Affordable Housing Program Awardees

February 2, 2015

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

FHLBNY Awards a $609,000 Affordable Housing Grant in Monticello

West Broadway Villas project will preserve 42 units of affordable housing

Monticello, New York – The Federal Home Loan Bank of New York announced today the award of a $609,000 grant to PathStone, Inc. to help finance the West Broadway Villas project, which will preserve 42 units of affordable housing for moderate-, low- and very low-income families. M&T Bank, a member of the Federal Home Loan Bank of New York, submitted the application for the funding.

“The West Broadway Villas project represents an exciting opportunity to preserve quality affordable homes in Monticello, strengthening community life in Sullivan County,” said Congressman Chris Gibson (NY-19). “Thank you to M&T Bank and the Federal Home Loan Bank of New York for partnering with local stakeholders to carry out this important effort.”

“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.”

“Having a good supply of affordable housing for residents of Sullivan County is an important priority, as it is in many communities. By working through the Federal Home Loan Bank of New York to access this grant, we’re happy to be able to help PathStone preserve and improve the West Broadway Villas,” said Eric Dahl, Regional Community Reinvestment Officer for M&T Bank.

The West Broadway Villas project will preserve 42 units of affordable housing for moderate-, low- and very low-income families. Significant capital improvements are needed to extend the useful life of the project. Exterior renovations will include new roofs, siding, insulation, windows and doors. Interior renovations will include new flooring, new energy-efficient appliances and new energy-efficient lighting, water heaters and plumbing fixtures. The grant will help partially finance construction costs. Additional financing will be provided by HOME funds, the U.S. Department of Agriculture and the New York State Housing Trust Fund Corporation Rural Area Revitalization Program.

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 M&T Bank
M&T is a financial holding company headquartered in Buffalo, New York. M&T’s principal banking subsidiary, M&T Bank, operates banking offices in New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware and the District of Columbia. Trust-related services are provided by M&T’s Wilmington Trust-affiliated companies and by M&T Bank.

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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