Affordable Housing Program Awardees

February 2, 2015

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

FHLBNY Awards $1.3 Million in Affordable Housing Grants in Roselle and Irvington

Two projects will preserve and rehabilitate nearly 200 units of affordable housing

Roselle, New Jersey – The Federal Home Loan Bank of New York announced today the award of a $943,100 grant to the Roselle Senior Citizens Housing Corp. to help finance the Pinewood Hall project, which will preserve a 170-unit apartment complex that provides housing for low-income seniors in Roselle; and the award of a $415,000 grant to Turning Point Community Services, Inc. to help finance the Servants’ House Renovation project, which will rehabilitate 23 units of emergency transitional housing for homeless women and children in Irvington. Federal Home Loan Bank members RSI Bank and New York Community Bank submitted the applications for the funding.

“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.”

“RSI Bank is the typical community bank, not very large, but intently focused on the communities it serves, which is why we are thrilled to partner with the Roselle Senior Citizens Housing Corporation and Monarch Housing Associates, and the FHLBNY’s Affordable Housing Program to make Pinewood Hall a reality for our community,” said Don Godfrey, executive vice president and chief financial officer of RSI Bank.

“The Servants House Renovation Project is one that NYCB is proud to get behind,” said John T. Adams, First Senior Vice President, New York Community Bank. “NYCB supports affordable housing and housing rehabilitation projects because we are committed to the communities we serve and believe that this is one way our expertise can make a difference.”

The Pinewood Hall project involves the preservation and rehabilitation of a 170-unit, five-story apartment complex which provides affordable housing to low-income seniors. The property must be rehabilitated in order to preserve high-quality affordable housing options for seniors. The renovations include upgrading bathrooms, replacing windows and improving accessibility. RSI Bank submitted the application for the funding for this project.

The Servants’ House Renovation project will rehabilitate 23 units of emergency transitional housing for homeless women and children. These upgrades will improve the safety of the building, as well as its air quality, which will aid developing infants, pregnant mothers and children who suffer from asthma. Supportive services such as employment training, individual case management and financial literacy programs are available on-site, fulfilling the sponsor’s mission to transition residents into permanent housing and independent living. The grant will be used to finance rehabilitation costs. Additional financing will be provided by PNC Bank and grants from the Lowe’s Foundation, the Bank of America Foundation and the TD Bank Foundation. New York Community Bank sold the site to the sponsor at a price below market rate, adding additional cost benefit to the project. New York Community Bank 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 New York Community Bancorp, Inc.
With assets of $48.6 billion at December 31, 2014, New York Community Bancorp, Inc. is the holding company for New York Community Bank, a New York State-chartered savings bank serving customers throughout Metro New York, New Jersey, Florida, Ohio, and Arizona; and New York Commercial Bank, a New York State-chartered commercial bank serving consumers and businesses in the New York City boroughs of Manhattan, Queens, and Brooklyn, and the counties of Nassau, Suffolk, and Westchester – all in New York. Learn more about NYCB at www.mynycb.com.

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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