Affordable Housing Program Awardees

January 15, 2014

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

FHLBNY Awards $3.59 Million in Affordable Housing Grants in Henderson and Surrounding Counties

Two projects will rehabilitate nearly 250 units of affordable housing

Henderson, New York – The Federal Home Loan Bank of New York announced today the award of a $390,000 grant to the Harbor View Housing Development Fund Company, Inc. to help finance the Henderson School Apartments project, which will rehabilitate a 24-unit facility which houses seniors and disabled individuals in Henderson; and a $3.2 million grant to Snow Belt Housing to help finance the New York Rural Preservation project, which will rehabilitate seven separate sites consisting of 218 affordable housing units across Delaware, Oswego, Saratoga and Washington counties. First Niagara Bank, a member of the Federal Home Loan Bank of New York, submitted the applications for the funding.

“These grants are vital investments in the economy’s overall health,” Representative Bill Owens (NY-21) said. “Housing upgrades at the Henderson School Apartment Complex will give seniors and the disabled healthier, safer places to live. Additionally, Snow Belt Housing’s work in neighborhoods across the 21st District will provide hundreds of families with affordable places where they can build financial savings and climb into the middle-class. I commend First Niagara, Snow Belt Housing and the Harbor View Housing Development Fund Company for working with the Federal Home Loan Bank of New York to bring this important economic support to my constituents.”

“First Niagara is committed to revitalizing Central New York’s neighborhoods and empowering our community to thrive,” said David Kavney, First Niagara Central New York Market Executive. “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.

“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 Henderson School Apartments renovation project involves the rehabilitation of a 24-unit housing facility which houses seniors and disabled individuals. The building was originally converted into housing in 1995, and includes 23 one-bedroom units, as well as a unit for the live-in superintendent. The rehabilitation work includes new windows, roof, exterior repairs and the replacement of the heating system. The project is targeted to very low-income seniors, and their rent will be subsidized by the HUD 202 Program. The Affordable Housing Program funds and existing reserves will finance repairs costs. Additional financing will be provided by the project’s replacement reserves.

The New York Rural Preservation project involves the rehabilitation of seven separate sites located in five different counties providing housing to moderate-, low- and very low-income families. Of the 218 units, 194 are one-bedroom units and 24 are two-bedroom units. The tenants will be able to remain in place during the rehabilitations. All of the properties have community rooms and laundry facilities, and many of the properties have additional community space for onsite programs. Other funding sources include a New York State Housing Finance Agency mortgage funded by tax exempt bonds, the Housing Finance Agency and Federal Low Income Housing Tax Credits.

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.

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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