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Alfred A. DelliBovi Honored on the Floor of the U.S. House of Representatives

Thursday, July 15th, 2010

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.

CONTACT: Eric Amig
(212) 441-6807
Brian Finnegan
(212) 441-6877

SOURCE Federal Home Loan Bank of New York

Senior complex dedicated in Ulster

Friday, July 9th, 2010

By Michael Novinson, Times Herald-Record, 7/9/2010

ULSTER — Boca on the Hudson?

Between a 50-seat movie theater with plush, reclining seats, a fitness studio with a trainer certified in physical therapy, and a mahogany-paneled game room that looks and presumably smells like the library from the board game Clue, The Birches at Chambers seems like an elegant, exclusive community.

“I feel like I live in Florida again, except that the ocean isn’t nearby,” said Birches resident Margrit Salimone, who spent 23 years in the Sunshine State.

But The Birches at Chambers, in the Town of Ulster, isn’t an affluent, gated community — it’s an affordable senior housing complex, with monthly rents ranging from $331 to $862. The $16 million complex has 14 two-bedroom apartments, 52 one-bedroom apartments and about 75 residents.

U.S. Rep. Maurice Hinchey, state Sen. John Bonacic and Ulster County Executive Michael Hein spoke at the formal dedication of The Birches at Chambers on Thursday, but the complex was filled long before then. In fact, the complex was fully rented by the February 2009 groundbreaking ceremony, thanks to a 400-person waiting list at the adjacent Chambers Court, said Birches founder Steve Aaron.

People 62 or older — or under that age with a disability — with an annual gross income of less than $29,480 for a single person can live in The Birches at Chambers.

Even though the complex is Aaron’s fifth affordable living community to open in the past half-decade, he doesn’t plan on stopping now. Several dedication speakers mentioned a proposed senior complex in Fishkill.

At The Birches, no detail is left unpolished. Chambers resident Candy Belles said fellowresidents were unnerved by footsteps outside their rooms late at night. To quell their fears, Aaron had his security guards don bright yellow T-shirts.

“We’ve added years to these folks’ lives,” Aaron said.

mnovinson@th-record.com Photo: Candy Belles and Rabbi Yitzchok Hecht share a laugh in Belles’ new apartment at The Birches at Chambers in the Town of Ulster on Thursday. A dedication ceremony took place earlier at the state-of-the-art senior living community. CHET GORDON/Times Herald-Record also credit for introductory photo.

Community Dedication Ceremony at The Birches at Chambers, Town of Ulster

Thursday, July 8th, 2010

On Thursday, July 8th, 2010, Senator Bonacic attended and spoke at The Birches at Chambers Community Dedication Ceremony. The Birches at Chambers is a state-of-the-art, affordable senior living community located in the Town of Ulster.

L-R: Joel Brink, Town of Ulster Councilman, Hon. Alfred A. DelliBovi, Congressman Maurice Hinchey, Senator John J. Bonacic, Steven L. Aaron, Michael Colgrove from NYSERDA, Josh Aaron, Judy Aaron, Joseph Malcarne and Bryan Smith from Rhinebeck Savings Bank.

Source: http://www.nysenate.gov/district/42 State Senator John J. Bonacic’s website; picture under photo and videos tab

The Birches at Chambers Affordable Senior Community in Kingston Hosts Dedication on July 8

Wednesday, July 7th, 2010

Hudson Valley Green Sheet July 7, 2010,

Posted By Nancy Meyer

KINGSTON–On Thursday, July 8, the residents of The Birches at Chambers invite the public to the dedication of the newest community of Birchez Associates LLC. The residents will show off their new homes and Birchez Associates will demonstrate what affordable housing can achieve.

Some 200 or more people are expected, including Congressman Maurice Hinchey and other political leaders, to salute the debut of the company’s newest 66-apartment community in the Town of Ulster. The main building qualifies for Platinum LEED Certification, the highest possible achievement in the Leadership in Energy and Environmental Design certification process. With the addition of The Birches at Chambers to the family, Birchez has reached a significant milestone of helping over 300 economically qualified seniors to live in energy efficient buildings with outstanding lifestyle amenities, the company reports.

The event will include green building announcements; exhibits will include sustainable building, senior amenities, health & wellness, and rental opportunities and affordability guidelines. Tours will be given to members of the media.

