FHLBNY Awards $4.4 Million in Affordable Housing Grants in Canandaigua, Clarence and Niagara
Four projects will create or rehabilitate 288 affordable homes for low-income households
Canandaigua, New York – The Federal Home Loan Bank of New York announced today the award of a $2,132,975 grant to the Canandaigua Housing Development Funding Company, Inc. to help finance the Eighty Parrish Street Renovation project, which will rehabilitate 130 units of senior housing in Canandaigua; a $1,490,826 grant to the Brothers of Mercy Housing Corporation, Inc. to help finance the Brothers of Mercy Senior Apartments project, which will rehabilitate 100 units of low-income senior housing in Clarence; a $400,000 grant to the Finger Lakes Cerebral Palsy Association to help finance the Happiness House Apartments project, which will build 20 affordable homes in Canandaigua; and a $400,000 grant to the Elizabeth Pierce Olmsted Center to help finance the EPO Niagara Apartments project, which will build 38 units of housing for very low-income special needs households. Federal Home Loan Bank of New York members The Canandaigua National Bank & Trust Company, Evans Bank, The Lyons National Bank and M&T Bank submitted the applications for the funding.
“Keeping housing affordable is vital and the infusion of more than $4 million in grant funds from the Federal Home Loan Bank of New York and its members will ensure that four key affordable housing projects are fully realized in Western New York and the Finger Lakes,” said Congressman Chris Collins (NY-27). “From recently visiting Brothers of Mercy in Clarence and Parish Street Apartments in Canandaigua, I know this grant funding will go a long way toward both the creation and preservation of nearly 300 affordable homes for low-income seniors and those with special needs.”
“Canandaigua National Bank & Trust is pleased to learn of the multi-million dollar affordable housing grants awarded in Canandaigua and the region by the Federal Home Loan Bank,” said Frank H. Hamlin, III, president and CEO of Canandaigua National Bank & Trust. “Specifically, the renovation of Eighty Parrish Street apartments is an essential project, not only for its residents, but for the Canandaigua community as well. Providing quality, affordable senior housing in our vibrant area is crucial to long-term prosperity and we’re glad to facilitate the funding process of such a project.”
“As a community bank, Evans is committed to supporting important community initiatives like the Brothers of Mercy’s Senior Housing Project. By partnering with the Federal Home Loan Bank of New York we can contribute to improving the quality of life in the communities we call home,” said Stephan Bojdak, Vice President and Commercial Loan Officer at Evans Bank. “It was our privilege to assist in the acquisition of this grant, which will directly impact over 100 of our low-income seniors and individuals with disabilities.”
“We at Lyons National Bank are proud to be a partner with Finger Lakes United Cerebral Palsy (FLUCP) to participate in this exciting and much needed 20 unit apartment building as part of FLUCP’s further commitment to meet the needs of those deserving of their services. This much needed facility is a welcome addition to the already prospering and needed Transition Home site which houses the second location for their vast array of services,” said Jim King, a Vice President with Lyons National Bank who committed to their overall success. “This much needed facility would not be possible without the help of two housing grants from the Department of Home and Community Renewal (DHCR) and the Homeless Housing Assistance Program (HHAP). We have been committed to past projects, this current apartment project, and of course future projects as the need arises.”
“The Elizabeth Pierce Olmsted Center has a long history of providing support services to the visually impaired and other Western New York residents with special needs. This $400,000 grant we’ve facilitated through our partnership with the Federal Home Loan Bank will help increase access to both valuable services and additional affordable housing options targeting local residents,” said Brad Dossinger, Regional Community Reinvestment Manager for M&T Bank.
“This year marks the 25th anniversary of the creation of the Affordable Housing Program,” said Alfred A. DelliBovi, president and CEO of the Federal Home Loan Bank of New York. “In that time, the Home Loan Bank has been honored to partner with both our members and scores of terrific non-profit housing organizations across the region to help build affordable homes. Thanks to the hard work of these community institutions, as well as the support the Program continues to receive from Congress, the AHP has become one of the most successful housing programs in the nation.”
