The grant will be used to help finance the construction of 15 homes and is sponsored by M&T through the Federal Home Loan Bank of New York’s affordable housing program.
“We are thrilled to be able to assist in the funding of important affordable housing projects in Paterson. Our support of Paterson Habitat for Humanity is made possible through the cooperation of a variety of partners working together to access funding sources not only through our own bank loans but the critical capital support of the Federal Home Loan Bank of New York,” Alle Ries, regional Community Reinvestment Act officer in New Jersey for M&T Bank, said. “In Paterson, where 29 percent of residents live below the poverty line, projects like these have the ability to create a lasting impact in the very communities where our customers work and live.”
Paterson Habitat for Humanity said it will use the grant to construction homes for very low-income families who are first-time homebuyers. All participants are required to take part in Habitat for Humanity’s “sweat equity component”, including 250 hours of on-site construction work and/or service in organizational support roles, it said.