About Us
The Federal Home Loan Bank of New York
The Federal Home Loan Bank of New York ("HLB") helps community lenders in New Jersey, New York, Puerto Rico and the U.S. Virgin Islands advance housing and community growth. The HLB is part of the congressionally chartered, nationwide Federal Home Loan Bank System which was created in 1932 to provide a flexible credit liquidity source for member community lenders engaged in home mortgage and neighborhood lending. The HLB increases the availability of mortgages and home finance to families of all income levels by offering high-value finance, correspondent and cash management services to assist our customers in more effectively serving their neighborhoods and meeting their Community Reinvestment Act responsibilities.
Our Mission
The mission of the HLB is to advance housing opportunity and local community development by maximizing the capacity of community-based member-lenders to serve their markets.
The HLB meets our mission by providing our members with access to economical wholesale credit and technical assistance through our credit products, mortgage finance programs, housing and community lending programs and correspondent services to increase the availability of home finance to families of all incomes.
How We Lend Money
HLB credit products enhance the financial strength of local lenders, providing them with a reliable source of liquidity at competitive prices so they in turn can help meet the housing finance and credit needs of their communities. Since the HLB is a secured lender, all of our credit products require collateral to maintain our positions as a accessible and cost effective source of credit for members. Collateral can take the form of securities, residential or multi-family mortgages, or in some cases, commercial real estate.
How We Help All Communities
The HLB enables local lenders to extend affordable credit to their communities. Thanks to the Federal Home Loan Bank System, communities across the country have access to more affordable housing, small business, community development programs.
How We Help Low-Income Communities
Each year since 1990, the HLB has contributed 10% of its income to the Affordable Housing Program ("AHP"). This program subsidizes long-term financing for very low-, low- and moderate-income families. The HLB also offers Community Investment Programs and the First Home Clubsm, a grant program for first-time home buyers.
The Federal Home Loan Bank System
There are 12 district banks within the Federal Home Loan Bank System, located in Atlanta, Boston, Chicago, Cincinnati, Dallas, Des Moines, Indianapolis, New York, Pittsburgh, San Francisco, Seattle and Topeka, altogether having a membership of over 8,000 financial institutions.
The Federal Home Loan Banks are all privately capitalized and operated by their member stockholders. They receive no taxpayer funding and raise their funds by issuing debt instruments in the capital markets.
The system is supervised by the Federal Housing Finance Board in Washington, DC, which ensures that the Home Loan Banks operate in a financially safe and sound manner, remain adequately capitalized and able to raise funds in the capital markets, and carry out their housing finance mission.