Federal Home Loan Bank of New York awards $44.3M for 49 affordable housing initiatives

$11M awarded for 10 affordable housing projects in the Garden State

By Emily Bader
New Jersey | Nov 20, 2018 at 11:07 am

The Federal Home Loan Bank of New York announced it has awarded $44.3 million in subsidies to find 49 affordable housing initiatives, with 10 of them being in New Jersey.

The award will be funded through the bank’s Affordable Housing Program and will help create or rehabilitate 3,012 affordable housing units, including 2,012 units for very low-income housing, throughout New Jersey, New York, Puerto Rico, North Carolina, Ohio and Pennsylvania.

The bank expects more than $730 million will be used in housing investment from the development of these initiatives.

“At the Federal Home Loan Bank of New York, our housing mission is central to both our business and our culture,” José R. González, CEO and president of the Federal Home Loan Bank of New York, said. “For nearly 30 years, our Affordable Housing Program has provided our cooperative with a consistent and reliable way to support the many incredible projects and initiatives that will and continue to benefit communities across our region. The grants we announce today – the highest single round award amounts since we began making AHP grants – will allow us to join with our members to support the communities we all serve. I am especially pleased that nearly half of the applicants that resubmitted their applications from prior years were successful this year, reflecting both our team’s ability to work with organizations to strengthen their applications, and the ongoing commitment of these organizations to providing affordable homes for those who need them most.”

The following New Jersey communities will benefit from the funds:

  • $2.05 million, McGuire Gardens Preservation in Camden, 252 units;
  • $2.38 million, Springdale II in Cherry Hill, 79 units;
  • $1.19 million, Amandla Crossing in Edison, 30 units;
  • $900,000, EPort Homes Family Apartments in Elizabeth, 59 units;
  • $1.3 million, Fair Lawn Senior Housing in Fair Lawn, 84 units;
  • $434,446, Hampton Manors Apartments in Hampton, 48 units;
  • $412,790, Jackson Green in Jersey City, 98 units;
  • $375,000, PHFH 4th Ward Scattered Sites in Paterson, 15 units;
  • $1.7 million, Freedom Village at Robbinsville in Robbinsville, 72 units;
  • $400,000, Jacobs Landing Phase II in Woodbridge, 60 units.

As mandated by Congress, the bank forgoes 10 percent of its earnings each year to support neighborhood housing and economic development initiatives.

To see the rest of the funded initiatives, click here.

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Emily Bader | ebader@roi-nj.com | emilybader