AHP Success Stories

292 Units of Affordable Housing in CAMBA Gardens Phase II

In the 2014 AHP round, the FHLBNY funded the second phase of the CAMBA Gardens project in Brooklyn, and Bank staff spoke at and attended the ribbon-cutting ceremony in 2018. Phase II involved the demolition of a former psychiatric hospital building, creating 292 units of sustainable, supportive and affordable housing for formerly homeless and low-income families and individuals. Sixty percent of the units are set aside for formerly homeless single adults and families coming out of the shelter system, and the remainder are lottery units for low-income individuals and families. This partnership between a public hospital, non-profit developer, social service provider and community stakeholders is an emerging model across the country as housing is increasingly seen as a social determinant of health. CAMBA Gardens II received a $1.45 million commitment. CAMBA Gardens I received a $1.4 million commitment in the 2009 AHP round for the construction of two, seven-story buildings with a total of 207 units. The sponsor for both projects, CAMBA Housing Ventures, is led by a member of the FHLBNY’s Affordable Housing Advisory Council. Both projects were partnerships with HSBC Bank USA.

Daniel Randall, from Federal Home Loan Bank of New York, speaks at Camba Gardens Phase II ribbon cutting

AHP is a subsidy program in which funds are awarded through a competitive process to member lenders in support of projects that create and/or preserve housing for lower income families and individuals. For more information on the AHP program, or to see if the housing project you have in mind is eligible for AHP funding, please contact us at (212) 441-6850 or ahp@fhlbny.com.