Affordable Housing Program Awardees

February 2, 2015

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

FHLBNY Awards $1.1 Million in Affordable Housing Grants in Watertown and Saratoga County

Two projects will preserve or create more than 60 affordable homes

Watertown, New York – The Federal Home Loan Bank of New York announced today the award of a $792,000 grant to Neighbors of Watertown, Inc. to help finance the Brighton-Empsall project, which will rehabilitate 36 apartments and convert a former department store into eight new homes in Watertown; and the award of a $300,000 grant to Rebuilding Together Saratoga County to help finance critical health and safety repairs for 20 low-income homeowners in Saratoga County. Federal Home Loan Bank members First Niagara Bank and Saratoga National Bank and Trust Company submitted the applications for the funding.

“This is a wonderful example of a public-private partnership working together to meet the needs of our community,” said Congresswoman Elise Stefanik (R-NY-21). “I want to thank the Federal Home Loan Bank of New York for helping to promote affordable housing in Watertown and Saratoga County, and I look forward to working in Congress to find solutions to help all residents of New York’s 21st district.”

“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 David Kavney, First Niagara Central New York Market Executive. “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 Federal Home Loan Bank of New York’s grant to Rebuilding Together Saratoga County will enable critical safety- and health-related repairs to the homes of 20 low-income residents. This is an important program that will help meet the affordable housing needs of our community, and we are proud to lend our support,” said Dave DeMarco, President and CEO of Saratoga National Bank and Trust Company, which sponsored Rebuilding Together’s grant application.

The Brighton-Empersall project involves the rehabilitation of a building which contained 36 apartments and a former department store. The two properties will be merged into one, which will provide housing for low- and very low-income households, with nine units targeted to homeless households. Residents will be provided with financial counseling, case management services and independent living skills training. Additional financing will be provided by the Watertown Local Development Corporation, New York State Homes and Community Renewal, the Development Authority of the North Country, First Niagara Bank, Low Income Housing Tax Credits and Historic Rehab Tax Credit equity. First Niagara Bank submitted the application for the funding for this project.

The Repairs for Low-Income Saratoga County Homeowners project will provide critical health and safety repairs for 20 low-income homeowners in scattered sites across Saratoga County. Efforts will be focused on older homeowners, disabled individuals, families with children and active or retired members of the armed services. These repairs will preserve affordable homeownership for the households and ensure a safe and healthy living environment. The repairs will include energy-efficient and weatherization improvements and modifications and improvements for easier accessibility. Additional financing will be provided by a City of Saratoga Springs Community Development Block Grant, the Community Foundation of the Greater Capital Region, Fingerpaint, J.M. McDonald and a private donor. Saratoga National Bank and Trust Company submitted the application for the funding for this project.

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 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.

About Saratoga National Bank and Trust Company
Saratoga National Bank and Trust Company provides banking, investment, insurance and other financial services through eight locations in Saratoga and Albany counties. It is rated a 5-Star Superior institution by BauerFinancial. More information can be found online at saratoganational.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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