Affordable Housing Program Awardees

January 15, 2014

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

FHLBNY Awards a $507,727 Affordable Housing Grant in White Plains

Grant will help fund rehabilitation of housing for homeless men

White Plains, New York – The Federal Home Loan Bank of New York announced today the award of a $507,727 grant to Grace Church Community Center, Inc. to help finance the rehabilitation of the Open Arms Men’s Shelter, which provides 52 beds in three large congregate dorms for homeless men. CMS Bank, a member of the Federal Home Loan Bank of New York, submitted the application for the funding.

“For years, Open Arms Men’s Shelter has provided critical services to those in need. In partnership with Grace Community Church and through the participation of many local religious organizations, it has long stood as an example of the spirit of service and compassion in the Lower Hudson Valley,” said Congresswoman Nita Lowey (D-Westchester/Rockland). “I am so pleased that with this generous investment, the shelter can enhance its facilities and continue serving our 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 Open Arms Men’s Shelter currently provides 38 transitional shelter beds and 14 emergency shelter beds to homeless single men in three large congregate dorms. The number of beds will remain the same in the reconfigured facility but will more appropriately house residents in singles, doubles and smaller dorm rooms. There will also be a conversion of the second floor office space to housing as part of the rehabilitation efforts. Additional financing will be provided by the New York State Office of Temporary Disability Assistance Homeless Housing Assistance Program.

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.

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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