Printer Friendly

FEDERAL HOME LOAN BANK OF NEW YORK, REGIONAL LENDER AND TOWN OF UNION INAUGURATE ENDICOTT NORTHSIDE SENIOR CITIZEN HOUSING PROJECT

FEDERAL HOME LOAN BANK OF NEW YORK, REGIONAL LENDER AND TOWN OF UNION
 INAUGURATE ENDICOTT NORTHSIDE SENIOR CITIZEN HOUSING PROJECT
 ENDICOTT, N.Y., Dec. 12 /PRNewswire/ -- New housing for senior citizens opened its doors in the town of Union, N.Y., today. Northside Villa, a housing project for low- and moderate-income senior residents, was officially opened in a ribbon-cutting ceremony led by Alphonso Whitfield, vice president of the Federal Home Loan Bank of New York (FHLBNY). Also attending were representatives of First Federal Savings and Loan Association of Rochester and town of Union administrators, all of whom played a role in making Northside Villa a reality. The Endicott Northside Affordable Housing Program project will eventually comprise 34 single-family, semidetached units located on individual plots. Sixteen units have been completed and the remaining 18 housing units will be built in the spring and summer of 1992.
 The project benefits elderly residents, who need housing more conducive to an elderly lifestyle, and first-time homebuyers. "It takes many people working together, along with subsidy funds, to bring a project like this to fruition," Whitfield said. Through funds available from the FHLBNY's Affordable Housing Program, the homes previously owned by the seniors are able to be purchased by low- and moderate-income households through a subsidized mortgage program as sponsored by the town of Union and First Federal Savings and Loan Association of Rochester. By facilitating the sale of their homes, the elderly are able to market their current homes to a broader group of buyers and consequently be eligible to purchase their new homes at Northside Villa on an accelerated timetable. Russell Rankin, vice president of First Federal said, "It's very gratifying to see a project combining private and public resources like this one come together. It will benefit the people who live here as well as the community and the institutions which invest in the area."
 The town of Union's Endicott Northside Affordable Housing Program provided subsidies to the first-time homebuyers to make homeownership possible for purchasers of homes currently owned by the seniors. Harold Roth, town of Union planning director, said, "The project is a beginning in the town of Union's efforts to make affordable, standard housing available to the town's residents." Town Supervisor John Bertoni said, "Once we had the concept, the excitement of bringing the project to completion motivated everyone and the wheels of government never stopped working. We in the town of Union are grateful to all of the project's participants who worked so well with our own people. It was a real team effort."
 The Federal Home Loan Bank of New York provides low-cost financing and other banking services to stockholding institutions in support of affordable housing for Americans in New York, New Jersey, Puerto Rico and the U.S. Virgin Islands.
 -0- 12/12/91
 /CONTACT: Eugene J. Sherman of Federal Home Loan Bank of New York, 212-912-4605/ CO: Federal Home Loan Bank of New York ST: New York IN: SU:


SM-OS -- NY001 -- 1784 12/12/91 09:00 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 12, 1991
Words:503
Previous Article:NORTHERN TRUST ANNOUNCES POSTPONEMENT OF STOCK OFFERING
Next Article:PACIFIC HORIZON AGGRESSIVE GROWTH FUND RECEIVES FIVE-STAR RATING
Topics:


Related Articles
FEDERAL HOME LOAN BANK OF PITTSBURGH PROVIDES SUBSIDIES TO FUND $15.6 MILLION OF LOW-COST HOUSING IN DISTRICT
FEDERAL HOME LOAN BANK OF NEW YORK FUNDS 19 AFFORDABLE HOUSING DEVELOPMENTS
FEDERAL HOME LOAN BANK OF PITTSBURGH PROVIDES FUNDS TO SUBSIDIZE $54 MILLION OF LOW-COST HOUSING IN DISTRICT
FEDERAL HOME LOAN BANK ANNUAL MEETING FOCUSES ON BUILDING PARTNERSHIPS; PILLARS OF THE COMMUNITY AWARDS PRESENTED
HOME LOAN BANK OF NEW YORK AWARDS $7.4 MILLION FOR 30 LOCAL AFFORDABLE HOUSING INITIATIVES
FEDERAL HOME LOAN BANK OF NEW YORK AWARDS $7.5 MILLION FOR 27 LOCAL AFFORDABLE HOUSING INITIATIVES
Federal Home Loan Bank of Pittsburgh Honors Affordable Housing and Community Development Partners With Seventh Annual Pillars of the Community Awards.
Federal Home Loan Bank of Pittsburgh Provides More Than $8 Million In Grants to Support Over $129 Million in Low-Cost Housing Development.
Northeastern Pennsylvania Affordable Housing and Community Development Partners Honored at Federal Home Loan Bank Of Pittsburgh's Ninth Annual...
Astoria Federal Savings, Federal Home Loan Bank of New York, New York State And Long Island Housing Partnership Break Ground on 42 Units of Senior...

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters