M&T Bank is awarding six grants totaling $6.6 million to affordable housing projects based in New Jersey that will provide for 447 units, the bank announced Tuesday.
The grants, which are provided through the Federal Home Loan Bank of New York’s Affordable Housing Program, of which M&T is a member, are part of a larger effort by the bank in the mid-Atlantic region.
All told, M&T will award nearly $15 million to fund the construction and rehabilitation of 1,120 affordable housing units in 17 affordable housing projects in communities across New Jersey, New York, Pennsylvania and Maryland.
Brad Dossinger, M&T’s senior vice president for community reinvestment, said the need for this type of assistance has never been greater.
“The COVID-19 pandemic has exacerbated existing housing challenges for individuals and families, making quality affordable housing more important than ever before,” he said. “Through close and continued collaboration with the Federal Home Loan Bank of New York and our housing partners, this year’s grant support will fuel economic impact and investment, benefitting residents in the communities where we live and work.”
Here’s a look at the six awards in New Jersey:
- Michaels Development: Awarded $2.2 million for the construction of 111 new units at Saddle River Family in Saddle River;
- PennReach Inc.: Granted $1.008 million for 63 units at Fortitude Supportive Housing for Cherry Hill adults with developmental disabilities;
- PennReach Inc.: Received $1 million for 65 units at Lincoln Boulevard Senior Phase I in Glassboro on the former site of a blighted public housing development. A second phase of 60 units will be developed over time;
- Triple C Housing Inc.: Awarded $1 million for 65 units at Hoffman Pavilion in New Brunswick;
- NHP Foundation: Granted $987,055 in rehabilitation and preservation funding for 94 units at New Irvine Turner in Newark;
- NHP Foundation: Received $430,000 for the substantial rehabilitation and preservation of 49 units at Newark’s New Center City.
Additional awards by M&T include:
- New York: Seven awards ($4,659,613 total grant support; 478 total units);
- Pennsylvania: Three awards ($2,746,513 total grant support; 103 total units);
- Maryland: One award ($875,000 total grant support; 92 total units).
The Federal Home Loan Bank System’s Affordable Housing Program, created by Congress in 1989, provides member community lenders with direct subsidies, which are passed on to qualified households through a sponsoring local nonprofit 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. These grants announced today were part of the annual competitive round completed in the fourth quarter of 2021.
According to the FHLBNY, M&T Bank has supported more successful applications than any other participating institution since 2015.