Affordable Housing Program Awardees

January 15, 2014

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

FHLBNY Awards a $565,925 Affordable Housing Grant in Canandaigua

Cadence Square project will create 43 rental units of supportive housing for veterans

Canandaigua, New York – The Federal Home Loan Bank of New York announced today the award of a $565,925 grant to Cazenovia Recovery Systems, Inc. to help finance the Cadence Square project, which will convert a vacant building into 43 units of supportive housing for veterans. M&T Bank, a member of the Federal Home Loan Bank of New York, submitted the application for the funding.

“Providing supportive and affordable housing for our veterans is a vital way we can care for those who have served our country,” Representative Tom Reed said. “With this grant, more of our veterans will not only receive housing, but also vocational rehabilitation and employment skills made available on the VA campus. I have long been a supporter of the Cadence Square project to provide our community with these services so greatly needed. With this facility we will give those who fought for our freedom a well-deserved home and hope in a supportive community.”

“The Cadence Square project in Canandaigua will make a tremendous contribution to the community by providing supportive housing for veterans near the VA Medical Center. We support the vision of Cazenovia Recovery Systems in aiding our military veterans and appreciate the help of the Federal Home Loan Bank and Congressman Tom Reed in obtaining this large grant for the project,” said Brad Dossinger, Regional Community Reinvestment Manager for M&T Bank.

“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.”

Cadence Square is a historic conversion project consisting of 43 rental units of supportive housing for veterans. The project is being developed on a 1.9-acre site located in the southwestern corner of the Canandaigua Veterans Administration Medical Center Campus. The existing building was most recently used as a Veterans Affairs office and had been vacant since 2001. All units will be targeted to very low-income individuals. The existing building will house 26 single room occupancy units and the remaining 17 apartment units will be constructed in an adjacent building on the same site. Other funding sources include the Key Community Development Corporation, Federal Low Income Housing Tax Credits, the New York State Homes and Community Renewal HOME Program, the New York State Office of Temporary Disability Assistance, the Homeless Housing Assistance Corp. and a United States Department of Veterans Affairs Capital Grant.

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 visit 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.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This report contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as "projected," "expects," "may," or their negatives or other variations on these terms. The Bank cautions that, by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, regulatory and accounting rule adjustments or requirements, changes in interest rates, changes in projected business volumes, changes in prepayment speeds on mortgage assets, the cost of our funding, changes in our membership profile, the withdrawal of one or more large members, competitive pressures, shifts in demand for our products, and general economic conditions. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.