Communities across New Jersey, New York, Pennsylvania and Maryland will benefit from the construction and rehabilitation of more than 1,000 affordable housing units.
On Feb. 22, 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 (FHLBNY) Affordable Housing Program, of which the bank is a member.
In New Jersey, M&T sponsored over $6.6 million in grant support that will rehab a total of 447 units of affordable housing.
Altogether, the Garden State saw more than $11 million in total grant sponsorship awards that will go toward 713 units.
“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.”
The six New Jersey awards from M&T:
Provident Bank ($260,000 in total awards covering 16 units), 1st Colonial Community Bank ($1.7 million in total awards covering 90 units), Peapack-Gladstone Bank ($628,518 in total awards covering 66 units), Amboy Bank ($400,000 in total awards covering 10 units), Sterling National Bank ($1.25 million in total awards covering 81 units) and Investors Bank ($160,000 in total awards covering four units) were also awarded subsidies in the December grant round.
This funding is part of a semi-annual competition; these grants were part of the round completed in the fourth quarter of 2021. According to data provided by the FHLBNY, M&T Bank said it supported more successful applications than any other participating institution since 2015.
Across the Hudson River, M&T said that New York received $4.7 million in total grant support across seven awards, which covers 447 total units. In Pennsylvania, $2.7 million will support three awards, and 103 total units; and in Maryland, one award covering 92 units will produce $875,000 in total grant support.
The Affordable Housing Program from the Federal Home Loan Bank System dates back to 1989. It provides member community lenders with direct subsidies, which are passed on to qualified households through a sponsoring local nonprofit. The financing is combined with other funding sources to create housing.
Competing projects must be sponsored by a financial institution that is a member of the Federal Home Loan Bank, in partnership with a community-based sponsoring organization.