Federal Home Loan Bank of New York Awards $32.6 Million for 62 Affordable Housing Initiatives

-Combined projects will create or rehabilitate more than 2,800 affordable housing units throughout New Jersey, New York and Pennsylvania-

NEW YORK, Feb. 2, 2011 /PRNewswire-USNewswire/ -- On January 26, 2011, Alfred A. DelliBovi, President and CEO of the Federal Home Loan Bank of New York, announced that the Bank has awarded a record $32.6 million in subsidies to fund 62 affordable housing initiatives throughout New Jersey, New York and Pennsylvania.  These awards, which mark the Bank's second round of funding for 2010, are funded through the Bank's Affordable Housing Program ("AHP"), and will result in the creation or rehabilitation of 2,813 affordable housing units, including more than 2,100 units dedicated to very low-income housing. The awards will not only help provide housing, but also drive community development: it is anticipated that nearly $540 million in development costs will be generated from the development of these initiatives.

"Our success directly affects our ability to provide this funding – the better we perform, the more of an impact we are able to make on affordable housing initiatives across the region," Mr. DelliBovi said. "I am proud to announce that, as a result of our continued strong performance, we awarded a record amount of Affordable Housing Program funds in 2010.  Creating affordable housing is the work of many hands, and for more than 20 years the Federal Home Loan Bank of New York has been honored by the opportunity to support the creation of safe, decent and affordable housing across our region and across the country.  We thank all of our partners – the local lenders, the housing groups and our elected leaders in Congress – for their continued support of the communities they serve, and of the Affordable Housing Program."

For more information on these 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 more than 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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