NEWARK, N.J. – The Federal Home Loan Bank of New York announced Friday it has awarded tiny New Community FCU two grants totaling $1.1 million to help develop affordable housing projects.
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The two projects, one in Newark and one in Franklin Township, will enable the $3.5 million credit union to provide financing through a local non-profit, called Life Management Inc., which will develop 114 units of low-income housing.
The New York FHLB awarded 51 affordable housing grants for a total of $19.1 million. The two grants were the only ones of 51 awarded by the FHLB to credit unions.
