BUFFALO, N.Y., Feb. 6, 2018 /PRNewswire/ -- M&T Bank and the
Federal Home Loan Bank of New York
announced today the awarding of $11.5
million in grants to community-based organizations in nine
different cities through the FHLB-NY's Affordable Housing
Program.
The grants will help fund projects in: Buffalo, N.Y.; Albany, N.Y.; Trenton, N.J.; Asbury Park, N.J.; Cherry Hill, N.J.; Newark, N.J.; Altoona, Pa.; Claymont, Del.; and Frederica, Del.
Organizations seeking funding through the FHLB's Affordable
Housing Program must submit an application sponsored by one of the
FHLB-NY member banks.
"The success of our bank is directly related to the success of
the communities we serve and every community needs safe and
affordable housing for its citizens. We appreciate the support of
our colleagues at the Federal Home Loan Bank of New York in approving these grant applications
that M&T Bank sponsored for these organizations in our
communities," said Brad Dossinger Group Vice President of Community
Reinvestment at M&T Bank.
Grants approved included:
- Buffalo City Mission in Buffalo will receive $3.26 million to be used toward an expansion of
its building on 100 East Tupper Street. The project will create 134
housing units for homeless and low-income residents of Buffalo. This is the largest FHLB-NY
Affordable Housing Program grant ever secured through M&T
Bank.
- Buffalo Neighborhood
Stabilization Company Inc. in Buffalo was approved for a $214,154 grant to help with the rehabilitation of
11 affordable housing units as part of its GDZ Homes project.
- My Place Home for the Homeless
in Buffalo will receive
$100,000 to be used on 10 units of
its Polly Jean Suites project.
- A $1.1 million grant for the
Albany Housing Authority in Albany will be used on 76 affordable
housing units being redeveloped as part of the second phase of the
Ida Yarbrough Homes Redevelopment.
- The Trenton Housing Authority in Trenton, N.J. will receive a $1.4 million grant to be used toward its
Page Homes project, which involves
the redevelopment of a former public housing project to create 77
new units of one-bedroom, two-bedroom and three-bedroom
apartments.
- The Jewish Federation of Southern New
Jersey has been awarded a $1.6
million grant toward a project at 1721 Springdale Road in
Cherry Hill, N.J., creating
79 units of affordable housing.
- Michaels Community Services Corporation of Asbury Park, N.J., was approved for a
$1 million grant for its 64-unit
projects called The Renaissance.
- The Housing Authority of the City of
Newark in Newark,
N.J., was approved for an $841,500 grant to help rehabilitate 153 units of
affordable housing at Montgomery Heights II.
- Riverside Charitable Corporation will be making upgrades to 76
units in the Cherry Grove Apartments in Altoona, Pa., including upgrading HVAC
systems, replacing windows, doors and roofing. Funds will also be
used to provide residents with access to case management services
in partnership with Blair County Community Committee, financial
literacy courses in partnership with M&T Bank, and free high
speed internet. The project will receive a $1.6 million grant.
- Gaudenzia Foundation Inc. in Claymont, Del., was approved for a
$375,000 grant to be used toward the
rehabilitation of 26 units of affordable housing.
- Central Delaware Habitat for Humanity will use the $60,000 grant to aid construction of four housing
units in Frederica, Del.,
two are currently under construction. The grant will be evenly
divided, with $15,000 to be spent per
house. These additions will bring the total to 16 homes built in
Frederica.
The Federal Home Loan Bank System's Affordable Housing Program,
created by Congress in 1989, provides member community lenders with
direct subsidies, which are passed on to qualified households
through a sponsoring local non-profit organization. AHP financing
is combined with other funding sources to create housing for
moderate-, low- and very-low-income families. Program awardees
receive this funding through semi-annual competitive rounds. Each
competing project must be sponsored by a financial organization
that is a member of the Federal Home Loan Bank in partnership with
a community-based sponsoring organization.
These grants announced today were part of the annual competitive
round completed in the fourth quarter of 2017.
About M&T Bank:
M&T Bank Corporation (NYSE:
MTB)("M&T") 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.
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