Affordable Housing Program Awardees

January 15, 2014

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

FHLBNY Awards $3.9 Million in Affordable Housing Grants in Monroe County

Seven projects will create or rehabilitate 324 affordable homes

Rochester, New York – The Federal Home Loan Bank of New York announced today the award of a $1.5 million grant to the Isla Housing and Development Corporation to help finance the Harris Park Apartments project, which will rehabilitate 114 units of affordable housing; a $710,000 grant to DePaul Properties, Inc. to help finance The Carriage Factory project, which will convert a vacant warehouse into 71 affordable units of housing; a $241,625 grant to the Providence Housing Development Corporation to help finance the Son House Apartments project, which will build 21 units of supportive housing for homeless individuals; and a $540,000 grant to Charles Settlement House, Inc. to help finance the Stadium Estates project, which will build 45 affordable homes for low- and very low-income families. These four projects will be based in Rochester. Additionally, the Home Loan Bank announced the award of a $750,000 grant to CDS Monarch to help finance the CDS Monarch Senior Living project, which will create 50 units of affordable housing for seniors in Webster; a $71,200 grant to Heritage Christian Services, Inc. to help finance the Railroad Mills project, which will rehabilitate a long-term supportive living facility for developmentally disabled adults in Pittsford; and a $123,500 grant to Goose II Housing Development Fund Corporation, Inc. to help finance the Goose II Senior Apartments project, which will build 19 units of housing for very low-income seniors in West Henrietta. Federal Home Loan Bank of New York members First Niagara Bank and M&T Bank submitted the applications for the funding.

“I have been a long-time advocate for affordable housing and community development initiatives, and I thank the Federal Home Loan Bank of New York for helping to provide affordable housing for our friends and families,” Rep. Louise Slaughter said. “Recent media reports have highlighted the economic struggles in our area and these grants reinforce our commitment to address the critical need for affordable housing and economic revitalization in Rochester.”

“First Niagara is committed to revitalizing neighborhoods and empowering our community to thrive,” said Suzanne Nasipak-Chapman, First Niagara Rochester 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 the Rochester area 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.

“Safe and affordable housing is an important need in any community which requires lending support from banks like M&T and many other financing sources. We appreciate the role of our partners at the Federal Home Loan Bank in providing nearly $4 million in grant to these projects in the Rochester area,” said Beverly Fair-Brooks, Regional Community Reinvestment Officer at 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 Harris Park Apartments project involves the rehabilitation of 114 units of housing, which will take place with no displacement of the current residents. Sixty- three of the units are covered by HUD Section 8 Project Based Vouchers and will be affordable to very low-income residents. First Niagara Bank submitted the application for this funding. Additional financing will be provided by the New York Housing Finance Agency and Federal Low Income Housing Tax Credits.

The Carriage Factory project involves the rehabilitation of a vacant four-story warehouse; following the rehabilitation, the building will contain 71 units of housing for very low-income residents. The New York State Office of Mental Health will provide subsidies for 39 units. First Niagara Bank submitted the application for this funding. Additional financing will be provided by City of Rochester HOME funds, the Community Preservation Corporation, the New York State Division of Housing and Community Renewal, Federal and State Low Income Housing Tax Credits, Historic Tax Credits and the New York State Housing Trust Fund Corporation.

The Son House Apartments project involves the new construction which will provide 21 permanent supportive housing apartment units for homeless individuals and will be rented to homeless individuals below 50 percent of average median income. First Niagara Bank submitted the application for this funding. Other funding sources will include City of Rochester HOME funds, the New York State Housing Trust Fund and the Office of Temporary Disability Assistance Homeless Housing Assistance Program.

The Stadium Estates is a scattered-site, new construction rental project consisting of 45 units of housing throughout 28 buildings. Of the total 45 units, 60 percent will be occupied by very low-income families and 40 percent will be reserved for low-income families. M&T Bank submitted the application for this funding. Additional financing will be provided by City of Rochester HOME funds, the Greater Rochester Housing Partnership, the Housing Trust Fund, the Richman Group and Federal Low Income Housing Tax Credits.

The CDS Monarch Senior Living project involves the new construction of 50 affordable apartments located on a five-acre site adjacent to CDS Monarch’s headquarters and Wolf Life Transitions Center, a supportive services facility in Webster. The 50 units, which will be available to low- and very low-income seniors, represent the first of up to four phases of potential development on the property. First Niagara Bank submitted the application for this funding. Other funding sources include the Monroe County HOME Program, a New York State Homes and Community Renewal Housing Trust Fund Loan, Federal and State Low Income Housing Tax Credits and a construction loan from First Niagara Bank.

The Railroad Mills project involves the rehabilitation of a long-term supportive living facility for developmentally disabled adults. The facility currently consists of five bedrooms, a shared kitchen, two full and one half bath, laundry facilities, living room, dining room and office. The units are affordable for very low-income individuals. The project has been in existence for 14 years and is in need of capital improvements to extend its useful life. First Niagara Bank submitted the application for this funding. Additional financing will be provided by the New York State Office for People with Developmental Disabilities, equity from the sponsor and the project’s replacement reserves.

The Goose II Senior Apartments project involves the construction of a 20-unit apartment building which will offer 19 affordable homes to very low-income seniors age 62 and older. One unit will be set aside for the property manager. The project will also include a multi-purpose room with kitchen area to be used for a variety of educational, social and recreation activities for the residents, laundry room, a computer lab and on-site parking. M&T Bank submitted the application for this funding. Other funding sources include the Monroe County HOME Program and the U.S. Department of Housing and Urban Development.

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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