Astoria, New York, September 25, 2007 – Yesterday afternoon, Representative Carolyn B. Maloney (NY-14) helped award a $400,000 affordable housing grant from the Federal Home Loan Bank to HANAC, Inc., to help fund the construction of the 183-unit George T. Douris Tower, a senior housing development in Astoria, Queens. Rep. Maloney was joined at the event by Alfred A. DelliBovi, President of the Federal Home Loan Bank of New York; HANAC’s Chairman, Evangeline P. Douris, and Executive Director, John P. Kaiteris; Andrew Moesel, Communications Director for Councilman Peter Vallone, Jr.; and James Griffin, Regional Manager of Astoria Federal Savings.
“I’m delighted to be a part of today’s Affordable Housing Award from the Federal Home Loan Bank and Astoria Federal,” said Rep. Maloney. “This federal investment in affordable senior housing will touch many lives and strengthen our neighborhood. I look forward to working with the Federal Home Loan Bank and other public and private groups to continue to make our neighborhoods even better places to live.”
New York City Councilman Peter Vallone Jr. said, “We appreciate all the help we can get on this project that we’ve worked so hard to bring to fruition. It’s important that we make senior housing available to those who have contributed so much to Astoria. We’re glad to keep seniors in the community that they loved and helped to build.”
“Astoria Federal has always believed in ‘Putting people first,’ and our ability to serve as the conduit for this affordable housing project means a great deal to us. We are proud to work with Representative Maloney, the Federal Home Loan Bank of New York, HANAC and the residents of the 14th District to help senior citizens have a decent home,” said Astoria Federal’s SVP/Director of Marketing Brian Edwards. The application for the funds was submitted by Astoria Federal Savings.
“Today’s award results from the successful joint effort among the Home Loan Bank, Astoria Federal Savings and HANAC,” said Mr. DelliBovi. “The Federal Home Loan Bank – a Congressionally chartered organization — is pleased to help fund these sound housing units and help our senior citizens in need of a helping hand.”
Mr. Kaiteris added, “By the fall of next year, nearly 200 senior citizens will have a decent place to call home at the George T. Douris Tower.”
The $400,000 will be used towards the construction of a 15-story, 183-unit housing complex for low- and very-low- income senior citizens. Nineteen units will be set aside for elderly persons that were homeless. The building will be designed for barrier-free access by persons with disabilities and will incorporate green and smart-building technologies. An on-site social services coordinator will be present to help residents with referral services and follow up with tenants who have special needs. In addition to the on-site senior center, there will also be a health care facility adjacent to the complex that will serve the health and medical needs of the residents
Additional financing for the $42.6 million project will be provided by the New York City Housing Development Corporation, the New York State Department of Housing and Community Renewal, Low Income Housing Tax Credits, and a New York City Council Capital Assistance Grant.
The Federal Home Loan Bank’s Affordable Housing Program (AHP), created 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 Astoria Federal Savings
Astoria Financial Corporation, the holding company for Astoria Federal Savings and Loan Association, with assets of $21.6 billion is the sixth largest thrift institution in the United States. Established in 1888, Astoria Federal is the largest thrift depository headquartered in New York with deposits of $13.4 billion and embraces its philosophy of “Putting people first” by providing the customers and local communities it serves with quality financial products and services through 86 convenient banking office locations and multiple delivery channels, including its enhanced website, www.astoriafederal.com. Astoria Federal commands the fourth largest deposit market share in the attractive Long Island market, which includes Brooklyn, Queens, Nassau, and Suffolk counties with a population exceeding that of 38 individual states. Astoria Federal originates mortgage loans through its banking offices and loan production offices in New York, an extensive broker network covering twenty-six states, primarily the East Coast, and the District of Columbia, and through correspondent relationships covering forty-three states and the District of Columbia.
About HANAC, Inc.
HANAC, Inc., was created in 1972 and is a non-profit, multi-funded, citywide organization that serves local community residents, which include but are not limited to low-income families and individuals, immigrants and refugees, youth, the elderly, the unemployed and underemployed, and business owners by developing, implementing, and administering programs including but not limited to the following: workforce development; adult education, immigration counseling and advocacy services to New York City employers and new immigrants; housing; senior citizen services that include transportation, nutrition, recreation, and counseling/entitlement programs; child and family counseling to prevent foster care placement and disintegration of the family unit; crime victims services; substance abuse prevention and treatment services; youth services; and weatherization services.
About the Federal Home Loan Bank
The Federal Home Loan Bank is a AAA rated, wholesale bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 12 regional, stockholder-owned banks. The Federal Home Loan Bank serves 300 community lenders in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of the Federal Home Loan Banks is to advance housing opportunity and local community development by maximizing the capacity of community-based member-lenders to serve their markets.
