Printer Friendly

FEDERAL HOME LOAN BANK OF NEW YORK ANNOUNCES 15 AFFORDABLE HOUSING PROJECTS; 981 UNITS

 NEW YORK, Dec. 16 /PRNewswire/ -- The Federal Home Loan Bank of New York (FHLBNY) announced today the awarding of $3.428 million of Affordable Housing Program subsidies toward the development of 15 affordable housing projects. The projects -- four in New York State and 11 in New Jersey -- will develop 981 affordable housing units for low- and moderate-income families.
 The town that will benefit from today's project awards (with New York City supporting two projects) include:
 NEW YORK NEW JERSEY
 Canandaigua Buena Vista
 New York City (2) Burlington County
 Rochester Camden
 East Brunswick
 Madison
 Mt. Holly
 Newark
 New Brunswick
 Orange
 Sayreville
 Trenton
 The bank's Affordable Housing Program is an important source of funding and expertise for community housing development. For the current competition, the second of two semi-annual competitions, 47 applications were received requesting $11,828,518 in subsidies, while the amount available for subsidies was $3,428,060. For the full year 1992, the bank contributed subsidy funds totaling $8,165,021 toward the financing of 1,862 affordable housing units throughout the district.
 Over the three years of the Affordable Housing Program, the bank has provided a cumulative total of $24.3 million in subsidies to fund 5,768 housing units around the district. Working with its customer institutions, community groups and federal, state and local government agencies, the bank's Community Investment Group has been able to facilitate developments costing a total of almost $340 million, a leverage ratio against its own dollar contributions of 14:1.
 Alfred A. DelliBovi, president of FHLBNY, said, "The bank has been able to maintain momentum in its Affordable Housing Program. However, this is only one element of the bank's total commitment to community investment and economical home finance. The initial beneficiaries, of course, are the people who move into these low-cost housing units. But I want to emphasize that, in a larger sense, the entire community benefits, socially and economically, when people are well-housed and neighborhoods are reenergized through this kind of investment."
 Mr. DelliBovi also noted that "the subsidy funds for the Affordable Housing Program are private sector funds which would otherwise be paid out as dividends to our stockholders -- the savings and loan associations, the savings banks, the commercial banks and the credit unions which comprise our customer base."
 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- 12/16/92
 /NOTE TO EDITORS: Map and specific project descriptions 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 -- NY065 -- 7769 12/16/92 13:37 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 16, 1992
Words:462
Previous Article:BOSTON ADVANCED TECHNOLOGIES COMPLETES ACQUISITION OF FUELS ANALYSIS CORPORATION
Next Article:NATWEST TO OFFER LOANS TO AID STORM DAMAGE VICTIMS


Related Articles
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 ANNOUNCES 27 AFFORDABLE HOUSING PROJECTS; 1,397 UNITS
881 AFFORDABLE HOUSING UNITS TO BE SUBSIDIZED BY FEDERAL HOME LOAN BANK OF NEW YORK AFFORDABLE HOUSING PROGRAM
FEDERAL HOME LOAN BANK OF NEW YORK FUNDS 29 AFFORDABLE HOUSING PROJECTS
FEDERAL HOME LOAN BANK OF NEW YORK FUNDS 19 AFFORDABLE HOUSING DEVELOPMENTS
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
Affordable Housing Program Grants More Than $2 Million to Support Low-Cost Housing Development in Delaware, New Jersey and Eastern Pennsylvania.
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...
The Federal Home Loan Bank of San Francisco Announces $4.4 Million in 2007 Affordable Housing Grants.

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