Affordable Housing Program Awardees

February 2, 2015

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

FHLBNY Awards a $420,000 Affordable Housing Grant in Brooklyn

Grant will help create 28 units of permanent supportive housing

Brooklyn, New York – The Federal Home Loan Bank of New York announced today the award of a $420,000 grant to Housing Works, Inc. to help finance the Housing Works Hull Street Residence project, which will create 28 units of permanent housing that will provide supportive services to very low-income, homeless adults. HSBC Bank USA, a member of the Federal Home Loan Bank of New York, submitted the application for the funding.

“This is an important step in the right direction. In recent years we’ve seen an alarming decline in the availability of safe, stable, affordable housing,” said Congressman Hakeem Jeffries (NY-8). “We are hopeful that this $420,000 grant from the Federal Home Loan Bank of New York will set an example for other institutions who want to be helpful in providing reasonably-priced housing in Brooklyn. All parties involved should be commended for their hard work in making this happen.”

“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.”

“Every unit of affordable housing lays a foundation for individual well-being and personal growth, a positive ripple into the broader community,” said Marie Pedraza, Vice President and Senior Regional Community Development Manager, HSBC Bank USA. “We applaud the Federal Home Loan Bank of New York, our partners and all the awardees for their dedicated efforts to develop and maintain affordable housing.”

The Housing Works Hull Street Residence will provide 28 units of permanent housing and supportive services to very low-income, homeless single adults, many of whom are expected to be persons living with HIV/AIDS. The project will be built on a vacant lot and consist of studio apartments. Residents will have access to a complete range of empowerment activities on-site, at other Housing Works locations, and through local community-based service providers. Services will include healthcare, independent living skills training and the ability to enroll in the Housing Works Job Training Program. The grant will be used towards construction costs. Additional financing will be provided by the New York State Homeless Housing Assistance Corporation, Deutsche Bank Supportive Housing Acquisition and Rehabilitation Effort (“SHARE”) and HSBC Bank USA.

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.

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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