Congressman Brian Higgins (NY-27) announced that the Southtowns Rural Preservation Co. has been awarded a $150,000 grant from the Federal Home Loan Bank of New York (FHLB) to aid renovation efforts for 25 homes in southern Erie County.
“The Federal Home Loan Bank has set an excellent example for how the financial services industry can assist struggling communities, whose residents may not be able to afford traditional home loan products, to rehabilitate and improve their housing stock,” said Congressman Higgins. “In addition to building safer homes and stronger neighborhoods, this grant supports jobs for the local contractors who work on the projects.”
Through the Southtowns Affordable Home Repair Program, the Southtowns Rural Preservation Co. and their sponsoring institution, Evans National Bank, will assist over two dozen very low-income families, many of which are currently on a waiting list, to correct basic deficiencies in the home which negatively affect their health, safety and general welfare.
“The award of these funds from FHLB of NY enables the Southtowns RPC to provide financial assistance to very low income households within our service area, and those households frequently have the greatest need for home repairs,” said Southtowns Rural Preservation Co. Executive Director Karen Diemunsch.
The Federal Home Loan Bank of New York, a congressional chartered system created during the Great Depression in 1932, is one of several branches of the Federal Home Loan Bank system that lends low-cost funds to financial institutions for home mortgage, small business, and rural and agricultural loans. Since 1990, through the Affordable Housing Program initiative, the FHLB has set aside 10% of its private earnings to support the creation and preservation of housing for lower income families and individuals.