NEW YORK, NY – José R. González, President and CEO of the Federal Home Loan Bank of New York, announced that the Bank has awarded $32.6 million in subsidies to fund 39 affordable housing initiatives throughout New Jersey, New York, Florida, Maryland, Ohio, Pennsylvania and Texas. These awards are funded through the Bank’s Affordable Housing Program (“AHP”), and will result in the creation or rehabilitation of 3,128 affordable housing units, including more than 2,100 units dedicated to very low-income housing and more than 3,000 units of affordable rental housing. The awards will not only help provide housing, but also drive community development: it is anticipated that more than $652 million will be leveraged in housing investment from the development of these initiatives.

“Our membership is broad and diverse, spanning institutions with different asset sizes, different business models and different areas of focus. But all are bound by a shared commitment to the communities they serve,” said Mr. González. “Our Affordable Housing Program provides us with an opportunity to partner with our members to help support these communities. The AHP is funded through our earnings – earnings generated by our members’ participation in our cooperative throughout the year.  The AHP not only reflects our mission; it also drives our cooperative forward.”

The $32.6 million announced today are funds drawn from the Bank’s earnings. As mandated by Congress, the Bank forgoes 10 percent of its earnings each year to support these neighborhood housing and economic development initiatives. 

The Federal Home Loan Bank of New York’s AHP provides member-lenders with direct subsidies which are passed on to income-qualified households through sponsoring local nonprofit organizations. AHP financing is combined with other funding sources to make housing for moderate, low- and very low-income families. Program awardees receive this funding through a competitive application process. Each competing project must be sponsored by a financial organization that is a member of the Bank in partnership with a community-based sponsoring organization. 

The AHP was made by Congress in 1989, and the 11 Federal Home Loan Banks have awarded more than $5.1 billion in AHP funds since the first awards were granted in 1990. At the Federal Home Loan Bank of New York, the AHP has supported 1,485 projects with more than $545 million in grants, helping to make or preserve more than 67,000 units of affordable housing and generating an estimated $10 billion in total development costs. 

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SAN FRANCISCO, CA – CIM Group announced that it has reached a major construction milestone – the topping out the 16-tale high-rise building at its 350-unit One Mission Bay residential community located directly across the channel from SOMA at the doorstep of Mission Bay. One Mission Bay is comprised of 198 condominium residences in the high rise building and 152 condominium residences in a six-tale mid-rise connected by a perfectly landscaped courtyard.

Set on two acres at 1000 Channel Street between 3rd and 4th Streets, the community features close to 650 feet of frontage along the waterfront, approximately 16,000 square feet of ground level retail, three levels of parking, abundant outdoor spaces, and an array of top-tier amenities for residents.

CIM Group started construction on One Mission Bay in October 2015. The company brings its extensive experience in condominium development to One Mission Bay that includes New York City’s 432 Park Avenue, an internationally recognized luxury high rise condominium that is the tallest residential tower in the western hemisphere.

At One Mission Bay, CIM is making modern residences offering a desirable lifestyle option surrounded by green space. The project has been developed to maximize access to and views of the waterfront, while taking advantage of the large site to offer expansive private outdoor space for its residents. A range of floor plans provides comfortable and efficient units, from studios to three-bedrooms and a den, with abundant windows to capture the expansive views and natural light.

One Mission Bay is proximate to San Francisco’s well loved shopping, dining, entertainment, and business centers. It has an exceptional location adjacent to AT&T Park, approximately eight blocks from the plotted Golden State Warriors Sports and Entertainment Center, and is convenient to SoMa, Union Square, and the central business district. It also offers simple access to multiple transit options as it is steps from the Muni Metro Central Subway, which is anticipated to open in 2018, the King Street Caltrain Station, and the area’s regional freeway network.

CIM has been involved in the Greater Bay Area since 2001, when it identified communities located in the area as possessing the attributes that fit its investment strategy that focuses on established and emerging urban areas with solid infrastructure and transportation networks.

Other CIM investments in San Francisco include 330 Townsend, 260 Townsend, 246 1st Street, 211 Main Street, and Central Tower, a two-building office and retail complex located at 703 Market Street and 26 Third Street.

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HONOLULU, HI – EdR, one of the nation’s largest developers, owners and managers of high-quality collegiate housing communities, announced it has started construction on a collegiate housing community adjacent to the University of Hawaii in Honolulu in a joint venture with Laconia Development. EdR will be the 90 percent owner and will manage the $110 million development upon completion.

This community will serve the pent up demand for modern collegiate housing as there are few student housing options and high barriers to entry. All entitlements have been obtained and construction is already under way with targeted delivery for Summer 2018 or 2019, depending on the speed at which the early phases of construction can be completed. 

“This is a fantastic opportunity to add to our development pipeline, which is driving significant growth for EdR,” said Randy Churchey, EdR’s chief executive officer. “Assembling land with our partner, Laconia, in such a prime location in the city of Honolulu that the joint venture will own fee simple is a major feat and will allow us to bring modern off-campus living options to University of Hawaii students.”

The community will feature 599 beds in a mix of one, two, three, and four-bedroom floor plans; 13,000 square feet of ground floor retail and structured parking.  Rooftop amenities will include a fitness center, outdoor terrace lounge, community kitchen, study lounges and gaming areas – all with views of Waikiki, Diamond Head and Manoa Valley.

“We are very pleased to be partnering with EdR to bring a modern housing option to students at the Manoa Campus of the University of Hawaii,” said Paul Menzies, Laconia’s chief executive officer. “From the very beginning, we have been very impressed by EdR’s professionalism and history of outstanding accomplishment in collegiate housing.”

With an enrollment of nearly 19,000 students, the University of Hawai’i is ranked in the Top 50 of the nation’s public universities for Research and Development expenditures for the fiscal year 2014. It is 89th among public universities in U.S. News and World Report’s latest rankings. As the flagship institution of the University of Hawai’i System, approximately 35 percent of the student body is from out of state with students coming from across the world to seek the university’s nationally acclaimed academic programs in such fields as cancer research, genetics, astronomy, education and oceanography.

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