Press Releases

January 26, 2011

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

FHLBNY Awards $32.6 Million for 62 Affordable Housing Initiatives

Combined projects will create or rehabilitate more than 2,800 affordable housing units throughout New Jersey, New York 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 a record $32.6 million in subsidies to fund 62 affordable housing initiatives throughout New Jersey, New York and Pennsylvania. These awards, which mark the Bank’s second round of funding for 2010, are funded through the Bank’s Affordable Housing Program (“AHP”), and will result in the creation or rehabilitation of 2,813 affordable housing units, including more than 2,100 units dedicated to very low-income housing. The awards will not only help provide housing, but also drive community development: it is anticipated that nearly $540 million in development costs will be generated from the development of these initiatives.

“Our success directly affects our ability to provide this funding – the better we perform, the more of an impact we are able to make on affordable housing initiatives across the region,” said Alfred A. DelliBovi, president and CEO of the FHLBNY. “I am proud to announce that, as a result of our continued strong performance, we awarded a record amount of Affordable Housing Program funds in 2010. Creating affordable housing is the work of many hands, and for more than 20 years the Federal Home Loan Bank of New York has been honored by the opportunity to support the creation of safe, decent and affordable housing across our region and across the country. We thank all of our partners – the local lenders, the housing groups and our elected leaders in Congress – for their continued support of the communities they serve, and of the Affordable Housing Program.”

In two rounds of funding in 2010, the Federal Home Loan Bank of New York awarded grants totaling $62.3 million to fund 116 housing projects that will generate more than 5,700 units of affordable housing and an anticipated $1 billion in development costs. In June 2010, the Affordable Housing Program was recognized by the National Housing Conference as its “Housing Person of the Year”, and, in December 2010, the Federal Home Loan Bank of New York was recognized at the New York Housing Conference and National Housing Conference’s Annual Awards Luncheon for its continued contributions to affordable housing. 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 nearly 1,300 projects with grants totaling nearly $400 million, creating more than 53,000 units of affordable housing and generating an estimated $7.3 billion in total development costs. For more information on these grants, please click here.

The $32.6 million announced 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 announced today: Atlantic City, Burlington, Camden, Cherry Hill, Florence, Jersey City, Manalapan, Millstone Township, Newark, Pennington, Rahway, Roselle, Scotch Plains, Summit, Trenton and Vineland.

The following New York communities will benefit from the funds announced today: Albany, Arcade, Belmont, the Bronx, Buffalo, Carthage, Depew, Fairport, Hamilton, Henrietta, Jamestown, Katonah, New York, Penfield, Perry, Queens, Rochester, Staten Island, Syracuse, Whitney Point, Woodstock and Yonkers.

The Pennsylvania communities of Drums, Harrisburg and Philadelphia will also benefit from the funds announced today.

View the AHP awardees

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 December 31, 2018, the FHLBNY serves 324 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.

# # #

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.

Related Links

Strength in Our Cooperative

Investor Relations

Member Resource Center

Latest Releases

FHLBNY Announces 50th Round of Affordable Housing Program and
Modernized First-Time Homebuyer Program

Federal Home Loan Bank of New York
Announces Fourth Quarter and Full-Year 2018 Operating Highlights

Stephen S. Romaine and Charles E. Kilbourne, III to Serve as Directors
of the Federal Home Loan Bank of New York

Stay Connected

Sign up to receive rss or email updates from us.