Affordable Housing Program Awardees

February 2, 2015

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

FHLBNY Awards $2.5 Million in Affordable Housing Grants in Syracuse

Two projects will rehabilitate 155 units of affordable housing

Syracuse, New York – The Federal Home Loan Bank of New York announced today the award of a $2,199,117 grant to the Mount St. James Housing Development Fund Company to help finance the Mount St. James Renovation project, which will rehabilitate two buildings containing 140 units of affordable housing; and the award of a $296,146 grant to Christopher Community, Inc. to help finance the Chadwick Residence project, which will provide renovations to a homeless women’s transitional apartment building. Federal Home Loan Bank members M&T Bank and NBT Bank, N.A. 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.”

“Christopher Community is one of the most experienced operators of affordable housing in Central New York and this $2 million grant will allow them to reinvest in Syracuse through their Mount St. James renovation. We appreciate the support of the Federal Home Loan Bank to fund improvements to these apartments which offer an affordable housing option for many local residents,” said M&T Bank Regional President Allen Naples.

“As a community bank headquartered in Central New York, NBT Bank is committed to investing in the communities we call home,” NBT Bank Regional President Richard Shirtz said. “We are pleased to continue our partnership with the Federal Home Loan Bank to finance projects like the Chadwick Residence project that addresses the need for affordable housing while also fostering economic growth and stabilizing neighborhoods in the communities we serve.”

The Mount St. James Renovation project will rehabilitate two buildings which contain 140 units of affordable housing for moderate-, low- and very low-income households. The buildings are nearly 50 years old and in need of substantial rehabilitation, which will include the installation of new bathroom fixtures and new windows, as well as upgrades to the fire alarm and HVAC systems. The renovations will also reduce the buildings’ energy usage. The grant will help finance construction costs. Additional financing will be provided by the buildings’ reserve fund. M&T Bank submitted the application for the funding for this project.

The Chadwick Residence project includes renovations to an existing 15-unit homeless women’s transitional apartment building. These renovations will include the installation of new windows and a new roof, as well as fire panel updates and kitchen renovations. The Chadwick Residence provides a stepping stone toward stability and independence for women and children coming from homeless and domestic violence shelters. The Residence provides services including case management, crisis intervention, financial education, parenting skills and employment training. NBT 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 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.

About NBT Bank
NBT Bank offers personal banking, asset management and business services through a network of over 155 locations in six states New York, Pennsylvania, Vermont, Massachusetts, New Hampshire and Maine. NBT Bank and its parent company, NBT Bancorp Inc., are headquartered in Norwich, N.Y. NBT Bancorp Inc. had assets of $7.8 billion as of December 31, 2014, and is traded on the NASDAQ Global Select Market under the symbol NBTB. More information about NBT Bank and NBT Bancorp can be found on the Internet at www.nbtbank.com and www.nbtbancorp.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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