FHLBank New York Awards $26.4M For Affordable Housing

Posted by Orb Staff on October 18, 2012 No Comments
Categories : Residential Mortgage

12591_apartment_bldg_exterior_square FHLBank New York Awards $26.4M For Affordable Housing The Federal Home Loan Bank of New York (FHLBank New York) has awarded $26.4 million in subsidies to fund 37 affordable housing initiatives throughout New Jersey, New York and Pennsylvania.

The awards are funded through the bank's Affordable Housing Program (AHP) and are expected tol result in the creation or preservation of 2,679 affordable housing units, including more than 2,000 units dedicated to very low-income housing and more than 2,500 units of affordable rental housing.Â

The $26.4 million announced are funds drawn from the bank's earnings. As mandated by Congress, the bank forgoes 10% of its earnings each year to support these neighborhood housing and economic development initiatives.

‘Housing is a cornerstone of our economy, a key driver of economic development and job growth, and the foundation of strong families and vibrant communities,’ says Alfred A. DelliBovi, president and CEO of FHLBank New York.

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