Fundacion MMM (FMMM), a not-for-profit organization based in Puerto Rico, hosted FHLBNY’s Max Epstein, Affordable Housing Program, Manager and Jahmila Vincent, Senior Affordable Housing Program Analyst, for a tour of recently rehabilitated homes in San Juan, Puerto Rico.
FMMM received $720,000 in AHP Subsidy during the 2024 AHP General Fund round via FHLBNY’s member, Banco Popular de Puerto Rico. The FMMM Home Rehabilitation project is a 25 Assisted Unit project designed to assist mixed-income households in need of home repairs to aid in the longevity and sustainability of their homes.
The scope of work for the assisted households includes significant repairs to structural cracks in foundations, repairs to roofs and windows, and installation of solar panels. The tour highlighted the local need for rehabilitation funding for senior and low-income residents. Many of the homes are intended to stay in families for generations, providing long-term safety and shelter for those directly impacted by rising costs of labor and supplies.
This successful partnership between Banco Popular de Puerto Rico, Fundacion MMM, and FHLBNY reflects a shared commitment to increasing the availability of affordable, inclusive housing options across Puerto Rico and our District.
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.
