AHP SUCCESS STORIES

Common Ground to Provide Housing for Formerly Homeless and Low Income Adults in Brownsville, Brooklyn

“We are always proud to support the great work Common Ground does here in New York,” said Alfred A. DelliBovi, president of the Federal Home Loan Bank of New York, at the ribbon-cutting ceremony marking the opening of The Hegeman Residence in Brownsville, Brooklyn. “Common Ground is committed to developing solutions for homelessness and ensuring that all people have safe, supportive and affordable homes.”

The Hegeman Residence provides permanent affordable housing for 100 formerly homeless single adults and 61 low-income working adults at or below 60% of the area median income. In 2008, the FHLBNY awarded a $1.65 million Affordable Housing Program grant to help finance construction costs. The partnership between Common Ground and the FHLBNY has resulted in eight AHP grants totaling more than $7.7 million, which have helped build nearly 1,400 permanent and transitional homes.

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, contact us at (212) 441-6850 or ahp@fhlbny.com.