3D render of the Affordable Housing Alliance’s MIllstone Senior Community, coming 2027
The Affordable Housing Alliance (AHA) has been awarded two grants from the Federal Home Loan Bank of New York (FHLBNY) this year, totaling $1.145 million. Securing two awards in a single funding cycle is a notable achievement in a highly competitive process.
The awards, made possible through partnerships with two different FHLBNY member banks, will support 20 homes across Monmouth County: 10 owner-occupied homes in need of repair and 10 new units of senior housing.
Keeping Homeowners in Place: North Middletown and Port Monmouth
AHA received $345,000 in partnership with Valley National Bank to launch a rehabilitation program for 10 owner-occupied homes in the North Middletown and Port Monmouth area. The program will address critical repair needs for existing homeowners, helping families remain safely and affordably in homes they already own.
This award complements AHA’s previously approved Neighborhood Revitalization Tax Credit (NRTC) plan for the area, adding a direct resource to the broader neighborhood improvement strategy now underway.
Building New Housing for Seniors: Millstone Senior Housing III
AHA also received $800,000 in partnership with Columbia Bank toward Millstone Senior Housing III, a 10-unit affordable senior housing development. The award closes the final funding gap on the project, which has $3 million committed from the New Jersey Department of Community Affairs (DCA) Affordable Housing Trust Fund.
With this gap now closed, Millstone Senior Housing III is targeted to break ground in 2027, moving the project from a fully funded plan toward construction.
What These Awards Mean Together
“These two awards represent what’s possible when banks invest directly in the communities they serve. One project keeps longtime homeowners safely in place, and the other creates brand new housing for seniors who need it. Both moves are core to what we do at AHA,” said Chris Pugliese, Chief Property Development Officer at AHA.
The Affordable Housing Alliance extends its gratitude to FHLBNY, Valley National Bank, and Columbia Bank for their continued investment in expanding access to safe, affordable housing in Monmouth County.
Support for projects like these depends on community partners. Help develop more homes across Monmouth County by supporting our mission. Learn more HERE.