Total Awards $26.4 Million for 37 Affordable Housing Initiatives
The Federal Home Loan Bank of New York (FHLBNY) approved thirteen (13) New Jersey Affordable Housing Program (AHP) projects totaling $7,868,453 for a total of seven hundred and sixty-one (761) units of affordable and supportive housing in the 2012 round. Click here to view the list of projects approved.
Alfred A. DelliBovi, president and CEO of the Federal Home Loan Bank of New York, announced that the Bank has awarded $26.4 million in subsidies to fund 37 affordable housing initiatives throughout New Jersey, New York and Pennsylvania. These awards are funded through the Bank’s Affordable Housing Program (“AHP”), and will result in the creation or preservation of 2,679 affordable housing units, including more than 2,000 units dedicated to very low-income housing and more than 2,500 units of affordable rental housing. The awards will not only help provide housing, but also drive community development: it is anticipated that more than $428 million in development costs will be generated from the development of these initiatives.
“Housing is a cornerstone of our economy, a key driver of economic development and job growth, and the foundation of strong families and vibrant communities,” said Mr. DelliBovi. “The Federal Home Loan Bank of New York is proud to support affordable housing initiatives across our region and beyond. We thank all of our partners – the local lenders, the housing groups and our elected officials – for their continued support of the Affordable Housing Program. When we strive to ensure that all have access to affordable housing, we strengthen the fabric of our society.”
Congratulations to the recipients of these important funds!