Affordable Housing Program Awardees

January 15, 2014

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

FHLBNY Awards a $442,500 Affordable Housing Grant in Toms River

Freedom Village at Toms River will provide 72 units of affordable housing

Toms River, New Jersey – The Federal Home Loan Bank of New York announced today the award of a $442,500 grant to Project Freedom, Inc. to help finance the Freedom Village at Toms River project, which will construct a 72-unit affordable rental housing community on 10 acres of land in Toms River. Investors Bank, a member of the Federal Home Loan Bank of New York, submitted the application for the funding.

“Although the economy has shown some signs of improvement, I know that people in South Jersey are still struggling,” said Congressman Runyan (NJ-3). “Federal affordable housing programs play a critical role in helping families get back on their feet. The Affordable Housing Program has been very successful in supporting housing initiatives across New Jersey, and I applaud the Federal Home Loan Bank of New York and Investors Bank for their decision to invest in much-needed affordable rental housing in Toms River.”

“We support the Affordable Housing Program’s development of rental housing in Toms River because we are focused on making a positive difference in the communities we serve in Southern New Jersey and across the Garden State,” said Investors Bank President and CEO Kevin Cummings. “Investors recently completed the acquisition of Roma Bank, and we are continuing Roma’s tradition of helping individual and families live in safe, affordable and well built homes. Our belief is that a good home is key to living a more fulfilled life.”

“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.”

Freedom Village at Toms River will consist of a 72-unit affordable housing rental community on 10 acres of land. The surrounding area is mixed zoning with both residential units and businesses. The units will be available to low- and very low-income households, and will be totally self-sufficient. The building will include green features and conform to New Jersey Energy Star V-3 requirements. Additional financing will be provided by the National Equity Fund, Federal Low Income Housing Tax Credits, the New Jersey Mortgage and Housing Finance Agency Fund for Restoration of Multifamily Housing, the Sandy Special Needs Housing Fund Community Development Block Grant Program, TD Bank, and Toms River Affordable Housing funds.

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 Investors Bank
Investors Bank is a full-service community bank that has been serving customers since 1926. With $13.8 billion in assets and a network of 125 retail branches in New Jersey, New York City and Long Island. Investors Bank delivers personalized services and products tailored to the needs of its customers. Investors’ consumer banking services include complete deposit products, online banking, home equity loans and lines of credit and a full array of mortgage loans.

Serving the business community, Investors provides deposit accounts, cash management services, business loans and lines of credit, and commercial real estate financing solutions to small and middle market companies, professional services firms, municipalities and other businesses. Investors Bank is a member of the FDIC and an Equal Housing Lender.

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.