Disaster Relief Funding
In November 2012, as communities throughout New York and New Jersey were reeling in the aftermath of one of the most costly and catastrophic storms to ever strike the region, the Federal Home Loan Bank of New York (FHLBNY) was preparing to support its members’ efforts to help their communities pick up the pieces.
In response to the extensive damage left throughout the area, the FHLBNY made a commitment to provide its members $1 billion in discounted Disaster Relief Funding (DRF).
The success of the DRF program in 2012 and 2013 was impressive. We saw the remarkable efforts of our members transform the areas hit hardest by the storm. Our members committed the entire $1 billion provided under the DRF program, and each individual program issued to our members was used to help rebuild and restore communities throughout the area.
Although DRF funds for this storm event have been fully committed, the FHLBNY continues to help communities through the Community Investment Program (CIP) which enables members to finance a wide range of targeted housing projects. Rural Development Advance (RDA) and Urban Development Advance (UDA) were also created to provide financing for economic development projects in rural or urban areas.
Need more information?
To discuss other Community Lending Programs or for information on other funding strategies, contact a Calling Officer at (212) 441-6700.