Federal Home Loan Bank awards $465,000 affordable housing grant

The Federal Home Loan Bank of New York awarded a $465,000 affordable housing grant to West End Intergenerational Residence to help finance the construction of the True Colors Residence, which will provide 30 units of permanent, supportive housing designed to serve homeless, very low and low-income youth aging out of foster care. M&T Bank, a Home Loan Bank member, submitted the application for the funding. "Children need stable environments to grow and reach their potential. But it's hard to do well in school and look towards the future if you are constantly worried about the roof over your head," said congressman Charles Rangel (NY,15). "Thanks to this Affordable Housing Award from Federal Home Bank Loan of New York and M&T Bank, True Colors Residence will be able to provide safe and supportive youth housing for those in need." This year marks the 20th anniversary of the Federal Home Loan Banks' Affordable Housing Program (AHP), which was created by congress in 1989. Since the program's inception, the Federal Home Loan Banks have provided more than $3.6 billion to facilitate more than 15,000 affordable housing projects across the nation. These grants have created nearly 670,000 units of affordable housing. At the Federal Home Loan Bank of New York, AHP has supported more than 1,100 projects with grants totaling more than $320 million, creating more than 46,000 units of affordable housing and generating nearly $6 billion in total development costs. "With the support of representative Rangel and the Federal Home Loan Bank of New York, we are pleased to help create the True Colors Residence, which will provide vital housing in New York City for young residents who are aging out of the foster care system," said Steven Flax, regional CRA officer for M&T Bank. "For 20 years, the Home Loan Bank of New York has been given the tremendous opportunity to work hand-in-hand with New York's esteemed elected officials, its locally-focused hometown banks and its terrific community organizations to bring safe, stable and affordable housing to the State," said Alfred DelliBovi, president and CEO of the Home Loan Bank. "It is an opportunity, and a partnership, that we are most grateful for." Additional funding will be provided by the Department of Housing Preservation Development Supportive Housing Loan Program, Low Income Housing Tax Credits, New York City Capital Funding through the Office of the Manhattan Borough president, and the New York State Energy Research and Development Authority. This grant is part of a total of $16 million in AHP subsidies that the Federal Home Loan Bank of New York has announced in August. These grants will fund 39 housing projects that will generate 1,545 units of affordable housing in New Jersey, New York, Delaware and Pennsylvania. In January 2009, the Federal Home Loan Bank of New York awarded grants totaling $19.1 million to fund 51 housing projects that will generate 2,213 units of affordable housing and an anticipated $409.8 million in development costs. For more information on these grants, please visit www.fhlbny.com/news/pressrelease.htm.