Federal Home Loan Bank of New York (FHLBNY) staff Kristy Seyfert, Affordable Housing Program Portfolio Manager, Max Epstein, Affordable Housing Program Manager, and Matthew Becker and Jahmila Vincent, Senior Affordable Housing Program Analysts, toured a senior housing rehabilitation project that received $1,331,908 in subsidy during the 2024 Affordable Housing Program (AHP) General Fund via Trans-Oceanic Life Insurance Company. The project, Santa Juanita Housing for the Elderly, is a 100-unit senior housing building in Bayamon, Puerto Rico. The sponsor organization, Hispanic Housing Development Corporation, is a not-for-profit organization that builds and rehabilitates affordable housing in neighborhoods in Chicago, throughout the Midwest and in Puerto Rico.
Santa Juanita Housing for the Elderly will utilize the $1,331,908 in awarded AHP subsidy towards the project’s construction cost. The scope of work for the rehabilitation involves façade repairs, window replacements, significant renovations to all units including kitchens, bathrooms, replacement of the building’s elevators and renovations to all common spaces such as hallways, the community room and laundry room. The building includes an on-site management office, on-site parking and multiple ADA accessible units.
Rehabilitation work on the project began in Spring 2025. The tour showcased work already completed and provided an overview of the remaining rehabilitation activities. With strong support from Trans-Oceanic Life Insurance Company and FHLBNY’s AHP funding, the completed rehabilitation will enhance safety and improve quality of life for the elderly residents of the building.
This successful collaboration between Trans-Oceanic Life Insurance Company, Hispanic Housing Development Corporation, and FHLBNY reflects a shared commitment to preserving affordable housing options across Puerto Rico and throughout 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.
