Federal Home Loan Bank of New York Awards $26.4 Million For 37 Affordable Housing Initiatives

Alfred A. DelliBovi, president and CEO of the Federal Home Loan Bank of New York, announced that the Bank has awarded $26.4 million in subsidies to fund 37 affordable housing initiatives throughout New Jersey, New York and Pennsylvania.  These awards are funded through the Bank’s Affordable Housing Program (“AHP”), and will 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.  The awards will not only help provide housing, but also drive community development: it is anticipated that more than $428 million in development costs will be generated from the development of these initiatives.

Sacramento Bee

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