A $960,000 grant from the Federal Home Loan Bank of New York has put the Lebanon Rescue Mission close to its $2.4 million capital campaign goal for its new facility on Bittner Boulevard.
“This is an amazing blessing for both the Lebanon community and the Lebanon Rescue Mission,” Susan Spahr, executive director of the Lebanon Rescue Mission, wrote in an email announcing the grant.
“Currently, we have pledges for just over $1.2 million for the project,” she wrote, noting that with the grant just $295,000 more will be needed to meet the goal. “It is LRM’s intention to be debt free at the end of the four year campaign pledge cycle. We started our campaign debt free, and it has always been our prayer that we would be able to complete our $2.4 million project debt free. Our prayers have most certainly been answered.”
The bank said this is the 25th year of its Affordable Housing Program, in which the bank forgoes 10 percent of its earnings each year to support the neighborhood housing and economic development initiatives. This year subsidies totaling $35.5 million were awarded to 48 affordable housing initiatives to create more than 3,000 units in New Jersey, New York, Pennsylvania, Puerto Rico, the U.S. Virgin Islands and elsewhere.
Grant applicants had to be sponsored by a financial organization that is a member of the bank; Lebanon Rescue Mission’s sponsor was M&T Bank. Spahr also credited Capital for Compassion’s assistance in the process.