Federal Home Loan Bank of New York Awards $20.21 Million for 41 Affordable Housing Initiatives in NJ and NY
Contact: Eric Amig - 212 441-6807 |
August 29 , 2008 |
New York, NY — Alfred A. DelliBovi, President of the Federal Home Loan Bank of New York, announced that the Bank has awarded $20.21 million in subsidies to fund 41 affordable housing initiatives throughout New Jersey and New York. These awards, which are funded through the Bank’s Affordable Housing Program (AHP), will result in the creation of 2,114 housing units. It is anticipated that almost $504.4 million in development costs will be generated from development of these initiatives.
“The Federal Home Loan Bank and our member lenders are pleased to provide these funds to meet the special housing needs of over 35 communities receiving these AHP grants,” said Mr. DelliBovi. “Not only are we providing affordable homes, but we are also making contributions to the overall quality of life of these communities.”
The Federal Home Loan Bank of New York’s AHP provides member lenders with direct subsidies which are passed on to income qualified households through sponsoring local nonprofit organizations. 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 a competitive application process. Each competing project must be sponsored by a financial organization that is a member of the Bank in partnership with a community-based sponsoring organization. In 2007, the Federal Home Loan Bank of New York awarded grants totaling over $42.5 million to fund 104 housing projects that will generate 4,970 units of affordable housing.
These awards are a result of effective public/private partnerships involving the Federal Home Loan Bank, member banks and thrifts, and nonprofit community housing organizations.
The $20.21 million awarded today are funds drawn from the Bank’s earnings. As mandated by Congress, the Bank forgoes 10 percent of its earnings to support these neighborhood housing and economic development initiatives.
The following New Jersey communities will benefit from the funds awarded today: Asbury Park, Beachwood, Berkley Heights, Camden, Deptford, Dumont, Elizabeth, Franklin, Franklin Township, Hanover Township, Howell, Jersey City, Medford, Newark, Ridgewood, South Amboy, Warren, and West Orange.
The following New York communities will benefit from the funds awarded today: Astoria, Batavia, Bronx, Brooklyn, Cattaraugus, Croton-on-Hudson, Esopus, Lackawanna, Lockport, New York, Otisville, Rochester and other scattered sites throughout the State.
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 295 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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