Disaster Recovery Grant Programs

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The Federal Home Loan Bank of New York (FHLBNY) is providing two Disaster Recovery Grant Programs that are intended to assist homeowners and small businesses in Puerto Rico and the U.S. Virgin Islands in response to Hurricanes Irma and Maria which devastated the islands in September 2017:

  • Homeowner Recovery Grant (HRG) Program
  • Small Business Recovery Grant (SBRG) Program

Applications are now being accepted for the HRG and SBRG Programs. These programs are available for stockholding Members located in Puerto Rico and the U.S. Virgin Islands that sustained damage as a result of Hurricanes Irma and Maria. In total, the programs constitute a $5 million commitment of the FHLBNY’s Board of Directors to the recovery of these communities in our district.

Both programs are administered by our Members: Members are responsible for identifying grant recipients (and can partner with local non-profit organizations as they choose). Members must submit applications to the FHLBNY and certify that those applications comply with the program guidelines, and they must ensure that all grant funds are used for the benefit of the recipients, meaning no funds can be used for overhead or program operations.

In addition to the Disaster Recovery Grant Programs, the FHLBNY provides Disaster Relief Funding, which offers discounted advance rates to Members.

Below please find a link to download the program guidelines, which cover both the HRG and the SBRG, as well as links to the materials necessary for program applications and outside information that will help guide participating Members.

DOWNLOAD GUIDELINES & FORMS

Homeowner Recovery Grant

 

Small Business Recovery Grant

The Homeowner Recovery Grant provides up to $10,000 per household, based on the following eligibility criteria:

  • Income Eligibility: Household income at or below 140% of the area median income, based on household size.
  • Property Eligibility: Owner-occupied single family home, used as a primary residence, located in Puerto Rico or the U.S. Virgin Islands, which sustained damage as a direct result of Hurricanes Irma and/or Maria.
 

The Small Business Recovery Grant provides up to $10,000 per small business, based on the following eligibility criteria:

  • Business Eligibility: Applicants are required to qualify as a small business, based on Small Business Administration (SBA) guidelines. Depending on the type of business, size will be determined by annual receipts or number of employees.
  • Property Eligibility: Businesses must be located in Puerto Rico or the U.S. Virgin Islands, and must have sustained damage as a direct result of Hurricanes Irma and/or Maria.