Affordable Housing Program Awardees

October 16, 2012

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

FHLBNY Awards $2.5 Million in Affordable Housing Grants in Camden and Woodbury

Two initiatives will create more than 130 housing units

Camden, New Jersey – The Federal Home Loan Bank of New York announced today the award of a $1,560,000 grant to Life Management, Inc. to help finance Independence Village, which will rehabilitate an existing apartment complex into 78 units for very low-income families in Camden; and a $936,203 grant, also to Life Management, Inc. to help finance the Woodbury Senior project, which will convert an historic building in Woodbury into 55 units of housing for low- and very low-income seniors. Citibank, N.A., a member of the Federal Home Loan Bank of New York, submitted the applications for the funding.

“Through its Affordable Housing Program, the Federal Home Loan Bank of New York has been a tremendous supporter of affordable housing initiatives across New Jersey’s 1st District,” said Congressman Robert Andrews (NJ-1). “These grants they have made with Citibank will help bring vital affordable housing opportunities to the Camden and Woodbury communities.”

“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 $1,560,000 grant for Independence Village will help fund the rehabilitation of a 120-unit apartment complex, and preserve the complex as affordable housing for very low-income families. The project will reconfigure the 120 existing units into 78 units to allow for one-, two- and three-bedroom units with new amenities. Since the site is located in a historic district, the rehabilitation will consist of minimal but necessary repairs to the exterior. This rehabilitation will stabilize a neighborhood that offers access to retail plazas, schools and public transportation. The Affordable Housing Program subsidy will be used to partially finance construction costs. Low Income Housing Tax Credits, Historic Tax Credits, sponsor equity, and the New Jersey Housing and Mortgage Finance Agency Special Needs Trust Fund will provide additional financing.

The $936,203 grant for the Woodbury Senior project will help fund the construction of 55 units of affordable housing for low- and very low-income seniors. All residents will have access to a variety of social services at no cost including employment assistance, educational workshops, and referrals to community support groups. Additional financing will be provided by Low Income Housing Tax Credits, deferred developer fee and conventional construction financing.

The grants are 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.

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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