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Hinchey honors FHLBNY for its Affordable Housing Program

NEW YORK, July 15 Forbes.com  – Since 1990, the Federal Home Loan Bank of New York has provided more than $220 million in grants to more than 750 affordable housing initiatives across New York State through its Affordable Housing Program (“AHP”).  These projects have helped create, rehabilitate or preserve more than 30,000 affordable homes for low-income families, seniors and the workforce across the Empire State, and have generated more than $3.5 billion in total development costs for local economies.  On July 8, at the dedication ceremony of The Birches at Chambers, a state-of-the art, affordable senior living community in Ulster, New York, which was partially funded by the AHP, Federal Home Loan Bank of New York President and CEO Alfred A. DelliBovi was honored by Congressman Maurice Hinchey (NY-22) for the Bank’s contributions to affordable housing.

“Under the guidance of president and CEO Alfred A. DelliBovi since 1992, the Federal Home Loan Bank ofNew York has helped community lenders across New York, New Jersey, Puerto Rico and the U.S. Virgin Islands advance housing and community growth,” Congressman Hinchey said in a statement for theCongressional Record.

In his comments at the event, Mr. DelliBovi thanked Congressman Hinchey for his continued support of affordable housing initiatives across New York’s 22nd District.  The AHP has been especially active in the 22nd District, supporting 51 projects with grants of more than $18 million, helping to create nearly 2,300 affordable homes.

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 over 330 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.

SOURCE Federal Home Loan Bank of New York