FFIC - Flushing Bank Proudly Announces It Has Successfully Secured Two Grants From The Federal Home Loan Bank of New York's Affordable Home Program | Benzinga
UNIONDALE, N.Y., Aug. 29, 2023 (GLOBE NEWSWIRE) -- Flushing Financial Corporation (the "Company") (NASDAQ:FFIC), the parent holding company for Flushing Bank (the "Bank"), announced today that it has successfully secured two grants from the Federal Home Loan Bank of New York through its Affordable Housing Program (AHP).
The first grant was for $1.5 million dollars on behalf of the Town of Hempstead Housing Authority Program and its developer, Georgica Green Ventures, LLC. The funding will help subsidize the redevelopment of an existing facility, known as Dogwood Terrace, which is comprised of seven existing two-story residential buildings and a community center located in Franklin Square, NY. Upon completion, there will be 104 new affordable housing units available for seniors.
The second grant was on behalf of the North Hempstead Housing Authority for $1.1 million dollars for a project known as Laurel Homes located in Roslyn Heights, New York. This grant will help subsidize the redevelopment of nine existing residential buildings comprised of seventy-four residential units. Upon completion the project will include sixty-six new residential units with a mixture of one-to-five-bedroom affordable apartments, providing much needed living accommodations for families in need of affordable housing options for their immediate and extended family members.
John R. Buran, President and CEO of Flushing Bank, stated: "We have been supporting affordable housing ...