Federal Home Loan Bank of New York Awards $110,000 Affordable Housing Grant In Middle Island
February 2, 2009
-11 homes to be built for very low-income families-
(Middle Island, N.Y) The Federal Home Loan Bank of New York announced today the award of a $110,000 affordable housing grant to Habitat for Humanity of Suffolk to help fund the construction of 11 single-family homes for very low-income households.
“This Affordable Housing Award from the Federal Home Loan Bank will ensure that 11 new families will realize the dream of homeownership,” said Representative Tim Bishop (NY, 1). “Homeownership builds pride in our communities and strengthens our neighborhoods.”
“Astoria Federal has always believed in “Putting people first,” and our ability to serve as the conduit for this affordable housing project means a great deal to us. We are proud to work with Representative Bishop, the Federal Home Loan Bank of New York, and Habitat for Humanity of Suffolk to help provide low income residents with a decent home,” said Brian Edwards, SVP/Director of Marketing of Astoria Federal Savings. The application for funds was submitted by Astoria Federal Savings.
The $110,000 grant will be used to buydown the properties’ mortgages to ensure affordability for very low-income families. Habitat homebuyers will purchase the homes at cost after completing a required down payment of 270 hours of “sweat equity” on their homes and participating in a family educational program. These educational classes will provide information on home maintenance and upkeep, safety issues and the financial responsibilities of homeownership. The project aims to revitalize the neighborhoods in which the homes are built by providing attractive housing and raising the property values of the surrounding homes.
“Financial literacy is critical to successful homeownership,” said Alfred A. DelliBovi, president and CEO of the Home Loan Bank. “The educational opportunities that this program provides will ensure that these homes, and their owners, will benefit the community for years to come.”
Additional financing for the $1.2 million project will be provided by Habitat for Humanity of Suffolk’s fundraising efforts and donations from local businesses. The townships of Brookhaven and Central Islip have donated the properties to Habitat for Humanity of Suffolk.
In 2008, the Federal Home Loan Bank of New York 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.
The Federal Home Loan Bank’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 Federal Home Loan Bank in partnership with a community-based sponsoring organization.
Astoria Federal Savings
Astoria Financial Corporation, with assets of $22.0 billion, is the holding company for Astoria Federal Savings and Loan Association. Established in 1888, Astoria Federal, with deposits in New York totaling $13.5 billion, is the largest thrift depository headquartered in New York and embraces its philosophy of “Putting people first” by providing the customers and local communities it serves with quality financial products and services through 85 convenient banking office locations and multiple delivery channels, including its enhanced website, www.astoriafederal.com. Astoria Federal commands the fourth largest deposit market share in the attractive Long Island market, which includes Brooklyn, Queens, Nassau, and Suffolk counties with a population exceeding that of 38 individual states. Astoria Federal originates mortgage loans through its banking and loan production offices in New York, an extensive broker network covering eighteen states, primarily the East Coast, and the District of Columbia, and through correspondent relationships covering nineteen states and the District of Columbia.
Federal Home Loan Bank of New York
The Federal Home Loan Bank of New York is a Congressionally chartered, $130 billion, wholesale Bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 12 regional, stockholder-owned banks. The Federal Home Loan Bank of New York serves 307 community lenders in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of the Home Loan Bank is to advance housing opportunity and local community development by maximizing the capacity of community-based member-lenders to serve their markets.
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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This report contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as “projected,” “expects,” “may,” or their negatives or other variations on these terms. The Bank cautions that, by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, regulatory and accounting rule adjustments or requirements, changes in interest rates, changes in projected business volumes, changes in prepayment speeds on mortgage assets, the cost of our funding, changes in our membership profile, the withdrawal of one or more large members, competitive pressures, shifts in demand for our products, and general economic conditions. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.
Posted by News LI Editor · Filed Under Business
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