Affordable Housing Program Awardees

January 15, 2014

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

FHLBNY Awards $2 Million in Affordable Housing Grants in New York City

Two projects will create more than 200 affordable homes

New York, New York – The Federal Home Loan Bank of New York announced today the award of a $1,082,304 grant to Artspace Project, Inc. to help finance the El Barrio Artspace project, which will convert a vacant and abandoned school listed on the National Register of Historic Places into a 90-unit apartment complex that will provide homes for low- and very low-income artists and their families in Manhattan; and the award of a $1,000,000 grant to Concern for Independent Living, Inc. to help finance the Norwood Terrace project, which will construct an apartment building offering 115 units of affordable housing in the Bronx. Federal Home Loan Bank of New York members Signature Bank (NASDAQ:SBNY) and Astoria Federal Savings submitted the applications for the funding.

“For more than two decades, the Affordable Housing Program has continuously supported affordable housing initiatives across New York City,” said Congressman Charles B. Rangel (NY-13). “I applaud the Federal Home Loan Bank of New York, Signature Bank and Astoria Federal Savings for providing these generous grants that will greatly benefit our families in New York City."

“Signature Bank is committed to enhancing the health and sustainability of communities throughout the City of New York. As a Federal Home Loan Bank member, we are pleased to sponsor the efforts of leading community development organizations such as Artspace,” noted Joseph J. DePaolo, President and Chief Executive Officer at Signature Bank. “This generous grant from the Federal Home Loan Bank of New York’s Affordable Housing Program will bring significant resources to this burgeoning, vital community. It will aid in establishing 90 units of affordable housing as well as creative work and community space, all of which will contribute to the growth of this culturally vibrant neighborhood,” DePaolo said.

“Affordable housing is in great demand throughout New York. Together with the Federal Home Loan Bank of New York, we are proud to assist Concern for Independent Living with financing for this exciting initiative,” said Monte N. Redman, President and Chief Executive Officer of Astoria Federal Savings. “This large-scale project will be a tremendous addition to the Bronx community.”

“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 El Barrio Artspace project involves the conversion of a vacant and abandoned school, listed on the National Register of Historic Places, into a 90-unit apartment complex which will house low- and very low-income artists and their families. The project will consist of 50 studio apartments, 18 one-bedroom apartments, 21 two-bedroom apartments and one two-bedroom apartment which will be reserved for the live-in superintendent. The complex will feature a large community room, two courtyard spaces and nearly 10,000 square feet of space for community and arts organizations. Signature Bank submitted the application for the funding for this project. Other funding sources for this project will include Capital One Bank, Federal Economic Development Initiative funds, the New York City Department of Housing Preservation and Federal Low Income Housing Tax Credits

The Norwood Terrace project involves the new construction of a 115-unit apartment building, with 58 single-room occupancy apartments, 17 one-bedroom apartments, 37 two-bedroom apartments and two three-bedroom apartments. All community spaces will be fully handicap-accessible. The building will be constructed in accordance with Enterprise Green Building Communities and the NYSERDA Multi-Family Performance Program. Astoria Federal Savings submitted the application for the funding for this project. Additional sources of funding on this project include New York City Housing Preservation and Development funds, the Supportive Housing Loan Program, New York State Housing Finance Agency Tax-Exempt Revenue Bonds, New York State Medicaid Redesign Team Affordable Housing Work Group Funding and Federal Low Income Housing Tax Credits.

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 Signature Bank
Signature Bank, member FDIC, is a New York-based full-service commercial bank with 27 private client offices throughout the New York metropolitan area. The Bank’s growing network of private client banking teams serves the needs of privately owned businesses, their owners and senior managers. Signature Bank offers a wide variety of business and personal banking products and services. The Bank operates Signature Financial, LLC, a specialty finance subsidiary focused on equipment finance and leasing, transportation financing and taxi medallion financing. Investment, brokerage, asset management and insurance products and services are offered through the Bank’s subsidiary, Signature Securities Group Corporation, a licensed broker-dealer, investment adviser and member FINRA/SIPC.

Since commencing operations in May 2001, the Bank has grown to $21.0 billion in assets, $16.05 billion in deposits, $1.76 billion in equity capital and $1.76 billion in other assets under management as of September 30, 2013. Signature Bank's Tier 1 and risk-based capital ratios are significantly above the levels required to be considered well capitalized.

Signature Bank operates 27 offices throughout the New York metropolitan areas, including nine in Manhattan; three in Brooklyn, two in Westchester, seven on Long Island, three in Queens, two on Staten Island and one in the Bronx. For more information, please visit

About Astoria Financial Corporation
Astoria Financial Corporation (NYSE: AF), with assets of $16.0 billion, is the holding company for Astoria Federal Savings and Loan Association. Established in 1888, Astoria Federal, with deposits in New York totaling $10.1 billion, is the second largest thrift depository in New York and embraces its philosophy of “Putting people first” by providing the customers and local communities it serves with quality financial products and services through 85 convenient banking branch locations, one business banking office, and multiple delivery channels, including its enhanced website, Astoria Federal commands a significant deposit market share in the attractive Long Island market, which includes Brooklyn, Queens, Nassau, and Suffolk counties with a population exceeding that of 38 individual states. Astoria Federal originates residential mortgage loans through its banking and loan production offices in New York, a broker network in four states, primarily along the East Coast, and through correspondent relationships covering nine states and the District of Columbia. Astoria Federal also originates multi-family and commercial real estate loans, primarily on rent controlled and rent stabilized apartment buildings, located in New York City and the metropolitan area.

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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