Affordable Housing Program Awardees

February 2, 2015

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

FHLBNY Awards a $1.9 Million Affordable Housing Grant in the Bronx

The Webster Residences will provide more than 400 units of affordable housing

Bronx, New York – The Federal Home Loan Bank of New York announced today the award of a $1.9 million grant to Common Ground Community II to help finance the Webster Residences project, which involves the construction of 417 units of affordable housing for low- and very low-income households. Astoria Bank, a member of the Federal Home Loan Bank of New York, submitted the application for the funding.

“Throughout the years, the Federal Home Loan Bank of New York has been instrumental in expanding access to affordable housing in New York City,” said Congressman José E. Serrano (NY-15). “This Affordable Housing Program grant will help finance an important project in the Bronx that seeks to convert an abandoned warehouse into 400 much-needed affordable housing units. More importantly, the project will expand housing in an inclusive manner that takes into consideration the needs of special groups and the community as a whole.”

“For the past 25 years, the Federal Home Loan Bank of New York and our members have used Affordable Housing Program grants to support affordable housing initiatives across our region,” said José R. González, president and CEO of the Federal Home Loan Bank of New York. “In that time, we have been honored to partner with many outstanding housing organizations to help provide quality housing for those who need it most. Through the hard work of those organizations, and with the continued support of Congress, the Affordable Housing Program remains one of the most successful housing programs in the nation and a source of pride for our cooperative.”

“Financing for affordable housing is critically important for our communities and, as a member of the Federal Home Loan Bank of New York, we are pleased to support the Webster Residences housing initiative,” said Monte N. Redman, President and CEO of Astoria Bank. “We’re proud to continue our involvement in the ongoing efforts to meet the demand in New York for quality housing for low- and very-low-income families.”

The Webster Residences project involves the construction of 417 units of affordable housing for low- and very low-income households. The site is currently occupied by a vacant warehouse. The Webster Residences will consist of two buildings, one containing supportive housing units and the other containing affordable housing for families. Of the total units, 105 will be set aside for homeless individuals with a mental illness, and 34 units will be set aside for artists’ housing. A number of on-site empowerment activities and social services will be provided to assist residents of the supportive housing to maintain a stable tenancy. The grant will be used to partially fund construction costs. Additional financing will be provided by tax-exempt bonds issued by the New York City Housing Development Corporation, Low Income Housing Tax Credits, the Department of Housing Preservation and Development, New York City Resolution A funding, the New York State Homeless Housing Assistance Corporation, and the New York State Office of Mental Health.

The grant is part of $22.1 million in Affordable Housing Program (“AHP”) subsidies that the Federal Home Loan Bank of New York will award as its 2014 AHP grant round. In total, these grants will help finance 28 affordable housing initiatives in New Jersey, New York, Connecticut, Maryland, Ohio and Pennsylvania which will create or preserve 2,387 units of affordable housing, including more than 1,400 units of very low-income housing and more than 2,300 units of rental housing. The 12 Federal Home Loan Banks have distributed more than $5.1 billion in AHP funds since the first awards were granted in 1990. At the Federal Home Loan Bank of New York, the AHP has supported 1,376 projects with more than $450 million in grants, helping to create or preserve nearly 60,000 units of affordable housing and generating an estimated $8.4 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 by Congress 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 Astoria Financial Corporation
Astoria Financial Corporation (NYSE: AF), with assets of $15.6 billion, is the holding company for Astoria Bank. Established in 1888, Astoria Bank, with deposits in New York totaling $9.5 billion, is the second largest thrift depository in New York and provides the customers and local communities it serves with quality financial products and services through 87 convenient banking branch locations, one business banking office, and multiple delivery channels, including its enhanced website, Astoria Bank 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 Bank originates multi-family and commercial real estate loans, primarily on rent controlled and rent stabilized apartment buildings, located in New York City and the surrounding metropolitan area and 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 correspondent relationships covering 13 states and the District of Columbia.

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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