Bank. “We are delighted to support our non-profit partners of Ibero-American Development Corp., DePaul Properties, Inc. and Providence Housing Development Corp. and look forward to working with them on their respective projects.”

As a member of the Federal Home Loan Bank of New York, Canandaigua National Bank & Trust is honored to participate in the projects sponsored by NCS Community Development Corp and the Rochester Housing Authority. “As the region’s only locally-owned, full service community bank, we are committed to supporting the renovation and rehabilitation of housing for very low-income families,” said Brendon Crossing, vice president at Canandaigua National Bank. Canandaigua National Bank, which has been servicing the area since 1887, has 24 branches in Ontario and Monroe counties as well as Financial Services Centers located in Bushnell’s Basin and Geneva. Together, they offer a full range of financial services for individuals, businesses, municipalities and not-for-profit organizations.

“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 $1,306,111 grant for the YWCA Supportive Housing Initiative will help fund the rehabilitation and preservation of 96 housing units, including emergency, transitional, supportive living and single-room occupancy units. Twenty of the units are reserved for individuals who are homeless or formerly homeless. The building is in critical need of rehabilitation and the community is in jeopardy of losing housing that is affordable to very low- and low-income households. Additional financing will be provided by City of Rochester HOME funds, the Community Preservation Corporation, and weatherization funds. M&T Bank submitted the application for the AHP funding for this project.

The $500,000 grant for the Huntington Park Apartments project will help fund the preservation of 75 housing units in a mixed-income development that will be affordable to very low-to-moderate-income households and also contain market-rate units. Additional financing will be provided by Low Income Housing Credits, City of Rochester HOME funds, deferred development fees, and a construction loan. First Niagara Bank submitted the application for the AHP funding for this project.

The $500,000 grant for the NCS Rehab Program VII project will help fund the rehabilitation of 50 homes of very low-income households. Due to the age of the city’s housing stock, a majority of the homes are in need of safety and code upgrades as well as structural improvements. Additional financing will be provided by the City of Rochester Community Development Block Grant funds and the New York State Affordable Housing Corporation. The Canandaigua NB & Trust Company submitted the application for the AHP funding for this project.

The $345,000 grant for the Neighborhood of the Arts project will help fund the rehabilitation of four buildings and the new construction of one building, which will provide housing for 60 families, 51 of which will include a member diagnosed with mental illness. Residents of these units will be assigned a case manager/counselor who will be responsible for assisting the individual in developing a personalized plan to increase his or her independence, productivity, and community integration. Additional financing will be provided by The National Equity Fund Low Income Housing Tax Credits, New York State Housing Finance Agency bonds, City of Rochester HOME funds, and New York State Housing Finance Agency Homes for Working Families funds. First Niagara Bank submitted the application for the AHP funding for this project.

The $315,000 grant for the Corpus Christi Senior Housing project will help fund the conversion of a vacant building into a senior citizen apartment complex. This conversion and rehabilitation will remove a blighted building from the neighborhood and provide 42 affordable housing units for very low-income seniors. The sponsor will provide on-site services that promote independent living and, if necessary, refer residents to additional off-site service providers. The project is in downtown Rochester, a “smart growth” location within walking distance to the central business district. Additional financing will be provided by the New York State Housing Trust Fund and City of Rochester HOME funds. M&T Bank submitted the application for the AHP funding for this project.

The $308,000 grant for the Frederick Douglass Apartments project will help fund the rehabilitation of six historic buildings that will preserve 28 apartments for very-low-income families. Although the buildings are occupied, tenants will not be displaced during the rehabilitation. Additional financing will be provided by the New York State Housing Trust Fund, tax exempt bonds, the City of Rochester HOME funds, the Rochester Housing Authority, and historic tax credit proceeds. The City of Rochester is also providing a write-down of pre-existing debt as a donation. The Canandaigua NB & Trust Company submitted the application for the AHP funding for this project.

The $300,000 grant for the Rivendell Court Apartments project will help fund the rehabilitation of 19 units of affordable rental housing for very low-income individuals with mental illness or a chemical addiction. Intensive case management services will be available on-site and the sponsor will also provide connections to providers of health care, vocational, educational, and mental health and addiction recovery services. Additional financing will be provided by a U. S. Housing and Urban Development capital grant, a RUSH Corporation loan, a City of Rochester lead hazard control grant, and First Niagara Bank, which also submitted the application for the AHP funding for this project.

The $150,000 grant for the JOSANA II project will provide mortgage buy-down assistance for the homeownership opportunities created by the project, which will provide 10 homes for very low-income families. These homes will be built on vacant lots owned by the City of Rochester, and will be constructed in close proximity to each other to enable the prospective homeowner families to work together and form a strong bond to create a new and safe community. To ensure success, homeowners must contribute “sweat equity” and participate in a mandatory education program that covers budgeting, maintaining a good credit rating, the closing process, and the importance of property insurance. 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.

About First Niagara
First Niagara, through its wholly owned subsidiary, First Niagara Bank, N.A., is a multi-state community-oriented bank that currently has approximately $31 billion in assets, $19 billion in deposits, more than 330 branches and 5,000 employees providing financial services to individuals, families and businesses across upstate New York, Pennsylvania, Connecticut and Massachusetts. For more information, visit www.firstniagara.com.

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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