FHLBNY awards $520,000 affordable housing grant, Fairport Apartments, Inc. to rehab 13 buildings

The Federal Home Loan Bank of New York (FHLBNY) has awarded a $520,000 affordable housing grant to Fairport Apartments, Inc. to help finance the rehabilitation of 13 buildings providing 103 units of housing for low-income senior citizens. "With this Affordable Housing Award from the FHLBNY, the Fairport Apartments will ensure that we are providing our seniors with safe, stable and affordable housing," said representative Eric Massa. "M&T Bank has a long tradition of being involved in the Fairport community, and with the support of representative Massa and our partnership with the FHLBNY, we are able to continue our involvement on the local level," said Daniel Burns, regional president of M&T Bank, which submitted the application for the funds. "We look forward to the positive impact these housing opportunities will bring to the area." "The Fairport Apartments project reflects what is possible when the entire community comes together to provide accessible, affordable housing for all those who need it," said Alfred DelliBovi, president and CEO of the Home Loan Bank. "In addition to providing a safe, stable home for its residents, the Fairport Apartments strengthens the area's access to senior housing." The $520,000 grant will be used toward the financing of the rehabilitation of 13 buildings that house low-income senior citizens. The project consists of 103 apartment units throughout these buildings. The rehabilitation will include new windows, roofs, plumbing and insulation, which will serve to make the buildings more energy efficient. In 2008, FHLBNY awarded grants totaling $42.9 million to fund 92 housing projects that will generate 4,655 units of affordable housing and an anticipated $975.5 million in development costs. For more information on these grants, please visit http://www.fhlbny.com/news/pressrelease.htm. FHLBNY's Affordable Housing Program (AHP), created in 1989, provides member community lenders with direct subsidies, which are passed on to qualified households through a sponsoring local non-profit organization. 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 semi-annual competitive rounds. 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.