The FHLBNY celebrated the groundbreaking of Truman Square, Phase I, a rental housing project that will create 85 affordable housing units in Edison, New Jersey, for low-income families, veterans and formerly homeless individuals. The project is intended to help the township meet its state requirements for affordable housing, an issue highlighted in the FHLBNY’s 2019 Community Lending Plan. In the AHP application process, Truman Square received credit in the economic diversity category; the site, on the former U.S. Army Camp Kilmer base, is in a census tract where the median income is over 150% of the county average. The project received a $1,275,000 AHP award in 2017 thanks to the partnership between Pennrose Development and Fulton Bank. Paul Héroux, FHLBNY Chief Bank Operations Officer & Community Investment Officer, joined the ceremony together with Edison officials, project staff and leaders of state funding agencies.
Architectural rendering of Truman Square
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.
