Affordable Housing Program Awardees
October 16, 2012
Contact: Eric Amig - (212) 441-6807
Brian Finnegan - (212) 441-6877
FHLBNY Awards a $302,929 Affordable Housing Grant in York
George Street Commons will create 28 units of affordable special needs housing
York, Pennsylvania – The Federal Home Loan Bank of New York announced today the award of a $302,929 grant to the York Community Development Corporation for its George Street Commons project, which will construct 28 townhomes of affordable special needs housing for very low-income families. M&T Bank, a member of the Federal Home Loan Bank of New York, submitted the application for the funding.
“This grant will allow York County families to secure safe, affordable housing while also helping them to connect with community resources that can assist their efforts to achieve self-sufficiency in the long-term,” said Congressman Todd Russell Platts (PA-19). “I want to thank and commend the Federal Home Loan Bank of New York and M&T Bank for their commitment to revitalizing a neighborhood in the heart of York City and for blessing the future residents of these town homes with affordable housing.”
“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 George Street Commons to develop 28 new townhomes in York,” said Joe Crosswhite, M&T’s Regional President for Southeast Pennsylvania.
“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 George Street Commons project involves the redevelopment of an underutilized and partially vacant city block into 28 newly constructed town homes. The target population for the new homes will be very low-income families. The York Community Development Corporation, through its supportive services coordinator, will work with the families to develop plans to assist the residents in identifying self-sufficiency goals and resources within the community that can be used to achieve those goals. The supportive services coordinator will hold trainings and will offer services on-site regarding educational training and employment opportunities, case management, financial education, job training, residence management as well as housekeeping, daycare services and other life skills that promote independent living. The Affordable Housing Program subsidy will be used to partially finance the project’s construction costs. Additional financing will be provided by the City of York HOME Funds 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.
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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