Tuesday, February 20, 2024

FEDERAL HOME LOAN BANK OF NEW YORK AWARDS $42 MILLION FOR 42 AFFORDABLE HOUSING INITIATIVES

-2023 round of grants will support projects that will create, rehabilitate or preserve 2,693 units-

NEW YORK, Aug. 22, 2023 /PRNewswire/ — José R. González, president and CEO of the Federal Home Loan Bank of New York (“FHLBNY”), announced that the FHLBNY has awarded $41.98 million in subsidies to fund 42 affordable housing initiatives throughout New Jersey, New York, Puerto Rico, the U.S. Virgin Islands, California, Connecticut, Florida, Pennsylvania and Texas. These awards are funded through the FHLBNY’s Affordable Housing Program (“AHP”), and will result in the creation, rehabilitation or preservation of 2,693 units, including 1,945 units dedicated to very low-income housing. The awards will not only help provide housing, but also drive community development: it is anticipated that more than $1.29 billion in housing investments will result from the development of these initiatives.

“Each year, our annual Affordable Housing Program awards stand as a reminder that our ability to execute on our foundational liquidity mission delivers more than just funding to our region’s local lenders and stability to our financial system, but real, tangible support for vital housing initiatives across our District and beyond,” said Mr. González. “That is because our AHP awards are funded directly through our earnings, and so as we continue to meet our members’ needs throughout the year, we also enhance our ability to meet the needs of the communities we all serve. But each year the AHP also stands as a testament to the work of the many housing organizations and developers throughout our nation that are devoted to creating better opportunities for those who need them most. We are always grateful for our ability to partner with our members to support these efforts, and help to create and preserve access to stable and affordable housing, the foundation from which individuals, families and communities grow and flourish.”

The $41.98 million in grants represent a portion of the AHP funds that are drawn from the FHLBNY’s earnings. As mandated by Congress, the FHLBNY forgoes 10 percent of its earnings each year to support these neighborhood housing and economic development initiatives. The AHP is designed to address local housing needs. For more information on the individual 2023 AHP grants, please click here.

The FHLBNY’s AHP provides members with direct subsidies which are passed on to income-qualified households through sponsoring local community-based organizations. AHP financing is combined with other funding sources to create housing for moderate-, low- and very low-income households.  Program awardees receive this funding through a competitive application process. Each competing project must be sponsored by a financial organization that is a member of the FHLBNY in partnership with a community-based sponsoring organization. 

The AHP was created by Congress in 1989, and the 11 Federal Home Loan Banks have awarded more than $7.6 billion in AHP funds since the first awards in 1990. At the FHLBNY, the AHP has supported 2,050 projects with more than $933 million in grants, helping to create or preserve 101,000 units of affordable housing, leveraging an estimated $17.6 billion from other funding sources.

The following New Jersey communities will benefit from the announced funds: Atlantic City, Englewood Cliffs, Forked River, Fort Lee, Gladstone, Jefferson, Mahwah, Midland Park, Newark, North Plainfield, Robbinsville, Skillman, Stirling, Toms River and Waldwick.

The following New York communities will benefit from the announced funds: The Bronx, Brooklyn, Franklin Square, Jamaica, Kingston, Manhattan, Olean, Queens, Roslyn Heights, Saratoga Springs, Syracuse, Troy and Williamsville.

The communities of San Sebastian, Puerto Rico, and Christiansted and St. Thomas in the U.S. Virgin Islands will also receive grants.

Grants were also awarded for Burlingame, California; Bridgeport, Hartford and Naugatuck, Connecticut; St. Petersburg, Florida; Philadelphia, Pennsylvania; and Austin, Texas.

Federal Home Loan Bank of New York
The Federal Home Loan Bank of New York is a Congressionally chartered, wholesale Bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 11 regional, stockholder-owned banks.  As of June 30, 2023, the FHLBNY serves 335 financial institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of the FHLBNY is to provide members with reliable liquidity in support of housing and local community development.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This report may contain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as “projected,” “expects,” “may,” or their negatives or other variations on these terms. The Bank cautions that, by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, the Risk Factors set forth in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q filed with the SEC, as well as regulatory and accounting rule adjustments or requirements, changes in interest rates, changes in projected business volumes, changes in prepayment speeds on mortgage assets, the cost of our funding, changes in our membership profile, the withdrawal of one or more large members, competitive pressures, shifts in demand for our products, and general economic conditions. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to revise or update publicly any forward-looking statements for any reason.

CONTACT:  Brian Finnegan
(212) 441-6877
[email protected]

SOURCE Federal Home Loan Bank of New York

Originally published at https://www.prnewswire.com/news-releases/federal-home-loan-bank-of-new-york-awards-42-million-for-42-affordable-housing-initiatives-301907206.html

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