Alfred A. DelliBovi, President of the Federal Home Loan Bank of New York, announced that the Bank has awarded $16 million in subsidies to fund 39 affordable housing initiatives throughout New Jersey, New York, Delaware and Pennsylvania in early August. These awards, which are funded through the Bank’s Affordable Housing Program (AHP), will result in the creation or rehabilitation of 1,545 affordable housing units and drive community development. It is anticipated that $382 million in development costs will be generated from development of these initiatives. Some of the senior housing projects receiving funds include:
- Living Springs Senior Residence – 99 units
- Cape May Senior Housing – 90 units
- Amherst Glen Senior Apartments –50 units
- Middletown Manor Senior Apartments – 60 units
For the full listing of grants, click here.