Affordable Housing Program Awardees

January 26, 2012

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

FHLBNY Awards $225,000 in Affordable Housing Grants in Webster

Two projects will create or preserve 12 supportive homes for disabled individuals

Webster, New York – The Federal Home Loan Bank of New York announced today the awards of a $120,000 grant to Heritage Christian Services, Inc. to help finance the Schlegel Road project, which will rehabilitate an existing long-term supportive living facility which provides six supportive homes; and a $105,000 grant, also to Heritage Christian Services, Inc., to help finance the Philips Road project, which will create a new long-term supportive living facility which will also provide six supportive homes for developmentally disabled individuals. First Niagara Bank, a member of the Federal Home Loan Bank of New York, submitted the applications for the funding.

“These Affordable Housing Program grants from the Federal Home Loan Bank of New York and First Niagara will help preserve six homes and create six more, ensuring that there is supportive housing in Webster for those who need it most,” said Congresswoman Ann Marie Buerkle (NY-25).

“Heritage Christian Services, Inc. has a long history of providing quality, affordable and supportive housing for developmentally disabled individuals throughout upstate New York,” said Leisha Gordon, vice president of Community Reinvestment at First Niagara Bank. “As a committed stakeholder in the community, First Niagara is pleased to support their efforts.”

“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 $120,000 grant for the Schlegel Road project will help fund the rehabilitation of an existing long-term supportive living facility which will preserve quality affordable housing with supportive services for six developmentally disabled individuals. The facility has been in existence for more than 13 years and is currently in need of capital improvements. The service coordinators will work with the individuals to enable them to achieve the highest degree of independence possible, based on their developmental disability. Additional financing will be provided by the sponsor.

The $105,000 grant for the Philips Road project will help fund the construction of a new long-term supportive living facility which will provide supportive services for six developmentally disabled individuals. Residents will have easy access to recreational/cultural activities, shopping, religious services, medical services, adult pre-vocational/vocational centers, sheltered employment and training/day treatment services. Additional financing will be provided by the New York State Office for People with Developmental Disabilities, Key Bank and sponsor equity.

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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