Flushing Bank Proudly Announces It Has Successfully Secured Two Grants From The Federal Home Loan Bank of New York’s Affordable Home Program

Rhea-AI Summary

Flushing Financial Corporation secures grants for affordable housing projects, totaling $2.6 million. 104 new affordable housing units for seniors and 66 new residential units will be developed.

UNIONDALE, N.Y., Aug. 29, 2023 (GLOBE NEWSWIRE) -- Flushing Financial Corporation (the “Company”) (Nasdaq: FFIC), the parent holding company for Flushing Bank (the “Bank”), announced today that it has successfully secured two grants from the Federal Home Loan Bank of New York through its Affordable Housing Program (AHP).

The first grant was for $1.5 million dollars on behalf of the Town of Hempstead Housing Authority Program and its developer, Georgica Green Ventures, LLC. The funding will help subsidize the redevelopment of an existing facility, known as Dogwood Terrace, which is comprised of seven existing two-story residential buildings and a community center located in Franklin Square, NY. Upon completion, there will be 104 new affordable housing units available for seniors.

The second grant was on behalf of the North Hempstead Housing Authority for $1.1 million dollars for a project known as Laurel Homes located in Roslyn Heights, New York. This grant will help subsidize the redevelopment of nine existing residential buildings comprised of seventy-four residential units. Upon completion the project will include sixty-six new residential units with a mixture of one-to-five-bedroom affordable apartments, providing much needed living accommodations for families in need of affordable housing options for their immediate and extended family members.

John R. Buran, President and CEO of Flushing Bank, stated: “We have been supporting affordable housing opportunities through a variety of lending programs for many years. To date, with the addition of these two grants, we have sponsored $7.37 million dollars covering 497 affordable housing units through this program alone. We appreciate the support provided by the Federal Home Loan Bank of New York that helps make affordable housing available to senior citizens and other underserved members of the community. Projects such as these will ensure that senior citizens and other residents will continue to have access to quality affordable housing enabling them to remain in Nassau County with their families and friends.”

About Flushing Financial Corporation

Flushing Financial Corporation (Nasdaq: FFIC) is the holding company for Flushing Bank^®, an FDIC insured, New York State—chartered commercial bank that operates banking offices in Queens, Brooklyn, Manhattan, and on Long Island. The Bank has been building relationships with families, business owners, and communities since 1929. Today, it offers the products, services, and conveniences associated with large commercial banks, including a full complement of deposit, loan, equipment finance, and cash management services. Rewarding customers with personalized attention and bankers who can communicate in the languages prevalent within these multicultural markets is what makes the Bank uniquely different. As an Equal Housing Lender and leader in real estate lending, the Bank’s experienced lending teams create mortgage solutions for real estate owners and property managers both within and outside the New York City metropolitan area. The Bank also fosters relationships with consumers nationwide through its online banking division with the iGObanking^® and BankPurely^® brands.

Additional information on Flushing Bank and Flushing Financial Corporation may be obtained by visiting the Company’s website at FlushingBank.com.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this Press Release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, and in other documents filed by the Company with the Securities and Exchange Commission from time to time. Forward-looking statements may be identified by terms such as “may”, “will”, “should”, “could”, “expects”, “plans”, “intends”, “anticipates”, “believes”, “estimates”, “predicts”, “forecasts”, “goals”, “potential” or “continue” or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. The Company has no obligation to update these forward-looking statements.

Contact:
Maria A. Grasso
Senior Executive Vice President, Chief Operating Officer
Flushing Bank
718-961-5400