LRM awarded $960,000 Grant for Bittner Blvd. Project
Well it is official and we are ecstatic as you can well imagine!
The Lebanon Rescue Mission’s Board of Directors would like to announce that the Lebanon Rescue Mission’s Bittner Blvd. project has been awarded a grant of $960,000.00 ALL HONOR AND GLORY goes to our Lord, who guided us through this process and removed roadblock after roadblock. This grant represents 40% of the funds needed for our new facility capital campaign. That is $960,000 that will not come out of our community resources! This is an amazing blessing for both the Lebanon community and the Lebanon Rescue Mission!
With a little more push … we can take our campaign over the top! Currently, we have pledges for just over $1.2 million for the project. With the grant award….we will need just another $295,000 in campaign pledges to meet our goal! Once over the top….it is LRM’s intention to be debt free at the end of the four year campaign pledge cycle. “We started our campaign debt free, and it has always been our prayer that we would be able to complete our $2.4 million project debt free. Our prayers have most certainly been answered.”
Each applicant must be sponsored by a local banking institution. The Lebanon Rescue Mission was sponsored by M & T Bank. LRM is so appreciative of partnership, guidance and support we received from M & T. Without their sponsorship and belief in our project, this grant would not have been possible!
The Lebanon Rescue is very thankful for the assistance of Kevin Foster and the team at Capital for Compassion for its work in securing the grant. Without Capital for Compassion’s expertise, navigating this grant application process would have been nearly impossible.
Below is the official press release from the FHLB.
FHLBNY Awards $35.5 Million for 48 Affordable Housing Initiatives
Combined projects will create, rehabilitate or preserve more than 3,000 affordable housing units in New Jersey, New York, Pennsylvania, Puerto Rico, the U.S. Virgin Islands and beyond
New York, NY — Alfred A. DelliBovi, president and CEO of the Federal Home Loan Bank of New York, announced that the Bank has awarded $35.5 million in subsidies to fund 48 affordable housing initiatives throughout New Jersey, New York, Puerto Rico, the U.S. Virgin Islands, Florida, Maryland and Pennsylvania. These awards are funded through the Bank’s Affordable Housing Program (“AHP”), and will result in the creation or rehabilitation of 3,072 affordable housing units, including nearly 2,300 units dedicated to very low-income housing and more than 3,000 units of affordable rental housing. The awards will not only help provide housing, but also drive community development: it is anticipated that more than $607 million in development costs will be generated from the development of these initiatives.
“This year marks the 25th anniversary of the creation of the Affordable Housing Program,” said Alfred A. DelliBovi, president and CEO of the Federal Home Loan Bank of New York. “In that time, the Home Loan Bank has been honored to partner with both our members and scores of terrific non-profit housing organizations across the region to help build affordable homes. Thanks to the hard work of these community institutions, as well as the support the Program continues to receive from Congress, the AHP has become one of the most successful housing programs in the nation.”
The $35.5 million announced today are funds drawn from the Bank’s earnings. As mandated by Congress, the Bank forgoes 10 percent of its earnings each year to support these neighborhood housing and economic development initiatives.
The Federal Home Loan Bank of New York’s AHP provides member-lenders with direct subsidies which are passed on to income-qualified households through sponsoring local nonprofit organizations. 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 a competitive application process. Each competing project must be sponsored by a financial organization that is a member of the Bank in partnership with a community-based sponsoring organization.
The AHP was created by Congress in 1989, and the Federal Home Loan Banks have distributed more than $4.8 billion in AHP funds since grants began in 1990. At the Federal Home Loan Bank of New York, the AHP has supported 1,386 projects with nearly $475 million in grants, helping to create or preserve nearly 60,250 units of affordable housing and generating an estimated $8.5 billion in total development costs. For more information on today’s grants.
Grants were announced for the Pennsylvania communities of Philadelphia, Pittsburgh and Lebanon. (See FHLB New York website for list of all awards)
Federal Home Loan Bank of New York
The Federal Home Loan Bank of New York is a Congressionally chartered, wholesale Bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 12 regional, stockholder-owned banks. The FHLB of New York currently serves more than 340 financial institutions in New Jersey, New York, Pennsylvania, Puerto Rico, and the U.S. Virgin Islands. The mission of the Federal Home Loan Banks is to support the efforts of local members to help provide financing for America’s homebuyers.
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