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Local affordable housing initiatives receive Federal Home Loan Bank funding

Local affordable housing initiatives receive Federal Home Loan Bank funding

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Three affordable housing initiatives in the Rochester area are receiving a share of more than $25 million in subsidies from the Federal Home Loan Bank of New York.

The Westfall/Norlane/Knickerbocker Group Home in Brighton will receive $330,000 for a project that involves 22 units, Lifetime Community Apartments in LeRoy has been awarded $104,552 for an eight-unit project and Flower City Habitat Critical Home Repairs is receiving $200,000 for work on 10 housing units.

The funding comes from the Federal Home Loan Bank’s Affordable Housing Program.

“This is a season of gratitude, and we are grateful for the opportunity to support the vital work our housing partners continue to do across our region and beyond with our 2022 Affordable Housing Program grants,” Jose Gonzalez, Home Loan Bank president and CEO, said in a news release.

“The AHP is our flagship grant program, but we offer a wide range of programs that support housing and community development initiatives and activities throughout our district. And so, we are also grateful to our members for their continued use of these programs, which provide our cooperative with the ability to help make a positive impact in the communities we all serve.”

The total of $25.3 million in grants represent a portion of the AHP funds that are drawn from the FHLBNY’s earnings. As mandated by Congress, the FHLBNY forgoes 10 percent of its earnings each year to support these neighborhood housing and economic development initiatives. The AHP is designed to address local housing needs.

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