“The rehabilitation of these properties ensures their affordability in the long-term,” Patrick Fry, Sr. Vice President, NHPF, “We are so pleased to undertake the effort to see that this housing is improved and that it remains affordable for the residents who depend on it.”
NEW YORK (PRWEB) January 06, 2022
The NHP Foundation (“NHPF”) was awarded more than $1.4 million in two competitive Affordable Housing Program grants (“AHP Grant”) from Federal Home Loan Bank of New York (FHLBNY) to rehabilitate and preserve affordable housing in Newark. Irvine Turner Apartments, with 94 units, will receive $987,055 and Center City Apartments, which has 49 units, will receive $430,000.
NHPF will use the AHP Grants, along with other funding sources, to renovate the two properties, located close to downtown Newark and the Newark/Penn Station transit hub, providing public transportation access to New York City, Hoboken and Jersey City. The properties are also less than five miles from Newark Airport and the Port of Newark, major job centers.
“The ability to preserve and renovate this historic affordable housing would not be possible without the support and hard work of M&T Bank, our member bank sponsor for the FHLB AHP application,” said Dick Burns, CEO, NHPF.
According to Alle Ries, Vice President, M&T Bank Community Reinvestment Group, “An important aspect of this rehab project is the units that are set aside for people experiencing homelesseness. These set-asides helped FHLB select NHPF for the AHP Grants.”
In its 2021 funding round the FHLBNY awarded $34.3 million in subsidies to fund 46 affordable housing initiatives throughout New Jersey, New York, Arizona, California, Maryland and Pennsylvania. These awards are funded through the FHLBNY’s Affordable Housing Program (“AHP”), and will result in the creation, rehabilitation or preservation of 2,480 units, including 1,641 units dedicated to very low-income housing. The awards will not only help provide housing, but also drive community development: it is anticipated that more than $748 million in housing investment will result from the development of these initiatives.
“The rehabilitation of these properties ensures their affordability in the long-term,” Patrick Fry, Sr. Vice President, NHPF, “The buildings are in need of repair and we are so pleased to undertake the effort to see that this housing is improved and that it remains affordable for the residents who depend on it.”
About The NHP Foundation
Headquartered in New York City with offices in Washington, DC, Baltimore, MD and Chicago, IL, The NHP Foundation (NHPF) was launched on January 30, 1989, as a publicly supported 501(c)(3) not-for-profit real estate corporation. Since that time NHPF has invested nearly $1.2 billion in the preservation and new construction of affordable housing throughout 16 states and the District of Columbia. The investing of these funds has resulted in economic stability for thousands of seniors, families, and children. Communities have been enriched, school systems have remained intact, local businesses sustained their patrons and residents retained their employment. Through Family-Centered Coaching, NHPF’s subsidiary Operation Pathways engages with, and assists, families experiencing poverty and other hardship, to problem-solve together. Through partnerships with major financial institutions, the public sector, faith-based initiatives, and other not-for-profit organizations, NHPF has 57 properties, including more than 10,000 units. For more information, please visit http://www.nhpfoundation.org.
About M&T Bank
M&T Bank Corporation is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, operates banking offices in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia, and the District of Columbia. Trust-related services are provided by M&T's Wilmington Trust-affiliated companies and by M&T Bank.