Affordable Housing Program (AHP)

Each year since 1990, the HLB 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). AHP 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. Funds are awarded through a competitive process which typically takes place either once or twice a year, at the HLB's discretion.

Benefits to Members:

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

NOTICE: The Federal Housing Finance Agency (FHFA) released a Notice of Proposed Rulemaking to amend the Affordable Housing Program (AHP) regulation. The proposed amendments will affect how the Federal Home Loan Bank of New York (FHLBNY) members, housing partners and other community stakeholders, use the AHP program and could impact how affordable housing is funded across our region.

At the FHLBNY, the AHP has supported 1,784 housing initiatives with nearly $700 million in grants, helping to create, rehabilitate or preserve nearly 85,000 affordable homes across our region and beyond. 

We have prepared a summary of the proposed amendments and provided additional information about the proposals that we believe will most affect members' and housing providers' strategies for meeting community needs.

Creating affordable housing is the work of many hands, and it takes many voices to ensure the sustainable success of the AHP.  


Eligible Uses of AHP Funds:

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

Program Deadlines

FHC offers monthly enrollment periods due the 10th of each month or the following applicable business day.

AHP Success Stories

Pond View Homes
Member: Flushing Bank
Project Name: Pond View Homes

Independence Crossing
Member: Citibank
Project Name: Independence Crossing

Morgan Village
Member: New Jersey Housing & Mortgage Finance Agency
Project Name: Morgan Village

› Other Success Stories


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