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Housing Associates

Thank you for your interest in becoming a housing associate of the Federal Home Loan Bank of New York.

To see if you qualify, answer the following questions and click on the sections or documents that are relevant to you. If you need assistance, contact us at (212) 441-6700, and we will help you throughout the entire application process.

Note: If your institution is a public agency, authority or publicly sponsored corporation that serves as an instrumentality of a state or a political subdivision of a state and functions as a source of residential mortgage loan financing in that state, or a legally established agency, authority, corporation or organization serves as an instrumentality of a Native American tribe, band, group, nation or community recognized by the United States or any state and functions as a source of residential mortgage loan financing for that Native American community, your institution also qualifies as a “state housing finance agency."

Application Checklist

The following is a list of Forms, Applications and Documents that are required for Housing Associates at the FHLBNY. These documents are available in PDF format.

Please submit the following documents required for a Housing Associate application:

  1. Original FHLBNY Housing Associate Application (HLB/APP-002).
  2. Original Forms & Agreements for Housing Associates (refer to HLB-100n).
  3. Current U.S. Department of Housing and Urban Development (HUD) Yearly Verification Report, if unavailable, a HUD documentation stating that the Federal Housing Administration of the HUD has approved your institution as a mortgagee under Title II of the National Housing Act.
  4. Copy of or citation to the statutes or regulation under which your institution was created that your institution is a government agency or a chartered institution having succession subject to inspection and supervision of a government agency.
    Note: To qualify as a State Housing Finance Agency, your institution must be a public agency, authority or publicly sponsored corporation that serves as an instrumentality of a state or political subdivision of a state and functions as a source of residential mortgage loan financing in that state; or a legally established agency, authority, corporation or organization that serves as an instrumentality of a Native American tribe, band, group, nation or community recognized by the United States or a state and functions as a source of residential mortgage loan financing for that community.
  5. Latest two audited financial statements, if unavailable, financial documents that include mortgage loan assets and their funding liabilities providing evidence that your institution lends its own funds as its principal activity in the mortgage field for the last three years.
    Note: An institution acts principally as a broker for others making mortgage loans or whose principal activity is to make mortgage loans for the account of others does not meet this requirement.
  6. Latest regulatory audit report, examination report, or external audit report.
  7. Home financing policy written justification, on your letterhead, detailing how and why your home financing policy is consistent with the FHLB System’s housing finance mission, and how and why your home financing credit policy and lending practices meet the credit needs of your community.
  8. Please provide the name of the regulatory contact and their e-mail address for FHLBNY to confirm nonobjection to applicant becoming an FHLBNY member.
  9. If you intend to pledge mortgages as collateral, submit loan data through FHLBNY File Transfer Service.

Please also submit the following documents:

  1. Business Plan
  2. Asset/Liability Management and Interest Rate Risk Policy

 

Key Contacts

Relationship Managers
(212) 441-6700

FHLBNY@fhlbny.com

Membership Eligibility Requirement

In order to be eligible for membership, your company should be:

  • Duly organized by law
  • Subject to inspection and regulation
  • Of sound financial condition
  • Committed to ensuring sound and economical financial policies
  • Able to purchase membership stock upon approval as outlined in the membership application

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