Grants awarded for affordable housing projects by the Federal Home Loan Bank, in partnership with M&T Bank, have now topped $20 million.
The projects sponsored between 1991 and 2002 have created 2,937 new affordable housing units and homes, the Federal Home Loan Bank announced.
Buffalo area projects receiving funding through the Federal Home Loan Bank and M&T Bank in 2002 included: $25,500 to Citizen's Alliance for ECMC Employee Home Ownership; $500,000 to the Buffalo Municipal Housing Authority for the Fredrick Douglass project; and $380,045 to the Diocese of Buffalo for the Mount St. Mary's Housing Project in Tonawanda.
The Federal Home Loan Bank has also awarded $23 million in housing grants in partnership with HSBC Bank USA during the same 11-year period.
The Federal Home Loan Bank's Affordable Housing Program provides member lenders grants that are passed on to qualified households through a sponsoring local nonprofit organization. Bank members forgo 10 percent of their earnings on the Home Loan Bank's stock to support these neighborhood projects.