Federal Home Loan Bank makes grants to Syracuse projects

SYRACUSE  —  The Federal Home Loan Bank of New York is making grants to three affordable-housing projects in Syracuse, it said today.

It is giving a $1.98 million grant to the Rescue Mission Alliance of Syracuse in order to help finance its Dickerson Street Shelter conversion and it is sending $847,154 to Pond Street Housing Development Fund Co., Inc. to help pay for rehabilitation of the Bishop Harrison Apartments. Its third grant, for $270,000, is headed for Empire Housing & Development to help fund the Moses Dewitt Redevelopment project.

The Syracuse grants are included in $26.4 million in Affordable Housing Program funding the Federal Home Loan Bank of New York is distributing in 2012. Funding from that program will help finance 37 affordable housing initiatives that will create or preserve 2,697 units in New Jersey, New York, and Pennsylvania.

Program funding gives direct subsidies to community lenders, who pass them on to households through sponsoring nonprofit organizations. The Federal Home Loan Bank of New York is a congressionally chartered wholesale bank tasked with supporting local members’ attempts to finance U.S. homebuyers. It is part of a network of 12 regional stockholder-owned banks known as the Federal Home Loan Bank System.

“Housing is a cornerstone of our economy, a key driver of economic development and job growth, and the foundation of strong families and vibrant communities,” Federal Home Loan Bank of New York President and CEO Alfred DelliBovi said in a news release. “The Federal Home Loan Bank of New York is proud to support affordable-housing initiatives across our region and beyond.  We thank all of our partners — the local lenders, the housing groups, and our elected officials — for their continued support of the Affordable Housing Program.  When we strive to ensure that all have access to affordable housing, we strengthen the fabric of our society.”

The Dickerson Street Shelter project is set to convert a recreation center into a 132-unit emergency shelter. The Bishop Harrison Apartments renovations will make improvements to a 48-unit facility for very-low-income seniors and individuals with disabilities. And the Moses Dewitt Redevelopment project is slated to revamp 37 affordable-housing apartments for very-low-income senior citizens.

First Niagara Bank applied for the Dickerson Street Shelter project. Alliance Bank applied for the Bishop Harrison Apartments Renovation project and M&T Bank applied for the Moses Dewitt Redevelopment project.

Contact Seltzer at rseltzer@cnybj.com