Construction is underway on a complex in Somerset, New Jersey, that will add 64 new apartments for seniors to the area. In December, Federal Home Loan Bank of New York Chairman Michael Horn and fellow Board member Rev. DeForest B. Soaries were on hand at the groundbreaking for Independence Crossing. The FHLBNY partnered with its member, Citibank, to award a $630,000 Affordable Housing Program grant to the Rockland Housing Action Coalition to help finance the construction of the new apartments. Of the 64 senior residence units, five supportive housing units will be reserved for special needs residents, with preference given to homeless or disabled veterans.
“As Board members of the Federal Home Loan Bank of New York, Dr. Soaries and I see firsthand how vital our local lenders and non-profits are to communities across New Jersey, each and every day,” Chairman Horn said at the event.
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 ahp@fhlbny.com.
