Press Releases

March 15, 2012

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

FHLBNY Welcomes New Member AAFE Community Development Fund, Inc.

New York, NY – The Federal Home Loan Bank of New York (“FHLBNY”) is pleased to announce that, on March 15, 2012, its Board of Directors (“Board”) approved Asian Americans For Equality Community Development Fund, Inc. (“AAFE”) for Home Loan Bank membership. The non-profit organization has the ability to use its FHLBNY membership and the FHLBNY’s Community Investment Programs to increase its lending capacity in the low- to moderate-income immigrant and minority communities it serves. Additionally, the liquidity provided by the FHLBNY can help AAFE expand its range of low-interest homeownership loan programs that assist its clients in purchasing or renovating their first home.

“The Federal Home Loan Bank of New York is proud to call AAFE our member,” said Alfred A. DelliBovi, president and CEO of the FHLBNY. “AAFE’s focus on creating affordable housing and driving community development makes them a natural partner for the Home Loan Bank, and this partnership will create new opportunities for Home Loan Bank funding to further benefit New York City.”

“AAFE Community Development Fund is honored and excited. As the first Community Development Fund admitted to membership in the Federal Home Loan Bank of New York, AAFE CDF is committed to further promoting our mission of advancing homeownership for minority, immigrant, low- and moderate-income, and underserved populations of New York City,” said Siu Kwan Chan, Managing Director of AAFE Community Development Fund, Inc.

The AAFE Community Development Fund provides homeownership counseling and small business training. Asian Americans for Equality, Inc. is a non-profit organization established in 1974 with a mission of empowering Asian Americans and others in need. During the past 35 years, AAFE has evolved into a nationally recognized affordable housing developer and an experienced social service provider. With offices in Chinatown and Flushing, AAFE is the only citywide community development corporation serving New York City's more than 800,000 Asian American residents with services including community development and housing preservation, housing legal services, community education, citizenship preparation, and social services.

AAFE is the FHLBNY’s sixth Community Development Financial Institution (“CDFI”) member, and its first loan fund member. CDFIs are specialized financial institutions that work in market niches that are underserved by traditional financial institutions. CDFIs offer basic financial services, including credit for affordable housing development and, to a lesser extent, credit for home purchase mortgages, as well as debt or equity capital for small and emerging businesses. CDFIs are broken into four major categories, which are federally insured community development banks, credit unions, loan funds, and venture capital funds. The Housing and Economic Recovery Act of 2008 allowed federally insured CDFIs to become members of the Federal Home Loan Bank System. However, on May 15, 2009, the Federal Housing Finance Agency proposed a regulation change that would open up Home Loan Bank membership to other CDFIs, such as state-chartered credit unions without federal insurance; community development loan funds; and community development venture capital funds. On January 1, 2010, the FHFA published its final rule on the matter, which went into effect on February 4, 2010. Thus, all four types of CDFIs are eligible to become Home Loan Bank members.

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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