news

ALBANY, NY — Today, Congressman Paul D. Tonko applauded the awarding of $12,823,732 in grants from the Federal Home Loan Bank of New York (FHLBNY) to create, rehabilitate, or preserve 619 affordable housing units across seven projects in Albany, Ballston Spa, Guilderland, and Schenectady. These grants, awarded through the FHLBNY’s Affordable Housing Program (AHP), form part of a larger announcement of $70.9 million in total grants to fund 47 projects across New York, New Jersey, Puerto Rico, California, New Hampshire, and Pennsylvania.

“One of the primary drivers of our nation’s growing affordability crisis has been the rising cost of housing,” Congressman Tonko said. “That’s why I’ve been working tirelessly in Congress to address this issue that impacts families across the nation — including by proudly casting my vote in favor of the 21^st Century ROAD to Housing Act, the first major housing legislation passed by Congress in a generation. I’m thrilled to celebrate these awards that will increase the supply of housing here in our Capital Region, and I’ll continue fighting to promote policies and initiatives that every family has a safe, stable, and affordable place to call home.”

“At the Federal Home Loan Bank of New York, our reliability is at the center of everything we do — from the certainty of our funding to our consistent support for housing efforts across our region,” said Randolph C. Snook, President and CEO of the FHLBNY. “As communities nationwide continue to face housing affordability and supply challenges, we are proud to serve as a proven and trusted partner, leveraging the full strength of our cooperative to help create and preserve housing opportunities for households across the Capital Region and throughout our District.”

The Capital Region affordable housing awards announced today include:

·         $2,500,000 for Steamboat Square Revitalization-Phase 2 in Albany, sponsored by the Albany Housing Authority and consisting of 343 units

·         $2,500,000 for the City Mission ARK Center in Schenectady, sponsored by City Mission of Schenectady and consisting of 72 units

·         $2,500,000 for the Mansion Initiative in Albany, sponsored by The Community Builders and consisting of 63 units

·         $2,500,000 for Harbor House at the YWCA in Schenectady, sponsored by Young Women’s Christian Association of Schenectady and consisting of 96 units

·         $1,223,732 for CFDS Residence Renovation Phase I in Guilderland, sponsored by Center for Disability Services Inc and consisting of 25 units

·         $960,000 for the City Mission Family Life Center in Schenectady, sponsored by City Mission of Schenectady and consisting of 12 units

·         $640,000 for Manufactured Housing Replacement for Low-Income Homeowners in Ballston Spa, sponsored by Rebuilding Together Saratoga County and consisting of 8 units

The AHP was created by Congress in 1989, and the Federal Home Loan Banks have awarded more than $9 billion in AHP funds since the first awards in 1990. At the FHLBNY, the AHP has supported 2,240 projects with more than $1.17 billion grants, helping to create or preserve nearly 113,000 units of affordable housing.

You can read more about today’s announcement HERE.

###