NJ Totals $7.6 Million for 738 Affordable and Supportive Housing Initiatives
The Federal Home Loan Bank of New York (FHLBNY) approved nine (9) New Jersey Affordable Housing Program (AHP) projects totaling $7,652,566 for a total of seven hundred and thirty-eight (738) units of affordable and supportive housing in the 2013 round.
Alfred A. DelliBovi, president and CEO of the Federal Home Loan Bank of New York, announced that the Bank has awarded $35.5 million in subsidies to fund 48 affordable housing initiatives throughout New Jersey, New York, Puerto Rico, the U.S. Virgin Islands, Florida, Maryland and Pennsylvania.
These awards are funded through the Bank’s Affordable Housing Program (“AHP”), and will result in the creation or rehabilitation of 3,072 affordable housing units, including nearly 2,300 units dedicated to very low-income housing and more than 3,000 units of affordable rental housing. The awards will not only help provide housing, but also drive community development: it is anticipated that more than $607 million in development costs will be generated from the development of these initiatives.
“This year marks the 25th anniversary of the creation of the Affordable Housing Program,” said Alfred A. DelliBovi, president and CEO of the Federal Home Loan Bank of New York. “In that time, the Home Loan Bank has been honored to partner with both our members and scores of terrific non-profit housing organizations across the region to help build affordable homes. Thanks to the hard work of these community institutions, as well as the support the Program continues to receive from Congress, the AHP has become one of the most successful housing programs in the nation.”
The $35.5 million announced today are funds drawn from the Bank’s earnings. As mandated by Congress, the Bank forgoes 10 percent of its earnings each year to support these neighborhood housing and economic development initiatives.
Congratulations to the recipients of these important funds!