Affordable Housing Program Awardees

February 2, 2015

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

FHLBNY Awards a $1 Million Affordable Housing Grant in Wharton

Centennial Courts project will rehabilitate 100 units of affordable senior housing

 

Wharton, New Jersey – The Federal Home Loan Bank of New York announced today the award of a $1,075,000 grant to Wharton Senior Citizen Housing, Inc. to help finance Centennial Courts project, which will rehabilitate a 100-unit apartment complex which provides affordable housing to low- and very low-income seniors. Citi, a member of the Federal Home Loan Bank of New York, submitted the application for the funding.

“Ensuring that our seniors have safe, affordable and stable housing is vital, and this Affordable Housing Program grant from the Federal Home Loan Bank of New York will help rehabilitate 100 affordable homes for Wharton’s seniors,” said Congressman Leonard Lance (NJ-7).

“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.”

“Citi is excited to have sponsored a successful Affordable Housing Program application for Centennial Courts. The award is a key source of financing for this project, which is targeted to low-income seniors in Wharton, New Jersey. It will help a critical housing need in the community,” said Richard Gerwitz, Co-Head of Citi Community Capital.

The Centennial Courts project is designed to serve the needs of elderly residents, as well as to maintain existing quality affordable housing for seniors. Workshops will be held regarding retirement planning, budgeting and credit counseling. The site will also provide healthcare services. The grant will be used to finance construction costs. Additional financing will be provided by the New Jersey Housing and Mortgage Finance Agency, Low Income Housing Tax Credits and Morris County HOME funds.

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.

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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