Affordable Housing Program Awardees

February 2, 2015

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

FHLBNY Awards a $660,000 Affordable Housing Grant in Schenectady

The Hillside View project will convert a former school into housing for seniors and veterans

Schenectady, New York – The Federal Home Loan Bank of New York announced today the award of a $660,000 grant to The Community Builders to help finance the Hillside View project, which will create convert a vacant former elementary school into 33 units of affordable housing for very low-income seniors and veterans. M&T Bank, a member of the Federal Home Loan Bank of New York, submitted the application for the funding.

“This development is a critical part of our mission to revitalize Schenectady, and it will go a long way to improve local infrastructure and making the area more attractive for economic expansion,” said Congressman Paul Tonko (NY-20). “I thank José González and his team at the Federal Home Loan Bank of New York for their continued recognition of our housing needs in the Capital Region. In Washington, I will continue to support programs that meet our community needs and provide affordable housing for our most vulnerable friends and neighbors.”

“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.”

“The Hillside View project will put a long-vacant building into a sensible re-use by expanding the affordable housing options for seniors and veterans in the Schenectady community. We appreciate the support of the Federal Home Loan Bank in helping us access this grant for The Community Builders and their important vision,” said M&T Bank Regional President Mike Keegan.

After renovations, the building will consist of 33 units of affordable housing for very low-income seniors and veterans. The conversion and renovation will address lead, radon and asbestos contamination at the site and alleviate the blighting effect the empty building has on its neighborhood. Hillside View will contain units that are Americans With Disabilities Act accessible or adaptable, as well as units equipped for persons with sensory impairments. The grant will be used to finance construction costs. Additional financing will be provided by Low Income Housing Tax Credits, New York State Energy Research and Development Authority grants, Neighborhood Stabilization Program 2 funds and the New York State Housing Trust Fund.

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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