Affordable Housing Bolstered by Federal Program, Private Bank

The Federal Home Loan Bank of New York, through the M&T Bank, awarded $35.5 million in Affordable Home Program (AHP) subsidies in 2013 that will help finance 48 affordable housing initiatives, creating or preserving 3,072 units of affordable housing, as informs MHProNews. This includes 2,200 very low income dwellings in New Jersey, New York, U. S. Virgin Islands, Florida, Maryland, Puerto Rico and Pennsylvania. Grants include: $760,000 to help Nueva Esperanza with the Roberto Clemente Homes project, which includes the construction of 38 rental units for low-income families in Philadelphia, PA. Heritage Christian Services, Inc. will receive a $450,000 grant to acquire and rehabilitate a 152-unit garden apartment complex for low- and very low-income seniors in North Syracuse, NY. The renovations will convert 16 of the units to be fully handicap-accessible, and an additional nine units will be made accessible for residents with audio or visual impairments. “Our loan officers live and work in the communities they serve, and they are keenly aware of local housing needs and how best to meet them,” said JoAnne Schwartz, Community Reinvestment Act Officer for M&T Bank. “By partnering with the Federal Home Loan Bank of New York, we’re able to provide developers additional funding to aid in the creation of safe and affordable housing for our communities.”

(Photo credit:–multifamily home construction)

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