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January 29th, 2014

$1.2 Million in Affordable Housing Grants Awarded

MIDDLETOWN – The Federal Home Loan Bank of New York announced the award of an $820,000 grant to the Regional Economic Community Action Program, Inc. to help finance The Mill at Middletown project, which will convert an abandoned mill into 42 affordable homes for low- and very low-income households in Middletown; and a $450,000 grant to the Housing Action Council to help finance The Mews at Baldwin Place, Phase II project, which will build 75 new affordable homes in Somers.  Federal Home Loan Bank of New York members Walden Savings Bank and CMS Bank submitted the applications for the funding.

“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.”

“This project aligns with Walden Savings Bank’s longstanding mission of supporting people, businesses and organizations that make a difference in our community,” said Walden Saving Bank President and C.E.O Derrik Wynkoop. “The Mill at Middletown project will play a huge role in the ongoing revitalization of the downtown Middletown community and we are excited to team with CMS Bank and Federal Home Bank of New York to ensure its success.”

The Mill at Middletown project involves the adaptive re-use of an abandoned brick mill building that dates back to the late-1800s into 42 affordable family units for low- and very low-income households.  An additional building on the property will be restored and converted into a community hall.  Walden Savings Bank submitted the application for this project.  Other funding sources include the Community Preservation Corporation, Federal Low Income Housing Tax Credits and the New York State Housing Trust Fund Corporation.

The Mews at Baldwin Place Phase II is the second stage of a two-part plan to provide new construction of affordable senior housing.  Phase I was restricted to residents 65 years old and older, and Phase II is available to residents 55 years old and older.  This project involves the new construction of 75 units of affordable housing in two two-story elevator buildings.  CMS Bank submitted the application for this project.  Additional financing will be provided by Federal Low Income Housing Tax Credits, the New York State Housing Finance Agency, State Low Income Housing Tax Credits and Westchester County Housing Infrastructure Funds.

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. 

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.

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