The Eighty Parrish Street Renovation project involves the rehabilitation of a 130-unit housing facility which houses very low-income seniors and individuals with disabilities. The Canandaigua National Bank & Trust Company submitted the application for this funding. Additional project financing will be provided by the project’s replacement reserves.
The Brothers of Mercy Senior Apartments project is an occupied rental rehabilitation project that involves the rehabilitation of 100 units of low-income senior housing. The target population that is currently and will continue to be served is low- to very low-income seniors who are capable of living independently. Sixty units will be reserved for households with annual household incomes at or below 50 percent of the Average Median Income. Evans Bank submitted the application for this funding. Other funding sources include a construction loan from Evans Bank and developer equity.
The Happiness House Apartments project consists of the new construction of 20 apartments, 16 of which will be occupied by very low-income households. The remaining four units will be occupied by low-income households. The Lyons National Bank submitted the application for this funding. Other financing will be provided by the New York State Housing Trust Fund, the Urban Initiatives Program, Lyons National Bank, and developer equity.
The EPO Niagara Apartments project involves the new construction of a 38-unit building which will house very low-income special needs individuals, families and seniors. The project will feature 30 one-bedroom units, six two-bedroom units, and two three-bedroom units, with all units targeted to be affordable to very low-income households. M&T Bank submitted the application for this funding. Other funding sources include the New York State Division of Housing and Community Renewal, Federal Low Income Housing Tax Credits and the New York State Housing Trust Fund Corporation.
The grants are part of $35.5 million in Affordable Housing Program (“AHP”) subsidies that the Federal Home Loan Bank of New York will award as its 2013 AHP grant round. In total, these grants will help finance 48 affordable housing initiatives which will create or preserve 3,072 units of affordable housing, including more than 2,200 units of very low-income housing, in New Jersey, New York, Puerto Rico, the U.S. Virgin Islands, Florida, Maryland and Pennsylvania. The 12 Federal Home Loan Banks have distributed more than $4.8 billion in AHP funds since 1990. At the Federal Home Loan Bank of New York, the AHP has supported 1,386 projects with nearly $475 million in grants, helping to create or preserve 60,250 units of affordable housing and generating an estimated $8.5 billion in total development costs. For more information on today’s grants, please click here.
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.
About Canandaigua National Bank and Trust
Founded in 1887, Canandaigua National Bank and Trust is the region’s only locally owned, full-service community bank, with 24 branches in Ontario and Monroe counties, as well as Financial Services Centers located in Bushnell’s Basin and Geneva. Together they offer a full range of financial services for individuals, businesses, municipalities and not-for-profit organizations. For more information, visit www.cnbank.com.
About Evans Bancorp, Inc.
Evans Bancorp, Inc. is a financial holding company and the parent company of Evans Bank, N.A,a commercial bank, with $827 million in assets, and $703 million in deposits at September 30, 2013. Evans is a full-service community bank, with 13 branches, providing comprehensive financial services to consumer, business and municipal customers through Western New York. Evans Bancorp’s wholly-owned insurance subsidiary, The Evans Agency, LLC. provides property and casualty insurance through seven insurance offices in the Western New York region. Evans Investment Services,Inc. provides non-deposit investment products such as annuities and mutual funds. Evans Bancorp, Inc. and Evans Bank routinely post news and other important information on their web sites at www.evansbancorp.com and www.evansbank.com.
About M&T Bank
M&T Bank, founded in Buffalo, New York in 1856, serves customers at more than 725 branch offices in New York, Pennsylvania, Maryland, Delaware, Virginia, West Virginia and the District of Columbia. For more information, visit www.mtb.com.
Federal Home Loan Bank of New York
The Federal Home Loan Bank of New York is a Congressionally chartered, wholesale Bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 12 regional, stockholder-owned banks. The FHLB of New York currently serves more than 340 financial institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of the Federal Home Loan Banks is to support the efforts of local members to help provide financing for America’s homebuyers.
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