Federal Home Loan Bank of New York Awards $16.2 Million for 37 Affordable Housing Initiatives

Jan 27, 2010, 11:14 ET from Federal Home Loan Bank of New York

-The combined projects will create or rehabilitate more than 1,900 affordable housing units throughout New Jersey, New York, Maryland and Pennsylvania-

NEW YORK, Jan. 27 /PRNewswire-USNewswire/ -- On Wednesday, January 20th, the Federal Home Loan Bank of New York ("FHLBNY") announced that it had awarded $16.2 million in subsidies to fund 37 affordable housing initiatives throughout New Jersey, New York, Maryland and Pennsylvania. These awards, which are funded through the Bank's Affordable Housing Program ("AHP"), will result in the creation or rehabilitation of 1,901 affordable housing units and drive community development. It is anticipated that $372 million in development costs will be generated from development of these initiatives.

"For the past two decades, the Affordable Housing Program has been one of the nation's most successful housing initiatives because of the partnership between the Home Loan Bank, our members, community organizations and elected officials," said Alfred A. DelliBovi, president and CEO of the FHLBNY. "As we celebrate the start of a new decade, we look forward to continuing this partnership and helping to build stronger communities across our region for years to come."

In 2009, the Federal Home Loan Banks marked the 20th anniversary of the Affordable Housing Program, which was created by Congress in 1989. As mandated by Congress, the FHLBNY forgoes 10% of its earnings to support neighborhood housing and economic development initiatives. Since the Program's inception, the FHLBNY has supported nearly 1,200 projects with grants totaling more than $330 million, creating more than 48,000 units of affordable housing and generating nearly $6 billion in total development costs. For more information on the individual grants, please visit www.fhlbny.com/news/pressrelease.htm.

The FHLBNY's AHP provides member lenders with direct subsidies which are passed on to income qualified households through sponsoring local nonprofit organizations. AHP financing is combined with other funding sources to create housing for moderate-, low- and very low-income families. Program awardees receive this funding through a competitive application process. Each competing project must be sponsored by a financial organization that is a member of the FHLBNY in partnership with a community-based sponsoring organization.  

The following communities will benefit from the awards:  

  • New Jersey (Total Grants: $4.6 million): Delanco, Elizabeth, Galloway Township, Jersey City, Long Branch, Newark, Northvale, Paterson and scattered sites throughout the State.
  • New York (Total Grants: $10.8 million):  Brewerton, the Bronx, Brooklyn, Buffalo, Chester, Cohoes, Fresh Meadows, Greenburgh, Haverstraw, Holley, Ithaca, Jamaica, Ogden, Orchard Park, Rochester, Seneca Falls, Troy, Williamsville and scattered sites throughout Chautauqua County.
  • The communities of North East, Maryland, and Philadelphia, Pennsylvania will also benefit from the awards.

CONTACT:  Brian Finnegan

(212) 441-6877

SOURCE Federal Home Loan Bank of New York