Affordable Housing Program Awardees

October 16, 2012

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

FHLBNY Awards a $550,000 Affordable Housing Grant in Jamaica

Calvary Grandparent Residence will provide 58 affordable homes for seniors

Jamaica, New York – The Federal Home Loan Bank of New York announced today the award of a $550,000 grant to Calvary Baptist Church of Jamaica New York to help finance the construction of the Calvary Grandparent Residence, which will construct 58 units of affordable housing for low- and very low-income seniors, with a subset of larger units targeted to senior grandparents with legal custody of their grandchildren. New York Community Bank, a member of the Federal Home Loan Bank of New York, submitted the application for the funding.

“Southeast Queens has an ever growing number of grandparents who are the primary caregivers for their grandchildren,” stated Congressman Gregory Meeks (NY-6). “The Federal Home Loan Bank of New York's award of $550,000 to assist in the construction of affordable apartments for the Calvary Grandparent Residence is a valuable contribution to ensuring that grandparents have the housing they need to nurture the grandchildren in their care. This award will go a long ways toward alleviating the pressures these families face in restrictive housing.”

Commenting on New York Community Bank’s role in securing the Residence’s funding, President and Chief Executive Officer Joseph R. Ficalora stated, “This residence will be a model for other communities to follow, especially as the responsibility of raising their children’s children becomes more commonplace among senior citizens. While funding the renovation and purchase of multi-family buildings is our primary business, it is especially gratifying to be affiliated with this particular residence, which will house so many people and do so much good.”

“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 Calvary Grandparent Residence project involves the new construction of 58 units designated for very low- and low-income senior citizens with a subset of larger units targeted to senior grandparents with legal custody of their grandchildren. Several on-site supportive services will be provided, including parenting classes, respite care, counseling and support groups, summer programs for children, stress reduction and exercise classes. The Affordable Housing Program subsidy will be used to partially finance construction costs. Additional financing will be provided by Low Income Housing Tax Credits, Queens Borough President Reso A funds, City Council Reso A funds, deferred developer fees, and a conventional 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.

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.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This report contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as "projected," "expects," "may," or their negatives or other variations on these terms. The Bank cautions that, by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, regulatory and accounting rule adjustments or requirements, changes in interest rates, changes in projected business volumes, changes in prepayment speeds on mortgage assets, the cost of our funding, changes in our membership profile, the withdrawal of one or more large members, competitive pressures, shifts in demand for our products, and general economic conditions. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.