Funds Targeted to Rehab 68 Existing Waiting List Projects

Congressman Brian Higgins (NY-27) announced that the Chautauqua Home Rehabilitation and Improvement Corporation (CHRIC) has been awarded a grant from the Federal Home Loan Bank of New York (FHLB) in the amount of $480,000 to aid home renovation efforts at dozens of homes in Chautauqua County.  CHRIC is a primarily housing focused non-profit operating out of offices in Mayville, NY.

CHRIC has been a long-time recipient of FHLB funding, providing homeownership and housing rehabilitation grant programs for the past twelve years throughout its Chautauqua County service area. Lake Shore Savings Bank is a member bank of the FHLB of New York, and as such was the sponsor of the CHRIC application.  CHRIC executive director, John Murphy, said he was pleased to receive the news from Congressman Higgins’ Washington office. “This is very welcome news for CHRIC as we’ve had a number of projects not able to be moved forward for lack of adequate grant funding.  This grant will help us more fully fund rehab projects our staff has already been working on. Our thanks to Lake Shore Savings & Loan for sponsoring this application”

“The Federal Home Loan Bank has set an excellent example for how the financial services industry can assist struggling communities, whose residents may not be able to afford traditional home loan products, to rehabilitate and improve their housing stock,” said Congressman Higgins.  “I applaud the Chautauqua Home Rehabilitation and Improvement Corporation as well as their sponsoring financial institution, Lake Shore Savings Bank, for their efforts to help families in Chautauqua County.  CHRIC does great work, providing essential assistance for home repair, lead paint abatement, financial counseling and more and I am pleased to see that their long relationship with FHLB continues.  In addition, this grant will also help support the housing rehabilitation industry, creating jobs for area contractors.”

Chautauqua County has a very high percentage of housing that was constructed before 1940, which presents various health and safety issues for those that reside in those homes, some of which have seen little improvement or renovation since construction.  In addition, Chautauqua County has one of the lowest median incomes in New York State.  CHRIC has consequently seen a large demand from struggling families in the area looking for assistance with their housing rehabilitation needs.

The Federal Home Loan Bank of New York, a congressional chartered system created during the Great Depression in 1932, is one of 12 regional banks of the Federal Home Loan Bank system that lends low-cost funds to financial institutions for home mortgage, small business, and rural and agricultural loans.  Since 1990, through the Affordable Housing Program initiative, the FHLB has set aside 10% of its private earnings to support the creation and preservation of housing for lower income families and individuals.