Federal Home Loan Bank of New York Awards $29.7 Million for 54 Affordable Housing Initiatives

-Combined projects will create or rehabilitate more than 2,900 affordable housing units throughout New Jersey, New York, Connecticut, Delaware, Maryland and Pennsylvania-

NEW YORK, July 13 /PRNewswire-USNewswire/ -- 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."

For more information on the grants, please visit www.fhlbny.com/news/pressrelease.htm.

Federal Home Loan Bank of New York

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

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