Affordable Housing Program Awardees

January 15, 2014

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

FHLBNY Awards $3.2 Million in Affordable Housing Grants in Auburn, Baldwinsville and North Syracuse

Four projects will create or rehabilitate more than 480 affordable homes

Syracuse, New York – The Federal Home Loan Bank of New York announced today the award of a $1,268,902 grant to the Stryker Housing Development Fund Company, Inc. to help finance the Stryker Homes Apartments project, which will rehabilitate a 103-unit facility which houses seniors and disabled individuals in Auburn; a $995,000 grant to the Isla Housing and Development Corporation to help finance the Riverknoll at Radison, Phase III Senior Housing project, which will build 80 units of senior housing in Baldwinsville; a $500,000 grant to Arbor Development to help finance the Oak Creek Townhomes project, which will preserve 150 working family homes in Auburn; and a $450,000 grant to Heritage Christian Services, Inc. to help finance the Centerville Court Apartments project, which will acquire and rehabilitate a 152-unit apartment complex for low- and very low-income seniors in North Syracuse. Federal Home Loan Bank of New York members First Niagara Bank and M&T Bank submitted the applications for the funding.

“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.”

“First Niagara is committed to revitalizing Central New York’s neighborhoods and empowering our community to thrive,” said David Kavney, First Niagara. “We are proud to work with the Federal Home Loan Bank of New York to help families realize their dream of home ownership and provide safe, affordable housing opportunities for all citizens. Together, we are building a better future for our region.”

“First Niagara believes in making Central New York a better place. This partnership is an opportunity to make a real difference for the people served by the housing organizations working to rebuild our community,” added Karla Gadley, Vice President of Community Reinvestment at First Niagara.

“Financing affordable housing in Central New York has been a focus of M&T Bank for many years and these grants will allow for the preservation and rehabilitation of two housing complexes within our community,” said Beverly Fair-Brooks, Regional Community Reinvestment Officer for M&T Bank. “This FHLB grant to Arbor Development will help improve the quality of life for many families at Oak Creek Townhomes and the grant to Heritage Christian Services will help fund renovations to senior housing units at the Centreville Court Apartments in North Syracuse.”

The Stryker Homes Apartments project involves the rehabilitation of a 103-unit facility that houses seniors and disabled individuals. The building has experienced major leaks and issues with the plumbing infrastructure and needs to be completely redone. The units provide affordable housing to elderly residents, the majority of whom are below 50 percent of the area median income level. First Niagara Bank submitted the application for this funding. Additional financing will be provided by the project's reserve funds.

The Riverknoll at Radisson project involves the new construction of 68 one-bedroom apartments and 12 two-bedroom apartments which will be made available to very low-income seniors. First Niagara Bank submitted the application for this funding. Additional financing will be provided by the New York State Homes and Community Renewal Housing Trust Fund, Federal Low Income Housing Tax Credits and First Niagara Bank.

The Oak Creek Townhomes project involves the preservation and moderate rehabilitation of a multi-family affordable rental apartment community. The project consists of 150 two-story townhomes within 27 buildings. The target population is low- and very low-income working families. M&T Bank submitted the application for this funding. Additional financing will be provided by the New York State Division of Housing and Community Renewal, Federal Low Income Housing Tax Credits and New York State Housing Finance Agency tax exempt revenue bonds.

The Centerville Court Apartments project involves the acquisition and rehabilitation of a 152-unit garden apartment complex which houses low- and very low-income seniors. The renovations will convert 16 of the units to be fully handicap-accessible, and an additional nine units will be made accessible for persons with audio or visual impairments. The rehabilitation scope of work will preserve this essential supply of affordable senior housing. M&T Bank submitted the application for this funding. Other funding sources include the New York State Homes and Community Renewal Housing Trust Fund, Federal Low Income Housing Tax Credits and JPMorgan Chase Bank.

The grants are 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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