Westfield Senior Housing Project To Be Built in Garwood Receives $1 Million Grant

This release was published by the Federal Home Loan Bank of New York.

The Federal Home Loan Bank of New York announced today the award of a $1 million grant to the Westfield Sr. Citizens Housing Corp. to help finance the Village at Garwood project, which will build 71 units of affordable housing for very low-income seniors. Two River Community Bank, a member of the Federal Home Loan Bank of New York, submitted the application for the funding.

“Two River Community Bank is once again pleased to team with the Federal Home Loan Bank of New York in the Affordable Housing Program. The Villages at Garwood project will provide needed housing opportunities for the seniors of the Garwood community,” said William D. Moss, President and CEO of Two River Community Bank.

“Housing is a cornerstone of our economy, a key driver of economic development and job growth, and the foundation of strong families and vibrant communities,” said Alfred DelliBovi, president and CEO of the Federal Home Loan Bank of New York. “The Federal Home Loan Bank of New York is proud to support affordable housing initiatives across our region and beyond. We thank all of our partners – the local lenders, the housing groups and our elected officials – for their continued support of the Affordable Housing Program. When we strive to ensure that all have access to affordable housing, we strengthen the fabric of our society.”

The $1 million grant will help fund the construction of 71 one-bedroom apartments for very low-income seniors. The building will include on-site parking, on-site laundry facilities, a community room and resident storage units. All living units will be handicapped adaptable. Additional funding will be provided by the U. S. Department of Housing and Urban Development 202 program, Low Income Housing Tax Credits, a New Jersey Housing and Mortgage Finance Agency construction loan and the Westfield Sr. Citizens Housing Corp.

The grant is part of $26.4 million in Affordable Housing Program subsidies that the Federal Home Loan Bank of New York will award as its 2012 AHP grant round. In total, these grants will help to finance 37 affordable housing initiatives which will create or preserve 2,679 units of affordable housing, including more than 2,000 units of very low-income housing, in New Jersey, New York and Pennsylvania. The Federal Home Loan Banks have distributed more than $4.6 billion in AHP funds since 1990. At the Federal Home Loan Bank of New York, the AHP has supported 1,355 projects with nearly $450 million in grants, helping to create or preserve nearly 58,000 units of affordable housing and generating an estimated $8.1 billion in total development costs. For more information on today’s grants, please click here.

The Federal Home Loan Bank System’s Affordable Housing Program, created 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.