Affordable Housing Program Awardees

February 2, 2015

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

FHLBNY Awards a $300,000 Affordable Housing Grant in Webster

Cobblestone Place project will create 60 affordable homes for seniors

Webster, New York – The Federal Home Loan Bank of New York announced today the award of a $300,000 grant to Volunteers of America of Western New York to help finance the VOA Cobblestone Place project, which involves the new construction of 60 units of affordable housing for very low-income seniors. M&T Bank, a member of the Federal Home Loan Bank of New York, submitted the application 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.”

“Affordable housing is a basic need in any community and we appreciate the support of the Federal Home Loan Bank in this $300,000 grant for this project which will expand the supply of senior housing in Webster,” said M&T Bank Rochester Region President Dan Burns.

When completed, the VOA Cobblestone Place project will contain 54 one-bedroom units and six two-bedroom units, all for very low-income seniors. All of the units will be adaptable in order to meet the needs of the handicapped and disabled. The site provides an opportunity for residents to walk to shopping, recreation areas, parks and community facilities. The grant will be used for permanent gap financing. Additional financing will be provided by Low Income Housing Tax Credits, the New York State Housing Trust Fund and a HOME loan from Monroe County.

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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