M&T Bank is awarding six grants totaling $6.6 million to New Jersey-based affordable housing projects that will provide 447 units, the bank announced Tuesday.
The grants, which are awarded by the Federal Home Loan Bank of New YorkThe Affordable Housing Program, of which M&T is a member, is part of a larger effort by the bank in the Mid-Atlantic region.
In total, M&T will provide nearly $15 million to fund the construction and rehabilitation of 1,120 affordable housing units in 17 affordable housing projects in communities in New Jersey, New York, Pennsylvania and Maryland.
Brad Dossinger, M&T’s senior vice president for community reinvestment, said the need for this kind of help has never been greater.
“The COVID-19 pandemic has exacerbated existing housing challenges for individuals and families, making quality affordable housing more important than ever,” he said. “Through close and ongoing collaboration with the Federal Home Loan Bank of New York and our housing partners, this year’s support will fuel economic impact and investments, benefiting residents of the communities where we live and work.”
Here is an overview of New Jersey’s six awards:
- Development of Michael: $2.2 million to build 111 new units at Saddle River Family in Saddle River;
- PennReach Inc.: $1.008 million for 63 units at Fortitude Supportive Housing for Cherry Hill adults with developmental disabilities;
- PennReach Inc.: Received $1 million for 65 units at Lincoln Boulevard Senior Phase I in Glassboro on the former site of a crumbling public subdivision. A second phase of 60 units will be developed over time;
- Triple C Housing Inc. : Grant of $1 million for 65 units at the Hoffman Pavilion in New Brunswick;
- PSN Foundation: Awarded $987,055 in rehabilitation and preservation funding for 94 units at New Irvine Turner in Newark;
- PSN Foundation: Received $430,000 for the substantial rehabilitation and preservation of 49 units in New Downtown Newark.
Additional M&T rewards include:
- New York: Seven scholarships ($4,659,613 in total grants; 478 units in total);
- Pennsylvania: Three scholarships (total support of $2,746,513; 103 units in total);
- Maryland: One scholarship ($875,000 in total grants; 92 units in total).
The Federal Home Loan Bank System’s Affordable Housing Program, established by Congress in 1989, provides member community lenders with direct grants, which are passed on to qualifying households through a local sponsoring nonprofit organization. AHP funding is combined with other funding sources to create housing for middle, low and very low income families.
Winners of the program 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 sponsoring organization. These grants announced today were part of the annual competitive round completed in the fourth quarter of 2021.
According to FHLBNY, M&T Bank has supported more successful applications than any other participating institution since 2015.