Press Releases

July 7, 2010

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

FHLBNY Awards $29.7 Million for 54 Affordable Housing Initiatives

Combined projects will create or rehabilitate more than 2,900 affordable housing units throughout New Jersey, New York, Connecticut, Delaware, Maryland and Pennsylvania

New York, NY —Alfred A. DelliBovi, President and CEO of the Federal Home Loan Bank of New York, announced that the Bank has awarded $29.7 million in subsidies to fund 54 affordable housing initiatives throughout New Jersey, New York, Connecticut, Delaware, Maryland and Pennsylvania.  These awards, which are funded through the Bank’s Affordable Housing Program (“AHP”), will result in the creation or rehabilitation of 2,917 affordable housing units and drive community development.  It is anticipated that more than $525 million in development costs will be generated from the development of these initiatives.

“The Federal Home Loan Bank of New York has been proud to partner with our members for more than 20 years to help make affordable housing a reality in New Jersey, New York, Puerto Rico, the U.S. Virgin Islands and beyond,” said Mr. DelliBovi. “We are grateful to our elected officials for their leadership and support in Congress, which allows us to offer this program to the housing groups that are strengthening communities across the region.”

Last year, the Federal Home Loan Bank System celebrated the 20th anniversary of its Affordable Housing Program.  In June 2010, the program was recognized by the National Housing Conference as its “Housing Person of the Year”.  The Federal Home Loan Banks have distributed nearly $4 billion in AHP funds since 1990.  At the Federal Home Loan Bank of New York, the AHP has supported more than 1,200 projects with grants totaling more than $350 million, creating more than 50,000 units of affordable housing and generating nearly $6 billion in total development costs. For more information on these grants, please click here.

The $29.7 million awarded today are funds drawn from the Bank’s earnings.  As mandated by Congress, the Bank forgoes 10 percent of its earnings to support these neighborhood housing and economic development initiatives.  

The Federal Home Loan Bank of New York’s AHP provides member lenders with direct subsidies which are passed on to income-qualified households through sponsoring local nonprofit organizations.  AHP financing is combined with other funding sources to create housing for moderate-, low- and very low-income families.  Program awardees receive this funding through a competitive application process.  Each competing project must be sponsored by a financial organization that is a member of the Bank in partnership with a community-based sponsoring organization. 

The following New Jersey communities will benefit from the funds awarded today:  Bernards Township, Camden, Elizabeth, Glassboro, Hopewell, Lafayette, Middletown, Morristown, Perth Amboy, Union, Westfield, Wildwood and Woodbury.

The following New York communities will benefit from the funds awarded today:  the Village of Albion, Alden, Batavia, the Bronx, Buffalo, Canandaigua, East Syracuse, Elmira, Fishkill, Hempstead, Ithaca, the Town of Lysander, Mount Vernon, New York, Oswego, Palmyra, Plattsburgh, Rochester, Rome, Utica, Waverly and Webster.

The communities of New Haven, Connecticut; Wilmington, Delaware; Easton, Maryland; and Philadelphia, Pennsylvania will also benefit from the funds awarded today.

About the Federal Home Loan Bank of New York
The Federal Home Loan Bank of New York is a Congressionally chartered, wholesale Bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 11 regional, stockholder-owned banks. As of September 30, 2018, the FHLBNY serves 326 financial institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The Federal Home Loan Banks support the efforts of local members to help provide financing for America’s homebuyers.

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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 on 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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