The Federal Home Loan Bank of New York has awarded a $1,036,000 grant to The Evergreen Foundation of West New York, Inc. to help finance the Evergreen Lofts Supportive Apartments project, which will convert a five-story vacant building into 56 affordable apartments; and the award of a $200,000 grant to the University District Community Development Association to help finance the UDCDA Home Repair Program, which will rehabilitate 20 owner-occupied homes. Federal Home Loan Bank members First Niagara Bank and Evans Bank, N.A. submitted the applications for the funding.
Evergreen Lofts Supportive Apartments will be located in a five-story building at 117-145 Cherry Street into 56 apartments which will be available to low- and very low-income individuals and families. Twenty-eight of the units will be set aside for homeless individuals who also have a chronic medical condition. The Evergreen Foundation purchased the currently vacant building in August 2013 for $750,000. The 65,000 sq.ft. structure was constructed in 1901 and overlooks the Kensington Expressway just east of Michigan Avenue.
The project will be a Housing First apartment complex that will provide safe, permanent and affordable housing. Housing First is an alternative to emergency shelter/transitional housing, and moves homeless individuals or households immediately from the streets or shelters into apartments.
Grant funds will be used to finance construction costs. Additional financing will be provided by the Homeless Housing and Assistance Corporation, New York State and Federal Historic Tax Credits, Low Income Housing Tax Credits, the New York State Housing Finance Agency and Homes for Working Families. First Niagara Bank submitted the application for the funding for this project.
The UDCDA Home Repair project involves the rehabilitation of 20 owner-occupied homes in order to bring these homes into compliance with local housing codes, increase energy efficiency and increase the health and safety of the residents. The rehabilitation will be targeted to 15 low- and very low-income households and five moderate-income households. The grant will be used to finance repairs. Additional financing will be provided by Community Development Block Grant funds, New York State Energy Research and Development Authority funds and a capital grant from Evans Bank.
Both grants are part of $22.1 million in Affordable Housing Program (“AHP”) subsidies that the Federal Home Loan Bank of New York will award as its 2014 AHP grant round.