Affordable Housing Program

Each year since 1990, the FHLBNY has set aside 10% of its private earnings to support the creation and preservation of housing for lower income families and individuals through the Affordable Housing Program. AHP grant funds are awarded to members who submit applications on behalf of project sponsors who are planning to purchase, rehabilitate, or construct affordable homes or apartments. These funds are awarded through a competitive process which typically takes place either once or twice a year, at the FHLBNY’s discretion.

Benefits to Members

• Gain CRA credit for successful participation
• Strengthen the community you serve
• Build relationships with non-profit groups and businesses

Eligible Uses of AHP General Fund Subsidy

Acquisition, construction, or rehabilitation of:

Rental Housing In which at least 20% of the project’s occupants must earn 50% or less of the area median income

Owner-Occupied Housing In which households earn 80% or less of the area median income

Eligible projects may include

1-to-4 unit houses Co-ops Condos Apartments Single-room occupancy facilities

Shelters Transitional housing Mutual housing associations Group Homes