Rep. Maloney & Federal Home Loan Bank of New York Announce $600,000 Grant for HANAC Senior Housing

Jun 26, 2008
Press Release

Astoria, NY, June 27, 2008 –Today, Congresswoman Carolyn B. Maloney (NY-Queens & Manhattan) and Alfred A. DelliBovi, President of the Federal Home Loan Bank of New York (FHLBNY)  announced that a grant of $600,000 in federal funds would be awarded to HANAC, Inc., to help fund the construction of the 93-unit PCA Senior Residence, a senior housing development on the previous site of the Presbyterian Church of Astoria at 31-30 33rd Street.  Joining them at today’s announcement were Evangeline Douris and John P. Kaiteris, HANAC’s Chair and Executive Director and Chief Operating Officer, respectively; Al Gentile, Assistant Vice President, Astoria Federal Savings & Loan Association, which will serve as the depository for the funding on behalf of HANAC; and Reverend Don Olinger of the Presbyterian Church of Astoria.

“I’m delighted to be a part of today’s announcement regarding the Affordable Housing Program award to HANAC from the Federal Home Loan Bank and Astoria Federal Savings and Loan,” said Congresswoman Maloney.  “This federal investment in affordable senior housing will make a difference in many families’ lives and serve to strengthen our community.  I applaud Federal Home Loan Bank, HANAC, and Astoria Federal Savings and Loan for making a difference for the neighborhoods they serve and for helping us to realize this measurable progress in the effort to preserve and increase our stock of affordable housing.”

“Today’s award is the result of a successful partnership forged by the Federal Home Loan Bank, Astoria Federal Savings and HANAC,” said Mr. DelliBovi. “As a congressionally chartered institution, the Federal Home Loan Bank is delighted to help fund this critically needed affordable housing for seniors.”

“Astoria Federal has always believed in “Putting people first,” and our ability to serve as the conduit for this affordable housing project means a great deal to us. We are proud to work with Representative Maloney, the Federal Home Loan Bank of New York, HANAC and the residents of the 14th District to help senior citizens have a decent home,” said Astoria Federal’s SVP/Director of Marketing Brian Edwards. The application to the federal government for the funding was submitted by Astoria Federal Savings. 

John P. Kaiteris, the Executive Director and Chief Operating Officer of HANAC, added, "We thank Congresswoman Maloney, the Federal Home Loan Bank, and our partner Astoria Federal Savings for helping HANAC qualify for the federal funding needed to build this affordable senior housing project.”    

The $600,000 will be used to erect a nine-story, 93-unit housing complex for low- and very-low- income senior citizens.  Seven units will be set aside for elderly persons with physical disabilities or who are visually or hearing impaired.  The building will be designed for barrier-free access for persons with disabilities and will incorporate “green” and smart-building technologies.  HANAC will provide an on-site social services coordinator to assist tenants with referral services and help those with special needs.  Additional financing for the project will be provided by the U.S. Department of Housing and Urban Development 202 Program and Low Income Housing Tax Credits.

The Federal Home Loan Bank’s Affordable Housing Program (AHP), created in 1990, provides member community lenders with direct subsidies that are passed on to income-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. AHP awardees receive 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.

To date, eight AHP projects have benefited the constituents of New York’s 14th Congressional District.  These local initiatives total $3,858,402 in grant funding, which has provided 688 units of affordable housing and a total investment of $127 million.

About HANAC, Inc.:

HANAC, Inc., was created in 1972 and is a non-profit, multi-funded, citywide organization that serves local community residents, which include but are not limited to low-income families and individuals, immigrants and refugees, youth, the elderly, the unemployed and underemployed, and business owners by developing, implementing, and administering programs including but not limited to the following:  workforce development; adult education, immigration counseling and advocacy services to New York City employers and new immigrants; housing; senior citizen services that include transportation, nutrition, recreation, and counseling/entitlement programs; child and family counseling to prevent foster care placement and disintegration of the family unit; crime victims services; substance abuse prevention and treatment services; youth services; and weatherization services.

About the Federal Home Loan Bank of New York:

FHLBNY is a AAA rated, wholesale bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 12 regional, stockholder-owned banks. The Federal Home Loan Bank serves 300 community lenders in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of the Federal Home Loan Banks is to advance housing opportunity and local community development by maximizing the capacity of community-based member-lenders to serve their markets.

About Astoria Federal Savings and Loan Association:

Astoria Financial Corporation, with assets of $21.5 billion, is the holding company for Astoria Federal Savings and Loan Association.  Established in 1888, Astoria Federal, with deposits in New York totaling $13.0 billion, is the largest thrift depository headquartered in New York and embraces its philosophy of “Putting people first” by providing the customers and local communities it serves with quality financial products and services through 86 convenient banking office locations and multiple delivery channels, including its enhanced website, Astoria Federal commands the fourth largest deposit market share in the attractive Long Island market, which includes Brooklyn, Queens, Nassau, and Suffolk counties with a population exceeding that of 38 individual states.  Astoria Federal originates mortgage loans through its banking offices and loan production offices in New York, an extensive broker network covering twenty-two states, primarily the East Coast, and the District of Columbia, and through correspondent relationships covering twenty-nine states and the District of Columbia.