Affordable Housing Program Awardees

October 16, 2012

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

FHLBNY Awards a $1 Million Affordable Housing Grant in Amityville

Concern Amityville will create 60 homes for very low-income households

Amityville, New York – The Federal Home Loan Bank of New York announced today the award of a $1 million grant to Concern for Independent Living, Inc. to help finance the construction of the Concern Amityville project, which will construct 60 units of affordable and supportive housing for homeless veterans and families in Amityville. Astoria Federal Savings, a member of the Federal Home Loan Bank of New York, submitted the application for the funding.

“We are proud to partner with the Federal Home Loan Bank of New York and Concern for Independent Living, Inc. to play a role in this important project that provides much-needed housing and support for the homeless, right here on Long Island. This is also an opportunity for us to reach out and show our gratitude to those who have served our country,” said Monte N. Redman, President and Chief Executive Officer of Astoria Federal Savings, which is headquartered nearby in Nassau County.

“Housing is a cornerstone of our economy, a key driver of economic development and job growth, and the foundation of strong families and vibrant communities,” said Alfred DelliBovi, president and CEO of the Federal Home Loan Bank of New York. “The Federal Home Loan Bank of New York is proud to support affordable housing initiatives across our region and beyond. We thank all of our partners – the local lenders, the housing groups and our elected officials – for their continued support of the Affordable Housing Program. When we strive to ensure that all have access to affordable housing, we strengthen the fabric of our society.”

The Concern Amityville project involves the construction of 60 apartment units for very low-income households. This project will provide permanent supportive housing for homeless veterans and families. Supportive services will be available on-site and will include, but not be limited to, vocational and employment assistance, medication management, crisis intervention, case management services, and assistance with daily living skills. This project will also be financed through Low Income Housing Tax Credits, New York State Office of Temporary and Disability Insurance Homeless Housing Assistance Program, and Suffolk County's Infrastructure Development Program. In addition, Bank of America will provide a construction loan.

The grant is part of $26.4 million in Affordable Housing Program subsidies that the Federal Home Loan Bank of New York will award as its 2012 AHP grant round. In total, these grants will help to finance 37 affordable housing initiatives which will create or preserve 2,679 units of affordable housing, including more than 2,000 units of very low-income housing, in New Jersey, New York and Pennsylvania. The Federal Home Loan Banks have distributed more than $4.6 billion in AHP funds since 1990. At the Federal Home Loan Bank of New York, the AHP has supported 1,355 projects with nearly $450 million in grants, helping to create or preserve nearly 58,000 units of affordable housing and generating an estimated $8.1 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 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.

Astoria Financial Corporation
Astoria Financial Corporation (NYSE: AF), with assets of $17.6 billion, is the holding company for Astoria Federal Savings and Loan Association. Established in 1888, Astoria Federal, with deposits in New York totaling $10.7 billion, is the largest thrift depository in New York and embraces its philosophy of “Putting people first” by providing the customers and local communities it serves with quality financial products and services through 85 convenient banking office locations and multiple delivery channels, including its enhanced website, www.astoriafederal.com. Astoria Federal commands the fourth largest deposit market share in the attractive Long Island market, which includes Brooklyn, Queens, Nassau, and Suffolk counties with a population exceeding that of 38 individual states. Astoria Federal originates residential mortgage loans through its banking and loan production offices in New York, a broker network in four states, primarily along the East Coast, and through correspondent relationships covering nine states and the District of Columbia. Astoria Federal also originates multi-family and commercial real estate loans, primarily on rent controlled and rent stabilized apartment buildings located in New York City and the metropolitan area.

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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