January 26, 2012
Federal Home Loan Bank of New York awards $2.1 million in affordable housing grants in Henrietta, Canandaigua, Rochester and surrounding counties
-Five projects will create or rehabilitate nearly 150 units of affordable housing-
Henrietta, New York – The Federal Home Loan Bank of New York announced today the awards of a $900,000 grant to the Bishop Sheen Ecumenical Housing Foundation to help fund the Calkins Corners project, which will create 60 units of affordable housing in Henrietta for moderate-to-very low-income seniors; a $160,000 grant to the Finger Lakes Cerebral Palsy Association to help fund the Transition Home project, which will create eight units of affordable supportive housing in Canandaigua for disabled individuals; a $138,530 grant to Heritage Christian Services, Inc. to help fund the Gates-Greece Townline Road project, which will preserve eight units of affordable supportive housing in Rochester; a $750,000 grant to the Bishop Sheen Ecumenical Housing Foundation for the Sheen Housing Rehab Program, which will rehabilitate 50 owner-occupied single-family homes across the region; and a $180,000 grant to Arbor Development to help fund the Arbor Housing Rehab 2011 project, which will rehabilitate 20 owner-occupied single-family houses across Chemung, Schuyler and Steuben counties. Home Loan Bank members First Niagara Bank, The Lyons National Bank, The Bank of Castile and Maple City Savings Bank submitted the applications for the funding.
“Safe, decent and affordable housing is vital not only to the stability of our economy, but our communities and families, as well,” said Alfred DelliBovi, president and CEO of the Federal Home Loan Bank of New York. “The Federal Home Loan Bank of New York is proud to offer this funding to continue to support those who strengthen the foundation of this cornerstone of the American Dream. We thank all of our partners – the local lenders, the housing groups and our elected officials – for their continued support of the Affordable Housing Program, and their work towards revitalizing our country’s housing sector.”
“Together, the approved awards for Bishop Sheen Ecumenical Housing Foundation, Inc. and Heritage Christian Services, Inc. submitted by First Niagara total more than $1 million for affordable housing in Monroe County,” said Leisha Gordon, vice president of Community Reinvestment at First Niagara Bank. “We believe the availability of these resources is important to our community.”
“We are honored to be a partner with Finger Lakes United Cerebral Palsy (FLUCP) and participate in this exciting Transition Home project at their Canandaigua facility, which helps prepare eight individuals for independent living after suffering debilitating injuries,” said Jim King, a vice president with Lyons National Bank, and the bank liaison for the project. “This is a project that, due to funding cuts, may not have been otherwise possible without the help of the Affordable Housing Program. We at LNB are very excited about this project and look forward to helping FLUCP and others in the future.”
“The Bank of Castile is excited to be part of the funding process with the Bishop Sheen Ecumenical Housing Foundation for such a critical needs matter. Providing, safe, decent, affordable housing to low-income homeowners is a key element to stabilizing neighborhoods and helping our local economy,” said Sherri Catalano, Corporate CRA Officer and vice president of the Bank of Castile.
The $900,000 grant for the Calkins Corners project will help fund the construction of 60 apartments for moderate-to-very low-income senior citizens. The sponsor will provide case management services to residents and arrange for transportation and other services to help residents remain independent. Additional financing will be provided by capital funds from the U.S. Department of Housing and Urban Development Section 202 Program, Low Income Housing Tax Credits and First Niagara Bank, which also submitted the application for the AHP funding for this project.
The $160,000 grant for the Transition Home project will help fund the construction of a supportive living facility which will provide affordable housing with supportive services for eight disabled individuals. The units will be reserved for five young adults who have experienced a traumatic brain injury and three young adults with a developmental disability. Each resident will be assigned a service coordinator who will work with the resident to enable them to achieve the highest degree of independence possible, based on their developmental disability. Additional financing will be provided by the New York State Office For People with Developmental Disabilities, Lyons National Bank, the B. Thomas Golisano Foundation and sponsor equity. The Lyons National Bank submitted the application for the AHP funding for this project.
The $138,530 grant for the Gates-Greece Townline Road project will help fund the rehabilitation of a long-term supportive living facility, which will preserve quality affordable housing with supportive services for eight developmentally disabled individuals. The project has been in existence for over 20 years and is currently in need of capital improvements. Additional financing will be provided by the sponsor. First Niagara Bank submitted the application for the AHP funding for this project.
The $750,000 grant for the Sheen Housing Rehab Program will help fund the rehabilitation of 50 owner-occupied, single-family homes. This is a scattered-site, comprehensive rehabilitation program which will address conditions that threaten the health and safety of residents. A large percentage of the targeted families are frail elderly on a fixed income, veterans, and persons with disabilities. The project will assist very low-income homeowners who will be determined eligible by income verification, proof of ownership, current property tax payment and homeowner’s insurance. The Bank of Castile submitted the application for the AHP funding for this project.
The $180,000 grant for the Arbor Housing Rehab 2011 project will help fund the rehabilitation of 20 scattered-site, owner-occupied, single-family dwellings in Chemung, Schuyler and Steuben counties. The focus of this project is to provide repairs that address health and safety issues and incorporate energy saving measures. Very low-income households who have owned and occupied the home for at least one year, have current homeowners insurance, and whose taxes and mortgage payments are current will qualify to participate in the project. Additional financing will be provided by the New York State Affordable Housing Corporation and the Homes and Community Renewal Access to Home Program. Maple City Savings Bank submitted the application for the AHP funding for this project.
The grants are part of $33.6 million in Affordable Housing Program subsidies that the Federal Home Loan Bank of New York will award as its 2011 AHP grant round. In total, these grants will help to finance 57 housing projects which will create or preserve 2,837 units of affordable housing, including more than 2,200 units of very low-income housing, in New Jersey, New York, Maryland and Pennsylvania. The Federal Home Loan Banks have distributed $4.3 billion in AHP funds since 1990. At the Federal Home Loan Bank of New York, the AHP has supported more than 1,300 projects with grants of more than $425 million, creating nearly 59,000 units of affordable housing and generating an estimated $8.2 billion in total development costs. For more information on today’s grants, please visit www.fhlbny.com/news/pressrelease.htm.
The Federal Home Loan Bank System’s Affordable Housing Program, created in 1989, provides member community lenders with direct subsidies, which are passed on to qualified households through a sponsoring local non-profit 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.
Happiness House- Finger Lakes Cerebral Palsy Association is a private nonprofit health and human service agency that has been serving communities in the Finger Lakes region in Upstate New York since 1969. Today with sites in Geneva, Canandaigua, Gorham, and Waterloo, Happiness House offers an array of educational program, recreational and family support services for children and adults with and without disabilities who reside in Ontario, Seneca, Wayne, and Yates counties. On average Happiness House serves 1,000 individuals and their families each year.
Cheryl L. Coppola