June 19, 2010 – The Federal Home Loan Bank of New York (“FHLBNY”), along with Congressman Maurice Hinchey (NY-22) and Congressman John Hall (NY-19), have announced that Elant, Inc. has been awarded a $1,440,000 Affordable Housing Program (“AHP”) grant from the FHLBNY and its member, Rhinebeck Savings Bank. The grant will help fund construction of The Birches at Fishkill, a planned 72-unit housing community for low-income seniors, to be developed by Birchez Associates, LLC.
“This Affordable Housing Program grant will help bring much-needed senior housing to our region,” said Congressman Hinchey. “The Federal Home Loan Bank of New York, Elant and Birchez Associates have long been supporters of affordable housing across the Hudson Valley; this grant continues their commitment to the community.”
“Improving services for our seniors continues to be one of my top priorities,” said Congressman Hall. “With assistance from this Federal Home Loan Bank of New York grant, the Birches at Fishkill will not only create more than 70 affordable homes for Fishkill’s seniors, but will also provide residents with the support and care they deserve.”
“The Federal Home Loan Bank of New York is proud to partner with our member, Rhinebeck Savings Bank, to help make this affordable housing a reality for the seniors in Fishkill,” said Alfred A. DelliBovi, president and CEO of the FHLBNY. “We are grateful to Congressmen Hinchey and Hall for their leadership and support in Congress, which allows us to offer this program to the housing groups that are strengthening communities across the region.”
The Birches of Fishkill complex will consist of 62 one-bedroom and 10 two-bedroom apartments. The units will be targeted to low-income senior citizens and will provide a continuum of care. Elant, Inc., a leading Hudson Valley not-for-profit organization providing healthcare and housing programs, will collaborate to provide rehabilitation services, adult foster family care, and long-term home health care to the residents. Birchez Associates, an award-winning developer and manager of affordable senior housing in the Hudson Valley, is again partnering with Elant, Inc., to develop The Birches at Fishkill.
“This is a significant piece of the financing for this much needed development,” said Steve Aaron, Managing Member of Birchez Associates LLC, the developer of the planned project. “We are particularly encouraged in this economic climate that both Congressman Hinchey and Congressman Hall continue to champion the need for affordable housing. And we appreciate the continued financial support of Alfred DelliBovi and his team at the Federal Home Loan Bank of New York,” said Aaron. This will be the sixth time the Federal Home Loan Bank of New York has participated in the financing of a Birchez Associates’ community in the Hudson Valley (www.Birchez.com).
The grant is part of a total of $29.7 million in AHP subsidies that the Federal Home Loan Bank of New York will award in conjunction with the approval of the first competitive application round of 2010. In total, these grants will help to finance the creation of 54 housing projects that will generate 2,917 units of affordable housing in New Jersey, New York, Connecticut, Pennsylvania, Delaware and Maryland. Last year, the Federal Home Loan Bank System celebrated the 20th Anniversary of its Affordable Housing Program. Earlier this month, the program was recognized by the National Housing Conference as its “Housing Person of the Year”. The Federal Home Loan Banks have distributed nearly $4 billion in AHP funds since 1990.
About Birchez Associates LLC
Birchez Associates LLC, a Hudson Valley real estate development and management company, is widely recognized for providing senior citizens with homes they can afford in supportive communities where they can age in place. Birchez fosters strategic partnerships with leaders in the service provider industry such as Elant, Inc. The firm recently completed The Birches at Chambers in the town of Ulster with 66 units, of which 8 are handicapped accessible and the balance are all handicapped ready. The Birches at Esopus, completed last year with 80 units, has been voted Project of the Year – Upstate by the New York Association for Affordable Housing. At the ribbon cutting, the project was recognized by New York State Energy Research & Development Agency as an Energy $mart Building, the first new construction low-rise multifamily to receive the designation. The community is currently one of four national finalists in the Affordable Housing Finance magazine’s Readers Choice Awards. Other Birchez Associates communities include The Birches at Saugerties and Chambers Court, both affordable senior housing communities, and Birchwood Village designed for work-force housing. www.Birchez.com
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Birchez Associates LLC
K.J. McIntyre, Director of Marketing, 845-532-7528
KJMcIntyre@Birchez.com
