SARATOGA SPRINGS, N.Y. (December 14, 2016) -- Saratoga National Bank and Trust Company partnered with the Saratoga Affordable Housing Group on a grant application for funding to assist low-income homeowners.
The Federal Home Loan Bank of New York recently announced $720,000 for the Saratoga Affordable Housing Group, which will go toward the Allen Drive Preservation Project.
Saratoga National, a member of the Federal Home Loan Bank of New York, submitted the grant application on behalf of the Saratoga Affordable Housing Group. Each application must be sponsored by a member in partnership with a community-based organization.
Dave DeMarco, President and CEO of Saratoga National Bank and Trust Company indicated, “We are very pleased to be the sponsoring bank which enabled Saratoga Affordable Housing Group to become one of the Federal Home Loan Bank of New York’s Affordable Housing Program Awardees.”
The Federal Home Loan Bank of New York is one of 12 regional banks that comprise the Federal Home Loan Bank System. Together, they have distributed more than $5.1 billion in Affordable Housing Program funds since the first awards were granted in 1990. The mission of the Federal Home Loan Banks is to support the efforts of local members to help provide financing for America’s homebuyers.
Headquartered in Saratoga Springs, Saratoga National Bank provides banking, wealth management, insurance and other financial services through nine locations across the Capital Region.