Grant will help rehabilitate more than 100 apartments
Clifton Springs, New York – May 8, 2015 – (RealEstateRama) — The Federal Home Loan Bank of New York announced today the award of a $1,272,000 grant to the Genesis Housing Development Corporation to help finance the Spa Apartments project, which involves the rehabilitation of 109 apartments that are home to very low-income seniors and disabled individuals. M&T Bank, a member of the Federal Home Loan Bank of New York, submitted the application for the funding.
“This Affordable Housing Program grant from the Federal Home Loan Bank of New York will go a long way in rehabilitating this very important housing for Clifton Springs’ seniors,” said Congressman Tom Reed (NY-23). “Ensuring these facilities are up to appropriate standards is vital to offering our seniors the quality care they deserve and ensures fair protection for our most vulnerable citizens.”
“In February, the Federal Home Loan Bank of New York announced our 2014 Affordable Housing Program grants, a total of $22.1 million to help finance 28 initiatives,” said José R. González, president and CEO of the Federal Home Loan Bank of New York. “This month, we are very excited to announce four additional grants to projects that will help create or preserve more than 250 affordable homes. For the past 25 years, the Affordable Housing Program has been a reliable partner for our region’s outstanding housing organizations, and we are proud to continue this partnership today.”
“The work planned by Genesis Housing will both preserve an iconic building which is an important part of the village landscape in Clifton Springs, while also improving the affordable housing options for seniors in the community. We appreciate the support of Congressman Reed and our partners at the FHLB in approving our application for this $1.27 million grant,” said M&T Bank Regional President Dan Burns.
The Spa Apartments project consists of the rehabilitation of 109 apartments that are home to very low-income senior citizens and disabled individuals. Substantial rehabilitation is required to the building’s interior and exterior spaces, as well as its mechanical systems. Renovations will include improvements to the building’s ventilation and the installation of new hot water boilers. Ten of the apartments will be converted to handicap accessible units. Additional sources of funding include Low Income Housing Tax Credits and the New York State Housing Trust Fund.
The grant is one of four grants announced by the Federal Home Loan Bank of New York as additions to its 2014 Affordable Housing Program (“AHP”) grant round. These four grants total $3,952,000 and will help create or preserve 258 affordable homes in the New York communities of Buffalo and Clifton Springs, and Philadelphia, Pennsylvania. In February 2015, the Federal Home Loan Bank of New York announced $22.1 million in AHP subsidies.
In total, these grants will help finance 28 affordable housing initiatives in New Jersey, New York, Connecticut, Maryland, Ohio and Pennsylvania which will create or preserve 2,387 units of affordable housing, including more than 1,400 units of very low-income housing and more than 2,300 units of rental housing. The 12 Federal Home Loan Banks have distributed more than $5.1 billion in AHP funds since the first awards were granted in 1990. At the Federal Home Loan Bank of New York, the AHP has supported 1,376 projects with more than $450 million in grants, helping to create or preserve nearly 60,000 units of affordable housing and generating an estimated $8.4 billion in total development costs. For more information on all of the 2014 grants, please click here.
The Federal Home Loan Bank System’s Affordable Housing Program, created by Congress 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.
About M&T Bank
Founded in 1856, M&T Bank Corp. (www.mtb.com) is one of the 20 largest U.S. commercial bank holding companies, with more than $98 billion of assets and more than 650 branch offices in New York, Pennsylvania, Maryland, Delaware, Virginia, West Virginia and Washington, D.C.
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.
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Contact: Eric Amig – (212) 441-6807
Brian Finnegan – (212) 441-6877
