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AMSTERDAM, NY—Congressman Paul D. Tonko announced today that $4,050,000 is being awarded to fund local affordable housing projects issued by the Federal Home Loan Bank of New York, including:

• $2,000,000 for IDA Yarbrough Midrise to help fund construction costs for hundreds of low-income households.
• $90,000 for Ida III Homeownership Project to construct six low-income homeownership units in downtown Albany.
• $1,000,000 for Cara House to fund renovation of emergency shelter beds, permanent studio units, administrative offices and other facilities for homeless and/or special needs households.
• $960,000 for Cornerstone Housing to finance the demolition, construction and renovation of dozens of units available for mixed-income households.

“Our Capital Region communities are stronger and more resilient when affordable housing is available that offers a safe place to live, work and raise a family,” Congressman Tonko said. “The staggering financial toll of this pandemic has made it all the more vital that we lift up our Capital Region’s affordable housing programs so that those affected by this crisis are given the support they need. My sincere gratitude to all involved in these worthy ventures and for their dedication to bettering the lives of our neighbors, friends and loved ones. I will keep fighting for federal investments to ensure that American families always have a safe, secure and affordable place to call home.”

These awards will be administered through the Federal Home Loan Bank of New York’s 2020 round of Affordable Housing Program (AHP) grants. The AHP is a program created by Congress in 1989 through which FHLBNY devotes 10 percent of its annual income to affordable housing projects. The 2020 AHP Round marks the 51st round of grants issued by FHLBNY and $36.9 million awarded to fund 46 affordable housing initiatives throughout New Jersey, New York, Puerto Rico, Connecticut and Washington, D.C.