President's Report

December 3, 2012

Contact: Eric Amig - (212) 441-6807
Brian Finnegan - (212) 441-6877

Remarks as Prepared for Alfred A. DelliBovi

7th Annual NeighborWorks America Northeast Region Reception
Honoring Al DelliBovi and Denise Scott
Thursday, November 29, 2012 · New York, NY

Thank you, Rev. Dr. DeForest Soaries, Jr., for that kind introduction. It is more than an honor to work with you over these many years. And thank you NeighborWorks America and its leadership -- Deborah Boatright and Eileen Fitzgerald -- for bestowing on me NeighorWorks’ Visionary Leader Award. I accept this award not as an individual, but as a member of a committed team, including Buster, which sees every day the value of that fundamental element of our culture and society: the home.

Now these are trying times: Hurricane Sandy, the economic meltdown, the painfully slow recovery. And now the fiscal cliff and the sea of red ink that surrounds it. Yet let me assure you that every member of the Federal Home Loan Bank team is committed to supporting the housing recovery; to supporting dedicated housing groups; and to supporting our 330 member community lenders that do make those loans which make our economy move forward.

We are working hard to support the slow, but steady, housing recovery. In January of 2012, we announced $33.6 million in Affordable Housing Program (AHP) grants to help fund 57 affordable housing initiatives throughout New Jersey and, New York. And in October of 2012, we announced another round of AHP funding, this time with $26.4 million in grants awarded to 37 housing projects throughout New Jersey and New York. In total, this year, the Home Loan Bank and our members will help build or preserve more than 5,500 affordable homes, including more than 4,200 units dedicated to very low-income housing and more than 5,000 units of affordable rental housing. These grants also help drive economic development: it is anticipated that nearly $1 billion in total development capital will be generated by the projects the AHP supported in 2012. That is nearly $1 billion flowing through local economies, supporting small businesses and boosting job growth.

Our Community Lending Programs are designed to help our members support projects that create housing, strengthen local economies and support local businesses throughout the year. By October 31st of this year, the Home Loan Bank had lent $690 million to our members through our Community Investment Program (CIP). The CIP provides low-cost short-, medium- and long-term funding to our members to help finance housing activities. We also provided $236 million in Urban Development Advances, which provide financing for economic development projects in urban areas which benefit individuals and families with incomes at or below 100 percent of the area median income.

Our First Home Clubsm has experienced dramatic growth in recent years. Prior to 2009, annual enrollment in the program averaged approximately 1,200 households per year. Through the first two enrollment periods of 2012, we brought more than 1,900 households into the program. And through September 30, 2012, 680 home sales were closed with First Home Club assistance. That means 680 new homeowners, all with suitable mortgages they understand, can afford and will pay off, are strengthening neighborhoods across the region.

And it is housing that strengthens communities. At the Federal Home Loan Bank of New York, we believe that housing is not only a cornerstone of our economy, but also the solid underpinnings upon which strong communities and families are built. In 2012, the Home Loan Bank, our members, and the many non-profit organizations with which we work, all strived to make housing opportunities available to those who need them. We are proud to work with such tremendous leaders and partners – many of whom are here this evening -- to rebuild that housing foundation and that promise of home.

Again, Deborah, thank you for this award and for putting together tonight’s event. Both are outstanding.

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Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This report may contain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as “projected,” “expects,” “may,” or their negatives or other variations of these terms. The Bank cautions that, by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, regulatory and accounting rule adjustments or requirements, changes in interest rates, changes in projected business volumes, changes in prepayment speeds on mortgage assets, the cost of our funding, changes in our membership profile, the withdrawal of one or more large members, competitive pressures, shifts in demand for our products, and general economic conditions. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.

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