Affordable Housing Program Awardees
October 16, 2012
Contact: Eric Amig - (212) 441-6807
Brian Finnegan - (212) 441-6877
FHLBNY Awards a $1.37 Million Affordable Housing Grant in Yonkers
Public School 6 project will create 120 units of housing for seniors and families
Yonkers, New York – The Federal Home Loan Bank of New York announced today the award of a $1,368,796 grant to The Community Builders to help finance the construction of the Public School 6 project, a redevelopment project that will create a 50-unit building for low- and very low-income senior citizens and a 70-unit building for low- and very low-income families in Yonkers. M&T Bank, a member of the Federal Home Loan Bank of New York, submitted the application for the funding.
“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 The Community Builders to create 120 new units of affordable housing in Yonkers through their creative Public School 6 redevelopment project,” said M&T Bank Regional President Paula Mandell.
“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 Public School 6 project is a redevelopment project that consists of the demolition of a dilapidated and long-vacant school building and the construction of two residential structures, one a 50-unit building for senior citizens and the other a 70-unit building for families. All of the units will be targeted to very low- and low-income households. Additionally, preference for 24 of the units will be given to formerly homeless victims of domestic violence. The Community Builders will offer a full service Community and Supportive Services Division that will assist residents in finding meaningful employment and subsequent independence. The Affordable Housing Program subsidy will be used to partially finance construction costs. Additional financing will be provided by the Municipal Housing Authority for the City of Yonkers, the New York State Homes and Community Renewal, Housing Finance Agency, Department of Environmental Conservation and Energy Research Development Authority, the City of Yonkers, Westchester County and a Neighborhood Stabilization Program 2 Grant.
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.
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 over 330 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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