This event will place the spotlight on a public-private sector formula that shows what developers can do to enhance the quality of life for seniors. Birchez Associates’ communities provide affordable opportunities in buildings styled for these citizens.

$1.4 Million Grant towards The Birches at Fishkill Announced

Saturday, June 19th, 2010

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

The Birches at Esopus wins State Recognition

Friday, June 4th, 2010

The New York State Association for Affordable Housing (NYSAFAH) awarded The Birches at Esopus a 2010 NYSAFAH Award for Excellence Winner at their annual conference on April 29.

In supporting the state-wide recognition by NYSAFAH, Congressman Maurice Hinchey commended Steven Aaron and Birchez Associates in addressing the need for affordable housing projects in rural communities.

Cited in the award application is the New York State Energy Research & Development Agency’s (NYSERDA) recognition of The Birches at Esopus as a New York Energy $mart Building. The projected utility costs are over 30% lower than other new apartment complexes built to current energy code in the State. The Birches at Esopus community is the first affordable housing development in the town of Esopus, a community which covers 40 square miles. The Birches at Esopus serves area seniors, aged 55 and over, who are at 60% of median income or less. The community offers on-premises staff including the role of the Senior Advocate, held by Alice Tipp who had served for thirty years as a county legislator. Strategic partnerships have been formed with both Elant, Inc., headquartered in Goshen, N.Y., and Signature Fitness of Kingston, N.Y. Signature Fitness owner John Perry designed the fitness studio to meet senior exercise needs and has provided a fitness trainer – at no cost to residents.

Amenities include a media room, fully equipped computer lab and fitness studio, a library/game room, crafts room, and a spacious community room with a full kitchen for residents’ parties and events. To further complement an active life style for its senior residents, the grounds offer a bocce court, grill area, patio spaces, gazebos and paths. The Birches at Esopus offers 80 rental residences for seniors.

Birchez Associates LLC has developed and continues to manage four affordable housing communities for seniors and one community for work force housing in Ulster County, N.Y. More information on The Birches at Esopus and other Birchez Associates’ communities is available at www.Birchez.com.

Funding for senior housing a concern, officials say

Tuesday, February 10th, 2009

By WILLIAM J. KEMBLE
Correspondent

TOWN OF ULSTER — Speaking at a ceremonial groundbreaking Monday for the 66-unit Birches at Chambers housing complex, U.S. Rep. Maurice Hinchey expressed concerns that construction of more affordable senior citizen housing may become harder to fund given the economic climate.

Hinchey, D-Hurley, spoke before about 70 people were gathered at Chambers Court on the 4-acre site that is expected to be ready for occupancy by July.

“A lot of it will depend upon what happens with this stimulus package,” Hinchey said.

“We don’t know how much money is going to be put into infrastructure,” Hinchey said. “In the Senate bill there’s $40 billion that is being taken out so far that would go into the state. That money for the state would be flown into housing and things like this.”

Developer Steve Aaron said the 52 one-bedroom and 14 two-bedroom units will cost $15 million to build. This will be the fifth set of units built by his firm Birchez Associates, which has an adjacent development as well as completed projects in Kingston, the town of Saugerties, and Esopus.

Marian Zucker, executive vice president of the state Housing Finance Agency, said funding for Birches at Chambers became difficult last year due to changes in the economy.

“Financing affordable housing as you might imagine in the current environment, where banks are cutting back so severely on their lending, is not the easiest of things,” she said.

“These factors came close I would say to derailing this project last year,” Zucker said. “If it weren’t for the work of a lot of people … most importantly Mr. Aaron, who stepped forward to put his money where his mouth is, this project could have come unglued.”

Town Board members in December approved a 30-year payment-in-lieu-of-taxes agreement for the Birches at Chambers senior housing complex, allowing the developer to secure $10.3 million in low-interest state loans.

The agreement drew strong objections from residents, though the terms for annual payments of $100 per unit plus 2 percent of gross rent increases were the same as the terms approved for the neighboring Chambers Court complex.

Aaron said efforts to build more affordable housing should be considered an economic stimulus.

“During construction, the Birches at Chambers will have employed up to 100 construction workers, with the vast majority being local,” he said.

“When completed in July it will create full- and part-time employment for staff needed to maintain and operate the facility,” Aaron said. “For every dollar spent on a project like this, the Birches at Chambers, it can generate as much as seven dollars back into the local economy.”