NEW YORK — Two affordable housing projects in Cape May County were awarded substantial grants from a New York bank.
On Aug. 4, the Federal Home Loan Bank of New York announced the award of $16 million in subsidies to 39 affordable housing initiatives throughout New Jersey and surrounding states.
Among those awards were North Cape May’s 90-unit Cape May Senior Housing, which received a $570,000 subsidy, and West Cape May’s seven-unit Cape Manor Supportive Housing, which received $140,000.
Sturdy Savings Bank was the financial institution sponsor for both projects.
According to a release, this year marks the 20th anniversary of the Federal Home Loan Banks’ Affordable Housing Program (AHP), which was created by Congress in 1989. Since the Program’s inception, the Federal Home Loan Banks have provided more than $3.6 billion to facilitate more than 15,000 affordable housing projects across the nation. These grants have created nearly 670,000 units of affordable housing.
“For 20 years, the Home Loan Bank of New York has been given the tremendous opportunity to work hand-in-hand with our district’s esteemed elected officials, its locally-focused hometown banks and its terrific community organizations to bring safe, stable and affordable housing to New Jersey, New York, Puerto Rico, the U.S. Virgin Islands and beyond,” said Mr. DelliBovi. “It is an opportunity, and a partnership, that we are most grateful for.”
The $16 million awarded today are funds drawn from the Bank’s earnings. As mandated by Congress, the Bank forgoes 10 percent of its earnings to support these neighborhood housing and economic development initiatives.
The Federal Home Loan Bank of New York is a Congressionally chartered, wholesale Bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network that supports the efforts of local members to help provide financing for America’s homebuyers.
Contact Hart at (609) 886-8600 Ext 35 or at: jhart@cmcherald.com
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