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881 AFFORDABLE HOUSING UNITS TO BE SUBSIDIZED BY FEDERAL HOME LOAN BANK OF NEW YORK AFFORDABLE HOUSING PROGRAM

881 AFFORDABLE HOUSING UNITS TO BE SUBSIDIZED BY FEDERAL HOME LOAN BANK
 OF NEW YORK AFFORDABLE HOUSING PROGRAM
 NEW YORK, June 25 /PRNewswire/ -- More than $4.7 million of subsidies was awarded today by the Federal Home Loan Bank of New York (FHLBNY) for 25 affordable housing projects in New York and New Jersey. The FHLBNY, working in conjunction with customer institutions, the New Jersey Savings League, community groups and leader consortia, said it has committed these funds towards the construction or rehabilitation of 881 housing units for very low-, low- and moderate-income families.
 The localities that will benefit from today's project awards (with some areas supporting multiple projects) include:
 New York
 Albany Rensselaer
 Brooklyn Rochester
 Canandaigua Saratoga
 Coeymans Schenectady
 Cortlandt Seneca
 Elmira Town of Brookhaven
 Metropolitan New York Town of Union
 New York City
 Otsego County
 New Jersey
 Burlington County Lakewood Township
 Camden Sayreville
 Clifton Scotch Plains
 Cranford South Brunswick
 Westampton Township
 The FHLBNY's Affordable Housing Program (AHP) is an important source of funding and expertise for community housing development. In this AHP offering, the first of two semiannual competitions, 30 applications were received requesting $7.3 million in subsidies, while the amount available for subsidies was $4.8 million.
 In 1991 the FHLBNY received 70 applications for its affordable housing program subsidy funds; 46 were approved. The total subsidy for the year was $8.7 million. When fully disbursed these projects will finance 2,110 units of housing of which 1,485 units will be for very low-income families. The FHLBNY's funds are leveraged almost 14 times by other sources, among them customer institutions, state and local governments or their agencies, so that total development costs exceeded $119.4 million.
 Brian Dittenhafer, president of the FHLBNY, said, "I am particularly gratified by the enthusiastic response to the first offering of this year's Affordable Housing Program. Our stockholder institutions, neighborhood housing groups, and state and local officials worked with the bank's staff to bring to fruition projects that will benefit very low-, low- and moderate-income families. When these families are decently housed, the entire community will benefit, socially and economically. And the echo effects will continue for some time, over a widening area."
 Dittenhafer noted that "the funds that the bank contributes toward affordable housing would ultimately have been stockholder funds and paid out as dividends if not for this program. To that extent, all stockholder institutions are participating in the Affordable Housing Program."
 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- 6/25/92
 /NOTE TO EDITORS: Project descriptions -- by state, locality -- and map available/
 /CONTACT: Eugene J. Sherman of FHLBNY, 212-912-4605/ CO: Federal Home Loan Bank of New York ST: New York, New Jersey IN: FIN SU:


GK-OS -- NY003 -- 3654 06/25/92 09:45 EDT
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Publication:PR Newswire
Date:Jun 25, 1992
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