Columbia Bank recently celebrated $6.73 million in new grant funding from the Federal Home Loan Bank of New York for 10 affordable housing projects in New Jersey. From left: John Willis, commercial lender at Columbia Bank; Matt Becker, senior affordable housing program analyst at Federal Home Loan Bank of New York; Scott Millard, Passaic County Habitat for Humanity CEO; Efrain Munoz, CRA mortgage account executive at Columbia Bank; Carlos Morales, executive director at Heart of Camden; Michael Morgan, project manager at Heart of Camden; Asish Patel, chief operating officer at Monarch Housing; Crystal Moon-Boulware, community development officer at Columbia Bank; and John Abramo, senior vice president at Greater Newark Housing Partnership — Courtesy: Columbia Bank
By Joshua Burd
Investors will build or update nearly 200 affordable housing units in New Jersey with the support of Columbia Bank and newly announced funds from the Federal Home Loan Bank of New York.
According to the lenders, FHLBNY is providing a combined $6.73 million to 10 projects sponsored by Fair Lawn-based Columbia. They include:
- Owner-occupied home repairs in Camden by Heart of Camden Inc.
- Supportive housing in Cranford by Avidd Community Services of NJ Inc.
- An owner-occupied rehab in Paterson by Rebuilding Together North Jersey
- Critical repairs in Paterson by Habitat for Humanity of Paterson Inc.
- Senior housing on Carton Street in Rumson by Bergen County United Way and Madeline Housing Partners LLC
- Affordable family housing on West River Road in Rumson by Bergen County United Way and Madeline Housing Partners LLC
- Affordable housing in Stratford by Greater Newark Housing Partnership Inc.
- Housing plus aging in place in Toms River by Northern Ocean Habitat for Humanity
- American Legion veterans housing in Westfield by Westfield NJ Veterans Organization
- Resolution owner-occupied homeowner repair program in Westville by Financial Wellness Institute Inc.
The grants for the projects, which having a combined 190 units, have come via FHLBNY’s August 2025 Affordable Housing Program.
“We are grateful to the agencies and nonprofits whose grants and programs make affordable housing possible and proud of the role banks play in bridging those resources with community needs,” said Thomas J. Kemly, CEO and president of Columbia Bank. “Through the projects we’ve sponsored, 190 safe and affordable homes will soon be available for New Jersey residents, showcasing the power of strong partnerships to address our state’s housing shortage.”
The banks added that the commitment follows FHLBNY’s record-breaking August 25, 2025, award round, in which $86.3 million was distributed across 75 affordable housing initiatives, the news release said. The subsidies will support nearly 5,000 new or preserved units through rental or homeownership opportunities throughout the country, including 3,628 units for very low-income households.
The funding that the FHLBNY awards through programs like the AHP is taken directly from the earnings it generates from executing on its foundational liquidity mission, the lender said.
“The success of the FHLBNY’s Affordable Housing Program is driven by our members, the local lenders that know the needs of the communities they serve and partner with us to bring funding to help meet these needs,” said Randolph C. Snook, CEO and president of the Federal Home Loan Bank of New York. “We congratulate Columbia Bank for this milestone achievement, and we are proud to stand alongside Columbia Bank and our housing partners on these 10 grants that will support the critical work of creating safe and affordable housing.”
