The Federal Home Loan Bank of New York announced today the award of a $400,000 grant to Pathstone, Inc. to help finance the Valle Dorado project, which will construct a new building providing 32 affordable homes for very low-income seniors. Doral Bank, a member of the Federal Home Loan Bank of New York, submitted the application for the funding. ["It is important that we ensure that our seniors have affordable housing, and this grant from the Federal Home Loan Bank of New York and Doral Bank will help bring more than 30 affordable homes for seniors in Utuado," said Resident Commissioner Pedro Pierluisi.]
"We are very satisfied that the application that we submitted for the funding was accepted. Doral Bank is always committed to supporting our communities, especially low and moderate income. By partnering with PathStone, a reputable community organization who has dedicated his time on helping the community by providing housing needs much needed, we are able to provide safe and secure housing for adults over 32 low-income residents in a rural area of PR" said Doral Bank's CRA Manager, José A. Rivera-Urrutia.
"This year marks the 25th anniversary of the creation of the Affordable Housing Program by Congress," said Alfred A. Delli Bovi, 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 Valle Dorado project involves the new construction of a 32-unit, five-story apartment building located in Utuado, Puerto Rico. The one-bedroom units will be offered to very low-income elderly residents, with two units being fully handicap-accessible. Additional financing will be provided by the U.S. Department of Housing and Urban Development and the Puerto Rico Housing and Human Development Trust Fund.
The grant is 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 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.