Affordable Housing Program Awardees

October 16, 2012

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

FHLBNY Awards a $680,000 Affordable Housing Grant in the Bronx

Creston Avenue Residence will provide 65 homes for low- and very low-income households

Bronx, New York – The Federal Home Loan Bank of New York announced today the award of a $680,000 grant to Volunteers of America/Greater New York to help finance the construction of the Creston Avenue Residence, a 10-story apartment building in the Bronx which will consist of 65 units of affordable housing for low- and very low-income individuals and households. HSBC Bank USA, N.A., a member of the Federal Home Loan Bank of New York, submitted the application for the funding.

“This Affordable Housing Program grant from the Federal Home Loan Bank of New York and HSBC will help the Creston Avenue Residence become a reality,” said Congressman José E. Serrano. “I applaud all those involved in helping our borough to ensure that there are sufficient affordable housing opportunities for Bronx families.”

“As a partner of Volunteers of America, we are delighted to sponsor their successful AHP application and proudly support this project to create much needed affordable housing in the Bronx,” said Kathleen Rizzo-Young, senior vice president, Community Development, HSBC Bank USA, N.A.

“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 Creston Avenue Residence project involves the new construction of a 10-story, 66-unit apartment building. The Residence will consist of 21 studio units, 12 one-bedroom units and 33 two-bedroom units. The Affordable Housing Program subsidy will be used to partially finance construction costs. Additional financing will be provided by New York State Housing Finance Agency, the New York State Homeless Housing Assistance Program, and a grant from Bronx Borough President's Office.

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.

HSBC Bank USA, N.A.
HSBC Bank USA, National Association, with total assets of $194 billion as of 30 June 2012 (US GAAP), serves 3.1 million customers through its personal financial services, commercial banking, private banking, asset management, and global banking and markets segments. It operates more than 300 bank branches throughout the United States. There are over 200 in New York state as well as branches in Connecticut, Washington, D.C., Florida, New Jersey, Pennsylvania, Maryland, Virginia, California, Delaware, Oregon and Washington State. HSBC Bank USA, N.A. is the principal subsidiary of HSBC USA Inc., an indirect, wholly-owned subsidiary of HSBC North America Holdings Inc. HSBC Bank USA, N.A. is a member of the FDIC.

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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