Housing projects in Camden, Phila. share $2M in grants

The Federal Home Loan Bank of New York awarded nearly $2 million in subsidies to two affordable-housing projects in Philadelphia and Camden.

Independence Village, an 80-unit project in Camden being developed by Life Management Inc., will receive $1.42 million. The sponsoring lender was Valley National Bank.

In Philadelphia, Iron Stone Real Estate Fund II L.P. received $500,000 toward the renovation of the Eli Apartments for low- and very low-income families and individuals. The sponsoring bank was First Niagara.

The 12 regional Federal Home Loan Banks are owned by the member banks they serve and use 10 percent of their annual profits to support housing and economic development.

- Harold Brubaker