Affordable Housing Program Awardees

October 16, 2012

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

FHLBNY Awards a $950,000 Affordable Housing Grant in Trenton

North 25 Housing project will renovate and preserve 232 apartments

Trenton, New Jersey – The Federal Home Loan Bank of New York announced today the award of a $950,000 grant to North 25 Housing Corp. to help finance the North 25 Housing project, which will renovate 232 units of affordable housing for low- and very low-income households. Metuchen Savings Bank, a member of the Federal Home Loan Bank of New York, submitted the application for the funding.

“When a family can afford a good home, so much else becomes possible: a stronger family life, a more stable community, and a more prosperous economy,” said Congressman Rush Holt (NJ-12). “This grant will help keep more than 230 Trenton homes affordable, making a real difference for hundreds of families in our community.”

“The grant will allow North 25 Housing Corporation, the non-profit sponsor of this project, to continue its ongoing mission of providing quality affordable housing that will anchor ongoing and future redevelopment in Trenton for years to come,” said Kenneth R. Totten, Chief Lending Officer at Metuchen Savings 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 $950,000 grant will help renovate and preserve 232 apartments for low- and very low-income households. Social service programming is provided on-site at no cost to residents, which includes health screenings, workshops on topics such as preventing identity theft, and social activities including crafts and holiday parties. Additional funding will be provided by New Jersey Housing and Mortgage Finance Agency tax exempt bonds and Low Income Housing Tax Credits.

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.

Metuchen Savings Bank
Metuchen Savings Bank, chartered as The Metuchen Building and Loan Association in 1897, changed in 1960 to The Metuchen Savings & Loan Association. Our Charter changed again in 1993 to Metuchen Savings Bank when commercial accounts were introduced. For years we have maintained our reputation as a responsible lender…putting people in their dream homes, not in debt. The Bank has grown and prospered over the years and is proud of its long history of strength, stability and service to Metuchen and Middlesex County. We are members of the FHLB system and lend throughout the state of New Jersey. Our financial institution is all about taking care of Main Street, not Wall Street and is well-positioned to meet the challenges of the future.

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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