AHP Success Stories
Habitat for Humanity of Greater Newburgh Receives $70,000 FHLBNY AHP Grant Through M&T Bank
Through member lender M&T Bank, $70,000 in Affordable Housing Program (AHP) funding was granted to Habitat for Humanity of Greater Newburgh to help create seven homeownership opportunities for very low-income families. Habitat purchased four abandoned, boarded-up buildings from the City of Newburgh, to completely gut and rehabilitate. Habitat also worked with the City of Newburgh to clean up an abandoned auto body shop lot, demolish the buildings on the land, manage environmental cleanup, and subdivide the lot for building three new homes. Each prospective homeowner family has completed 250 hours of “sweat equity” and a series of classes on financial management, financial literacy, home maintenance, neighborhood responsibilities, safety, and the legal aspects of homeownership to ensure their successful transition to home ownership.
Deirdre Glenn, Executive Director for Habitat for Humanity of Greater Newburgh stated, “The importance of strong neighborhoods is essential to our mission. Rebuilding our neighborhoods, however, does cost money and the support of programs such as the FHLBNY’s AHP not only reduces the cost of buying a home for the homeowner, but fuels our building efforts by providing financial incentive to keep building.” In a press release, Congressman Maurice Hinchey of the 22nd Congressional District added, “These funds will allow seven hardworking Newburgh families to finally have a home they can call their own. When people own their own home, they have a much greater stake and interest in their neighborhood and their community. Increasing rates of homeownership help to reduce crime and urban blight, protect and improve the quality of life in our local area and provide economic stability and opportunity for local families. I’m very grateful that Newburgh has received these funds, which will certainly complement and strengthen our efforts to revitalize the city and stabilize neighborhoods throughout Newburgh.”
To round out the funding, additional financing will be provided by private donations and fundraising by the sponsor.
AHP is a subsidy program in which funds are awarded through a competitive process to member lenders in support of projects that create and/or preserve housing for lower income families and individuals. For more information on the AHP program, or to see if the housing project you have in mind is eligible for AHP funding, contact us at (212) 441-6850 or [email protected].