FHLBNY’s district includes the two largest public housing authorities in the country – in New York City and Puerto Rico – but even the district’s smaller public housing authorities face complex challenges. Some of these local entities have turned to the U.S. Department of Housing and Urban Development’s (HUD’s) Rental Assistance Demonstration (RAD) program to ensure that tenants continue to live in units that are both affordable and high quality. In two recent projects, the Housing Authority of the City of Perth Amboy, in New Jersey, converted properties with high capital repair needs, and residents there now receive project-based Section 8 vouchers to support their rent payments. The first project provides garden-style apartments across 30 buildings, for a total of 213 units, primarily for families, The second project, for seniors, consists of 147 units in six- and eleven-story buildings. Both projects received AHP commitments in the 2016 round.
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.
