BUFFALO, N.Y., Feb. 11, 2019 -- M&T Bank announced today more than $21 million in grants to support the construction or rehabilitation of 1,621 affordable housing units within 20 neighborhoods in New York, New Jersey and Pennsylvania.
The grants for projects sponsored by M&T are provided through the Federal Home Loan Bank of New York Affordable Housing Program.
"Our community development lending helps many projects come to fruition, including affordable housing projects. We work closely with our partners to access a variety of different funding sources, in addition to our own bank loans. The Federal Home Loan Bank of New York has consistently provided outstanding grant support for these projects as an additional capital source," said Brad Dossinger, Group Vice President for Community Reinvestment at M&T Bank.
Projects submitted by M&T to the FHLB as grant requests included:
- The Women's Housing and Economic Development Corp received a $2.1 million grant to renovate the 131-unit Urban Horizons apartment building in Bronx, N.Y.
- The West Side Federation for Senior and Supportive Housing received a $1.9 million grant for its Mill Brook Terrace project to construct 159 units of senior housing on a former parking lot site in Bronx, N.Y.
- The Community Builders received a $2 million grant to construct 85 apartments at Hamilton Hill II in Schenectady, N.Y.
- Habitat for Humanity of the Capital District was awarded a $90,000 grant to aid the construction of 6 single-family townhomes in Albany, N.Y., and Troy, N.Y.
- Riverside Charitable Corporation received a $2.3 million grant to renovate the 112-unit John Guy Prindle apartment building for seniors in Ilion, N.Y.
- A $1.2 million grant to DePaul Properties, Inc., will be used for the 150-unit Upper Falls Square project, which will include 75 units of supportive housing for individuals with mental illnesses, in Rochester, N.Y.
- PathStone Housing Action Corp. received a $1 million grant for the 187-unit Eastman Reserve project in Rochester, N.Y., new construction of single-family and multi-family rental housing for low-to-moderate income households
- Veterans Outreach Center was provided a $746,366 grant for its Liberty Landing project to construct a 33-unit affordable housing development in Rochester, N.Y.
- Charles Settlement House, Inc., was provided a $612,000 grant for 46 units at Stadium Estates Phase II, a mix of single-family homes, duplexes and triplexes in Rochester, N.Y.
- The Urban League of Rochester received a $345,198 grant for the rehabilitation of six duplexes containing 12 housing units at the Kenwood Thurston Renovation Project in Rochester, N.Y.
- Habitat for Humanity of Buffalo received a $360,000 grant to be used on a combination of new construction and rehabilitation of 12 housing units in Buffalo, N.Y.
- The Jewish Federation of Southern New Jersey received a $2.37 million grant for its Springdale II project which involves the construction of an 80-unit residential building for senior citizens and developmentally disabled persons in Cherry Hill, N.J.
- The City of Camden Housing Authority was awarded a $2 million grant to be used toward the acquisition and rehabilitation of the 252-unit Peter J. McGuire Gardens housing complex in Camden, N.J.
- The City of Camden Housing Authority was awarded a $1 million grant to be used toward the cost of the new 72-unit Clement T. Branch Village Townhome project.
- Better Tomorrows receive a $970,154 grant to be used toward the Cooper Plaza Townhomes Preservation project in Camden.
- Habitat for Humanity of Paterson was awarded a $375,000 grant to be used on projects to construct 15 homes at various sites in Paterson, N.J.
- HACE Affordable Housing Corp received a $738,000 grant to upgrade systems and preserve 81 units of affordable housing at Villas Del Calibre in Philadelphia, Pa.
- Citizens Action Together Can Help received a $600,000 grant which will help preserve 54 units of housing for individuals with special needs at the Penrose Transitional Living and Respite project in Philadelphia, Pa.
- Community Ventures was awarded $313,063 for its Susquehanna Square project to construct 37 units on scattered sites in northern Philadelphia, Pa.
- The Women's Community Revitalization Project received a $193,762 grant for the 35-unit Nicole Hines Townhomes in Philadelphia, Pa.
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 2018.
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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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