FHLBNY staff recently joined the ribbon-cutting celebration for the St. Augustine Apartments, which will provide 111 new units of affordable housing for families and individuals with special needs in the Morrisania neighborhood in the Bronx. The project, a partnership between the Association of New York Catholic Homes and HSBC Bank USA, received a $650,000 AHP award in the 2017 round. Perhaps not surprising for a project with a total cost in excess of $54 million, the St. Augustine Apartments relied on a dozen sources of permanent financing, including Low Income Housing Tax Credits, tax exempt bonds from the state, and targeted loans from the state’s Office of Mental Health and Medicaid Redesign Team.
Exterior of St. Augustine Apartments
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.
