FHLB New York Awards $19 Million For Affordable Housing

The Federal Home Loan Bank of New York recently announced that the Bank has awarded $19.1 million in subsidies to fund 51 affordable housing initiatives throughout New Jersey, New York, Delaware and Pennsylvania. These awards, which are funded through the Bank’s Affordable Housing Program (AHP), will result in the creation or rehabilitation of 2,213 affordable housing units. It is anticipated that $409.8 million in development costs will be generated from development of these initiatives. Based upon review of the project listed, there were at least 5 senior housing projects that received funding in New York and New Jersey as part of the FHLB NY’s subsidies.

“We are proud to partner with our member lenders and these outstanding nonprofit organizations to create affordable housing in more than 35 communities,” said Mr. DelliBovi. “Our combined efforts will not only build new homes and help families to stay in existing ones, but also serve to build community pride and strengthen local economies.”


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. These awards are a result of effective public/private partnerships involving the Federal Home Loan Bank, member banks and thrifts, and nonprofit community housing organizations.

For the full press release, click here

For the full listing of projects that received support, click here.