Affordable Housing Program Awardees

February 2, 2015

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

FHLBNY Awards $1.2 Million in Affordable Housing Grants in Buffalo

Two projects will create or rehabilitate 76 units of affordable housing

Buffalo, New York – The Federal Home Loan Bank of New York announced today the award of a $1,036,000 grant to The Evergreen Foundation of West New York, Inc. to help finance the Evergreen Lofts Supportive Apartments project, which will convert a five-story vacant building into 56 affordable apartments; and the award of a $200,000 grant to the University District Community Development Association to help finance the UDCDA Home Repair Program, which will rehabilitate 20 owner-occupied homes. Federal Home Loan Bank members First Niagara Bank and Evans Bank, N.A. submitted the applications for the funding.

“This represents major investments in Buffalo’s University and Fruit Belt neighborhoods,” said Congressman Brian Higgins. “I commend the partners involved for their commitment to rebuilding our community through affordable living opportunities and community rehabilitation efforts.”

“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.”

“First Niagara is a huge proponent of initiatives that increase self-sufficiency, stabilize housing and improve our neighborhoods,” said Buford Sears, First Niagara Regional President, Western New York. “We’re proud to work with the Federal Home Loan Bank of New York to contribute to stronger, more diverse and thriving communities.”

“First Niagara is committed to strengthening our community and enhancing the economic vitality of our region. Our partnership with the Federal Home Loan Bank of New York will help provide safe, affordable housing opportunities for all Western New Yorkers,” said Karla Gadley, First Niagara Vice President of Community Reinvestment.

The Evergreen Lofts Supportive Apartments project will convert a five-story vacant building into 56 apartments which will be available to low- and very low-income individuals and families. Twenty-eight of the units will be set aside for homeless individuals who also have a chronic medical condition. The project will be a Housing First apartment complex that will provide safe, permanent and affordable housing. Housing First is an alternative to emergency shelter/transitional housing, and moves homeless individuals or households immediately from the streets or shelters into apartments. The grant will be used to finance construction costs. Additional financing will be provided by the Homeless Housing and Assistance Corporation, New York State and Federal Historic Tax Credits, Low Income Housing Tax Credits, the New York State Housing Finance Agency and Homes for Working Families. First Niagara Bank submitted the application for the funding for this project.

The UDCDA Home Repair project involves the rehabilitation of 20 owner-occupied homes in order to bring these homes into compliance with local housing codes, increase energy efficiency and increase the health and safety of the residents. The rehabilitation will be targeted to 15 low- and very low-income households and five moderate-income households. The grant will be used to finance repairs. Additional financing will be provided by Community Development Block Grant funds, New York State Energy Research and Development Authority funds and a capital grant from Evans Bank, N.A. Evans Bank, N.A. submitted the application for the funding for this project.

The grants are 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 First Niagara
First Niagara, through its wholly owned subsidiary, First Niagara Bank, N.A., is a multi-state community-oriented bank with approximately 410 branches, $39 billion in assets, $28 billion in deposits, and approximately 5,600 employees providing financial services to individuals, families and businesses across New York, Pennsylvania, Connecticut and Massachusetts. For additional information on First Niagara, visit us at www.firstniagara.com, follow us on Twitter @FirstNiagara, or like us on Facebook at FirstNiagaraBank.

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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