PR Newswire
BUFFALO, N.Y., Feb. 11, 2019
BUFFALO, N.Y., Feb. 11, 2019 /PRNewswire/ -- M&T Bank announced today more than $21 million in grants to support the construction or rehabilitation of 1,621 affordable housing units within 20 neighborhoods in New York, New Jersey and Pennsylvania.
The grants for projects sponsored by M&T are provided through the Federal Home Loan Bank of New York Affordable Housing Program.
"Our community development lending helps many projects come to fruition, including affordable housing projects. We work closely with our partners to access a variety of different funding sources, in addition to our own bank loans. The Federal Home Loan Bank of New York has consistently provided outstanding grant support for these projects as an additional capital source," said Brad Dossinger, Group Vice President for Community Reinvestment at M&T Bank.
Projects submitted by M&T to the FHLB as grant requests included:
The Federal Home Loan Bank System's Affordable Housing Program, created by Congress in 1989, provides member community lenders with direct subsidies, which are passed on to qualified households through a sponsoring local non-profit organization. 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 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-based sponsoring organization. These grants announced today were part of the annual competitive round completed in the fourth quarter of 2018.
About M&T Bank:
M&T Bank Corporation (NYSE:MTB)("M&T") is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, operates banking offices in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and the District of Columbia. Trust-related services are provided by M&T's Wilmington Trust-affiliated companies and by M&T Bank.
Media Contacts
New York:
Julia Berchou
(716) 842-5185, [email protected]
New York City and New Jersey:
Chet Bridger
(716) 842-5182, [email protected]
Pennsylvania:
Phil Hosmer
(410) 949-3042, [email protected]
© 2019 M&T Bank. Member FDIC. Equal Housing Lender.
View original content to download multimedia:http://www.prnewswire.com/news-releases/more-than-21-million-in-grants-accessed-by-mt-bank-through-the-federal-home-loan-bank-of-new-york-for-affordable-housing-projects-in-communities-across-new-york-new-jersey-and-pennsylvania-300793146.html
SOURCE M&T Bank
We use cookies to tailor your experience, measure site performance and present relevant offers and advertisements. By clicking ‘Accept’ or any content on this site, you agree that cookies can be placed on your browser. You can view our privacy policy to learn more.
If you would like to get more data, alerts and access to Real Vision videos, join us as an Insider Tracking Advantage Ultra member