Affordable Housing Program Awardees

January 15, 2014

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

FHLBNY Awards a $1.18 Million Affordable Housing Grant in Livingston Manor

Hemlock Ridge Preservation project will create 60 new affordable townhouses

Livingston Manor, New York – The Federal Home Loan Bank of New York announced today the award of a $1.18 million grant to the Housing Action Council to help finance the Hemlock Ridge Preservation project, which will demolish an obsolete affordable housing project to create 60 new modular townhouse units of affordable housing. M&T Bank, a member of the Federal Home Loan Bank of New York, submitted the application for the funding.

“The grant funding provided by the Federal Home Loan Bank of New York and M&T Bank will help keep this vital affordable housing in Livingston Manor,” said Congressman Chris Gibson (NY-19). “This will be an important asset for my constituents in Sullivan County, and I look forward to continuing to be supportive of this project as it moves ahead.”

“M&T has a long history of investing in our communities by using a variety of funding sources to finance the construction and rehabilitation of safe and affordable housing. By partnering with the Federal Home Loan Bank, we’re able to bring additional access this grant of more than $1 million for the Housing Action Council to construct 60 new modular townhouse units in Livingston Manor,” said Eric Dahl, Regional CRA Officer 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.”

The Hemlock Ridge Preservation project involves the demolition of an existing affordable housing project that is functionally obsolete and the new construction of 60 new modular townhouse units of affordable housing. The current residents will be temporarily relocated on site as the demolition and construction will be done in phases. Upon completion, the project will include 27 two-bedroom units and 33 three-bedroom units. An on-site community room will be used to provide empowerment activities and supportive services. Other financing sources include Federal and State Low Income Housing Tax Credits and the New York State Housing Finance Agency.

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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