Nearly $15 Million in Grants Accessed by M&T Bank through the Federal Home Loan Bank of New York for Affordable Housing Projects
On February 22, 2022, M&T Bank announced that applications for 17 affordable housing projects supported by the institution were awarded nearly $15 million in grants through the Federal Home Loan Bank of New York Affordable Housing Program (FHLBNY), of which the bank is a member. This means that communities across New Jersey, New York, Pennsylvania, and Maryland will benefit from the construction and rehabilitation of more than 1,120 affordable housing units. This funding is part of a semi-annual competition; these grants were part of the round completed in the fourth quarter of 2021. 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.
“The COVID-19 pandemic has exacerbated existing housing challenges for individuals and families, making quality affordable housing more important than ever before,” said M&T Senior Vice President for Community Reinvestment Brad Dossinger in a statement. “Through close and continued collaboration with the Federal Home Loan Bank of New York and our housing partners, this year’s grant support will fuel economic impact and investment, benefitting residents in the communities where we live and work.”
Distribution of Funds – Federal Home Loan Bank of New York Affordable Housing Program
According to their official press release, grant requests submitted by M&T and approved by the FHLBNY include:
New York: $4,659,613 total grant support; 478 total units; seven awards
- The Community Builders was granted $1 million for new construction of 81 units at Poestenkill Place, a $38 million, four-story apartment complex in South Troy.
- St. Bernard’s Housing Development Fund Co., Inc. received $1 million for the rehabilitation and preservation of 160 senior housing units at St. Bernard’s Park in Rochester.
- $809,455 was awarded to Troy Housing Authority for the redevelopment of the 85-unit Taylor Apartments project in Troy.
- In collaboration with Zion Hill Missionary Baptist Church, Rochester Management, Inc. was granted $630,814 to provide 45 new senior units at Zion Senior Apartments in Rochester.
- Community Hope Builders CDC, Inc. was awarded $629,117 for the rehabilitation of 59 units at Mt. Aaron Village in Buffalo, which offers housing to residents recovering from substance use disorder.
- Snowbelt Housing Company, Inc.’s Northview Apartments project was granted $361,675 for the preservation of 24 units for families in Evans Mills.
- $228,552 will aid Open Door Mission’s rehabilitation of 24 units of the Miller Building to become permanent supportive apartments for single adults experiencing homelessness in Rochester.
New Jersey: $6,625,055 total grant support; 447 total units; six awards
- Michaels Development was granted $2.2 million for the construction of 111 new units at Saddle River Family in Saddler River.
- PennReach Inc. will use its $1 million grant for 63 units at Fortitude Supportive Housing, to provide housing for Cherry Hill adults with developmental disabilities.
- PennReach also received $1 million for 65 units at Lincoln Boulevard Senior Phase I in Glassboro, at the former site of a blighted public housing development. According to M&T, the second phase of 60 units will be developed over time.
- Triple C Housing Inc. was awarded $1 million for 65 units at Hoffman Pavilion in New Brunswick.
- NHP Foundation received $987,055 in rehabilitation and preservation funding for 94 units at New Irvine Turner in Newark.
- NHP also received $430,000 for the substantial rehabilitation and preservation of 49 units at Newark’s New Center City.
Pennsylvania: $2,746,513 total grant support; 103 total units; three awards
- Mission First Housing Group received $2 million for the rehabilitation of 53 units at MidCity Apartments, a permanent supportive housing project for those experiencing homelessness in Philadelphia.
- $400,000 was awarded to Gaudenzia Foundation, Inc. for the construction of the 30-unit West Mill Place project in Philadelphia, which will provide housing to individuals and families recovering from substance use disorder.
- Rebuilding Together Philadelphia’s Haddington Home Preservation project was granted $346,513 to provide home repairs to 20 units in Northwest Philadelphia, targeting vulnerable households including elderly residents and residents with physical disabilities, developmental disabilities or chronic illnesses.
Maryland: $875,000 total grant support; 92 total units; one award
- To support more residents recovering from substance use disorder, Tuerk House, Inc. will use their $875,000 award for the construction and rehabilitation of 92 units at their main campus in West Baltimore.