Affordable Housing Program Awardees
October 16, 2012
Contact: Eric Amig - (212) 441-6807
Brian Finnegan - (212) 441-6877
FHLBNY Awards $3.1 Million in Affordable Housing Grants in Syracuse
Three projects will preserve 85 homes for seniors and create a 132-unit emergency shelter
Syracuse, New York – The Federal Home Loan Bank of New York announced today the award of a $1.98 million grant to the Rescue Mission Alliance of Syracuse to help finance the Dickerson Street Shelter project, which will convert a recreation center into a 132-unit emergency shelter; an $847,154 grant to Pond Street Housing Development Fund Co., Inc. to help fund the rehabilitation of the Bishop Harrison Apartments, which will preserve a 48-unit facility for very low-income seniors; and a $270,000 grant to Empire Housing & Development to help fund the Moses Dewitt Redevelopment project, which will preserve 37 affordable apartments for very low-income seniors. Home Loan Bank members First Niagara Bank, Alliance Bank, N.A. and M&T Bank submitted the applications for the funding.
“The need for safe and affordable housing is critical in these challenging times,” said David Kavney, Central New York Market Executive for First Niagara Bank. “First Niagara is proud to support our community in this impactful way.”
“Alliance Bank, NA is proud to provide assistance in the much needed renovations for the Bishop Harrison Apartments,” said Robert Markowski, vice president, Alliance Bank. “We look forward to the seeing the finished project and being able to improve the lives of people living in our community.”
“As a community bank, we can help promote neighborhood development by finding additional ways to finance the construction and rehabilitation of safe and affordable housing. By partnering with the Federal Home Loan Bank, M&T Bank was able to bring additional financing to Moses Dewitt Redevelopment to rehabilitate 37 units of housing here in Central New York,” said Allen Naples, Central New York regional president for M&T Bank.
“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 Dickerson Street Shelter project will convert an existing recreation center into a 132-unit emergency shelter. The proposed facility will replace the current emergency shelter operated on the site. The site contains five buildings in addition to vacant land. All of the units will be affordable to very low-income households. The sponsor will provide case management services to all residents focusing on long-term, stable and independent living. Financing will be provided by the New York State Homeless Housing Assistance Corporation and sponsor equity. The Affordable Housing Program subsidy will be used to partially finance the construction costs. First Niagara Bank submitted the application for this project.
The Bishop Harrison Apartments Renovation project involves the rehabilitation of a 48-unit facility for very low-income senior citizens and individuals with disabilities. The building is 21 years old and needs improvements that will extend the useful life of the building. Bishop Harrison Apartments was designed to promote an aging-in-place environment and provides much needed affordable housing to elderly residents, the majority of whom have incomes under 30 percent of the area median income. The Affordable Housing Program funds will be used to finance constructions costs. Additional financing will be provided from the building’s reserve funds. Alliance Bank submitted the application for this project.
The Moses Dewitt Redevelopment project will rehabilitate and preserve 37 apartment units that provide high-quality affordable housing for very low-income senior citizens. The preservation of these units will enable senior residents to live independently within a community environment that will allow them to comfortably age in place. The Affordable Housing Program subsidy will be used to finance a gap in the rehabilitation costs. Additional financing will be provided by Low Income Housing Credits, a conventional first mortgage, and a traditional construction loan. M&T Bank submitted the application for this project.
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.
About First Niagara
First Niagara, through its wholly owned subsidiary, First Niagara Bank, N.A., is a multi-state community-oriented bank with nearly 430 branches, approximately $35 billion in assets, $28 billion in deposits, and approximately 6,000 employees providing financial services to individuals, families and businesses across Upstate New York, Pennsylvania, Connecticut and Massachusetts. For more information, visit www.firstniagara.com.
M&T is a financial holding company headquartered in Buffalo, New York. M&T’s principal banking subsidiary, M&T Bank, operates banking offices in New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware and the District of Columbia. Trust-related services are provided by M&T’s Wilmington Trust-affiliated companies and by M&T Bank.
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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