Affordable Housing Program Awardees

January 15, 2014

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

FHLBNY Awards a $300,000 Affordable Housing Grant in Albany

New and rehabilitated buildings will create 57 units of affordable housing

Albany, New York – The Federal Home Loan Bank of New York announced today the award of a $300,000 grant to the Albany Housing Authority to help finance the South End Revitalization Phase III project, which will build upon a comprehensive, multi-phase neighborhood renewal program to create housing for low-income working families in the South End neighborhood of Albany. M&T Bank, a member of the Federal Home Loan Bank of New York, submitted the application for the funding.

“These grants will help transform our neighborhoods, creating much-needed affordable housing opportunities in Albany's South End,” said Congressman Paul Tonko (NY-20). “Through a combination of new construction and rehabilitation, these efforts revitalize our communities and provide potential for new business and economic mobility for our neighbors. I would like to thank Al DelliBovi and his team for their tireless work on behalf of our region and New York State.”

“M&T Bank understands that decent, affordable housing is one of many ingredients people need to succeed,” said Eric Dahl, M&T Bank’s Regional CRA Officer. “We continue to work with the Albany Housing Authority, Omni Housing Development and others to make effective and lasting investments in the South End and our other neighborhoods.”

“This year marks the 25th anniversary of the creation of the Affordable Housing Program,” said Alfred A. DelliBovi, president and CEO of the Federal Home Loan Bank of New York. “In that time, the Home Loan Bank has been honored to partner with both our members and scores of terrific non-profit housing organizations across the region to help build affordable homes. Thanks to the hard work of these community institutions, as well as the support the Program continues to receive from Congress, the AHP has become one of the most successful housing programs in the nation.”

The South End Revitalization Phase III project will build upon South End Revitalization I and II, the first and second components of a comprehensive, multi-phase neighborhood renewal plan generated by a diverse team of area residents and local officials. This is a scattered site project consisting of three rehabilitated buildings and five newly constructed buildings. Seven of the 57 units will be developed by rehabilitating three mid-to-late nineteenth century row houses along a main commercial avenue in the neighborhood. The buildings are in the National Historic District and qualify for historic tax credits. Residents will benefit from various services offered by the Albany Housing Authority, which will manage the units. Other funding sources include the Albany Housing Authority, Federal Low Income Housing Tax Credits, Historic Preservation Tax Credits, the New York State Housing Trust Fund and PNC Bank.

The grant is part of $35.5 million in Affordable Housing Program (“AHP”) subsidies that the Federal Home Loan Bank of New York will award as its 2013 AHP grant round. In total, these grants will help finance 48 affordable housing initiatives which will create or preserve 3,072 units of affordable housing, including more than 2,200 units of very low-income housing, in New Jersey, New York, Puerto Rico, the U.S. Virgin Islands, Florida, Maryland and Pennsylvania. The 12 Federal Home Loan Banks have distributed more than $4.8 billion in AHP funds since 1990. At the Federal Home Loan Bank of New York, the AHP has supported 1,386 projects with nearly $475 million in grants, helping to create or preserve 60,250 units of affordable housing and generating an estimated $8.5 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 M&T Bank
M&T Bank, founded in Buffalo, New York in 1856, serves customers at more than 725 branch offices in New York, Pennsylvania, Maryland, Delaware, Virginia, West Virginia and the District of Columbia. For more information, visit www.mtb.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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