Affordable Housing Program Awardees
October 16, 2012
Contact: Eric Amig - (212) 441-6807
Brian Finnegan - (212) 441-6877
FHLBNY Awards a $200,000 Affordable Housing Grant in Mount Holly
Ten units of housing for homeless women and children will be renovated
Mount Holly, New Jersey – The Federal Home Loan Bank of New York announced today the award of a $200,000 grant to Salt & Light Company, Inc. to help finance the Amity Housing Transitional Housing project, which will renovate 10 units of affordable housing for single homeless women and homeless women with children. 1st Colonial National Bank, a member of the Federal Home Loan Bank of New York, submitted the application for the funding.
“Since the housing markets took a downward spiral many New Jersey families have lost their homes, while many more face the threat of foreclosure every day,” said Congressman Jon Runyan (NJ-3). “We must continue to help families struggling in this economy to help them stay in their homes and also assist with affordable housing opportunities. Since coming to congress I have convened two housing symposia and have had the opportunity to speak to many families about the impact of losing or not having a home. I applaud the Federal Home Loan Bank of New York and Colonial National Bank for their decision to invest in much needed affordable and supportive housing in Mount Holly. This grant will go a long way towards helping economically disadvantaged women and their children have a place to call home.”
“1st Colonial National Bank takes its responsibilities seriously under our Charter to provide banking services for everyone, including the underserved,” said Gerry Banmiller, president and CEO of 1st Colonial National Bank. “To this end we were thrilled to provide this credit accommodation in concert with the Federal Home Loan Bank of New York to help finance the Amity Housing Transitional Housing project.”
“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 $200,000 grant will help fund the rehabilitation of two adjoining buildings which provide housing for single homeless women and homeless women with children. The renovation will reconfigure the buildings so that each resident will have a self-contained independent dwelling unit with living space, a kitchen and bath. Comprehensive on-site supportive services available for residents will include individual and group counseling, crisis intervention, and education in areas of budgeting, money management, housing, and life skills training. Additional financing will be provided by the Department of Community Affairs Shelter Support Program, a capital grant from 1st Colonial National Bank, developer equity and permanent financing from Roma Bank.
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.
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