Affordable Housing Program Awardees

January 26, 2012

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

FHLBNY Awards $640,000 in Affordable Housing Grants in Trenton,
Brick and Millstone Township

Three projects will create 37 homes for seniors and low-income households and individuals

Trenton, New Jersey – The Federal Home Loan Bank of New York announced today the awards of a $300,000 grant to the Rescue Mission of Trenton to help finance the Perry Street Supportive Permanent Housing project, which will construct a 15-unit apartment building at the site of a vacant warehouse in Trenton; a $240,000 grant to Homes Now, Inc. to help finance the Tudor Village Apartments project, which will create an independent living facility for developmentally and/or physically disabled residents in Brick; and a $100,000 grant to the Affordable Housing Alliance to help finance the Allen House Senior Housing project, which will create 10 apartments for very low-income seniors in Millstone Township. Home Loan Bank members Hopewell Valley Community Bank, OceanFirst Bank and Two River Community Bank submitted the applications for the funding.

“Each of the projects demonstrated merit in its own unique way to win financial support in this competitively bid program,” said Congressman Chris Smith of Robbinsville, N.J., who helped create the program signed into law by President George H.W. Bush in 1989. “The Brick project offers hope to individuals with developmental disabilities to have a home. The Millstone senior housing project is located close to a community center which has programs and services seniors could access. And the grant for the Trenton Rescue Mission helps address a great need in the City of Trenton. The Rescue Mission is a longstanding, highly reputable charitable institution in the area. It has helped many people who are down-and-out, and this worthwhile project will advance the Mission’s service to help the poorest and homeless in the community.”

Responding to the news of the grant approval, James Hyman, president and CEO, Hopewell Valley Community Bank, stated: “In words from its own website, ‘The (Rescue) Mission has always reached out to those least equipped to cope with the hardships of life.’ This grant will enable them to further that outreach and we are proud to have sponsored their application. The Federal Home Loan Bank of New York has truly come forward for Trenton with their action.”

Joseph J. Lebel III, chief lending officer and first senior vice president of OceanFirst Bank, said, “Homes Now helps many people in Ocean County and we proud to have the opportunity to assist in their successful efforts to receive a financing grant from the Federal Home Loan Bank of New York for the Tudor Village Apartments Project.”

William D. Moss, president and CEO of Two River Community Bank, stated, “I am extremely pleased that Two River Community Bank has once again supported the very worthwhile cause of affordable housing.”

“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 $300,000 grant for the Perry Street Permanent Supportive Housing project will help fund the demolition of a vacant warehouse and the construction of a three-story, 15-unit apartment building. Several of the apartments will provide supportive housing for single homeless men. The goal of the project is to assist residents in becoming self-sufficient, and case management services will be available on site. Additional financing will be provided by Special Needs Housing Trust Funds from the New Jersey Housing and Finance Agency, Regional Contribution Agreement funds provided by the City of Trenton, a capital grant from Hopewell Valley Community Bank, and sponsor equity. Hopewell Valley Community Bank submitted the application for the AHP funding for this project.

The $240,000 grant for the Tudor Village Apartments project will help create an independent living facility for developmentally and/or physically disabled residents. The project will provide homes for 12 very low-income households in a new two-story building. The project will include an on-site case management program with services available to meet each resident’s individual needs. The project is adjacent to commercial and retail areas. Additional financing will be provided by the New Jersey Housing and Mortgage Finance Agency Special Needs Trust Fund, an OceanFirst grant, Ocean County HOME and Community Development Block Grant funds, and the Brick Township Affordable Housing Trust. OceanFirst Bank submitted the application for the AHP funding for this project.

The $100,000 grant for the Allen House Senior Housing project will help fund the construction of 10 apartments for very low-income senior citizens. The project will be designed to foster privacy, accessibility, and to meet the physical needs of the elderly as they age in place. The site is in a residential neighborhood which is in close proximity to a community center and a commercial area. Additional financing will be provided by the U. S. Department of Housing and Urban Development 202 Program and the Monmouth County HOME program. Two River Community 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.

OceanFirst Bank
OceanFirst Bank, founded in 1902, is a federally-chartered savings bank with $2.3 billion in assets and twenty-four branches located in Ocean, Monmouth and Middlesex counties, New Jersey. The Bank is the largest and oldest community-based financial institution headquartered in Ocean County, New Jersey.

Two River Community Bank
Two River Community Bank is headquartered in Middletown, NJ and currently operates 15 branch locations in Monmouth and Union Counties and Regional Lending Offices located in New Brunswick and Summit. We are a full service bank that provides commercial and retail banking services to businesses, professionals, and individuals. For more information about Two River Community Bank, visit www.tworiverbank.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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