NEW YORK, NY - Alfred A. DelliBovi, President and CEO of the Federal Home Loan Bank of New York, recently announced that the Bank has awarded $29.7 million in subsidies to fund 54 affordable housing initiatives throughout New Jersey, New York, Connecticut, Delaware, Maryland and Pennsylvania. These awards, which are funded through the Bank's Affordable Housing Program ("AHP"), will result in the creation or rehabilitation of 2,917 affordable housing units and drive community development. It is anticipated that more than $525 million in development costs will be generated from these initiatives.
"The Federal Home Loan Bank of New York has been proud to partner with our members for more than 20 years to help make affordable housing a reality in New Jersey, New York, Puerto Rico, the U.S. Virgin Islands and beyond," said Mr. DelliBovi. "We are grateful to our elected officials for their leadership and support in Congress, which allows us to offer this program to the housing groups that are strengthening communities across the region."
Last year, the Federal Home Loan Bank System celebrated the 20th anniversary of its Affordable Housing Program. In June 2010, the program was recognized by the National Housing Conference as its "Housing Person of the Year". The Federal Home Loan Banks have distributed nearly $4 billion in AHP funds since 1990. At the Federal Home Loan Bank of New York, the AHP has supported more than 1,200 projects with grants totaling more than $350 million, creating more than 50,000 units of affordable housing and generating nearly $6 billion in total development costs.
For more information on these grants: www.fhlbny.com/community/ahp/awards/ahpaward0710.htm
The $29.7 million awarded today are funds drawn from the Bank's earnings. As mandated by Congress, the Bank forgoes 10 percent of its earnings to support these neighborhood housing and economic development initiatives.
The Federal Home Loan Bank of New York'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 Bank in partnership with a community-based sponsoring organization.
The following New Jersey communities will benefit from the funds awarded today: Bernards Township, Camden, Elizabeth, Glassboro, Hopewell, Lafayette, Middletown, Morristown, Perth Amboy, Union, Westfield, Wildwood and Woodbury.
The following New York communities will benefit from the funds awarded today: the Village of Albion, Alden, Batavia, the Bronx, Buffalo, Canandaigua, East Syracuse, Elmira, Fishkill, Hempstead, Ithaca, the Town of Lysander, Mount Vernon, New York, Oswego, Palmyra, Plattsburgh, Rochester, Rome, Utica, Waverly and Webster.
The communities of New Haven, Connecticut; Wilmington, Delaware; Easton, Maryland; and Philadelphia, Pennsylvania will also benefit from the funds awarded today.
The Federal Home Loan Bank of New York is a Congressionally chartered, wholesale Bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 12 regional, stockholder-owned banks. The FHLB of New York currently serves over 330 financial institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of the Federal Home Loan Banks is to support the efforts of local members to help provide financing for America's homebuyers.
Source: Federal Home Loan Bank of New York