Credit Products
Give Your Institution the Strategic Flexibility to Maintain a Competitive Edge
The FHLBNY offers credit products designed to help facilitate your balance sheet strategies. Members can customize advances with a wide variety of maturities and structures, allowing you to choose funding that meets your objectives. FHLBNY advances can be customized by size, term, settlement date, amortization schedule, symmetry and more. If this is your first time borrowing with the FHLBNY, we created a Borrower’s Quick Reference Guide to assist members who want to initiate their first borrowing.
As a true cooperative, all of our members are treated equally, regardless of asset size; your institution will receive the same terms, whether you are borrowing $1 million or $100 million. Click on an advance for more information or view a printable version of all the descriptions.
For more information or view a printable version of all the descriptions.
Adjustable-Rate Credit (ARC) Advance (ST, MT & LT)
Amortizing Advance (MT & LT)
Callable ARC Advance (ST, MT & LT)
Callable Fixed-Rate Advance (MT & LT)
Fixed-Rate Advance (ST, MT & LT)
Fixed-Rate Advance with a SOFR Cap* (MT & LT)
Overnight Advance
Principal-Deferred Advance (MT & LT)
Putable Advance* (MT & LT)
Repo Advance (ST, MT & LT)
Reduced cost of funding under FHLBNY Community Lending Programs (CLP) is available for all advances with a minimum term of one year, except Putable Advances; CLP Advances are not eligible for the SPA feature or the Advance Rebate Program; our Putables (when available), Callable, Swaps, and Letters of Credit programs require additional agreements; all credit product terms are subject to credit conditions.
To maintain access to FHLBNY’s products, programs, and services, members are required to complete and submit their Member Attestation Form by the requested deadline annually. In addition, throughout the year, members must promptly disclose to the FHLBNY any material adverse change events that may impact their financial condition by both emailing [email protected] and contacting their designated Relationship Manager at (212) 441-6700.
Rate Information
Contact our Credit Services Representatives at (212) 441-6600 for a live quote or sign up to receive the daily rate indications (members only)
Advance Rebate Program
Provides members with a cash rebate on a portion of the fees paid relating to the early extinguishment of eligible advances when new eligible advances are obtained within 30 calendar days1. To receive the cash rebate, the prepaid advance(s) must have a remaining term of six months or longer, and new advance(s) must have a term of six months or longer.
Advantages:
- Members receive cash rebate
- Provides additional flexibility with balance sheet management
- Strengthens and adds value to your Co-op
For more information on the Advance Rebate Program, please read this funding strategy article or download the overview.
1Advances booked under Community Lending Programs and advances with remaining maturities of less than six months are not eligible advances.
Letters of Credit
Supports liquidity, asset/liability management, and housing and economic development activities.
Advantages:
- Obtain a guarantee of payment by a highly-rated* financial institution (the FHLBNY) to third parties in the event of a default of performance by a member
- Collateralize state and local government deposits at low cost
- Receive credit enhancements for a variety of transactions
- Choose from maturities between 2 weeks to 3 years
- Facilitate transactions that promote eligible housing and community development activities at a discounted price.
Click here to learn more about our Letters of Credit.
*The FHLBNY is currently rated “Aa1” and “AA+” by Moody’s and Standard & Poor’s, respectively. These ratings are equivalent to those assigned to the U.S. Government.
Interest Rate Derivatives
Reduces income fluctuations caused by interest rate volatility
Advantages:
- Achieve asset/liability management goals
- Hedge interest rate exposure or increase the certainty of future funding costs
- Potentially lower the cost of funding
Note: Available for institutions with total assets less than $10 billion
Putable Advance Modification Program
Offers the ability to potentially lower interest expense, reduce optionality in a member’s balance sheet and to better manage interest-rate and liquidity risks.
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Modifications: |
Learn more on Financial Intelligence.
Symmetrical Prepayment Advance (SPA) feature
For added flexibility, symmetry can be added for an additional 2 basis points to either Fixed-Rate or Repo Advances with maturities of one year or greater and a minimum advance size of $3 million. If the advance becomes “in the money” during its term, you could extinguish and realize a gain.
Advantages:
- Gain additional flexibility with balance sheet management and/or restructuring (e.g., gains can serve as an offset to unrealized losses in securities portfolios)
- Enhance value during merger and acquisition scenarios (potential gains on the liability side of the balance sheet)
Click here to learn more about our Symmetrical Prepayment Advance (SPA) feature.
Transfers of Advances
Advances may be transferred between member institutions on a case by-case basis. All transaction negotiations (pricing, finding qualified counterparties*, etc.) will be the sole responsibility of the respective member involved in the advance transfer. Upon notification by the respective member that the transaction is complete, the FHLBNY will transfer the advance(s) to the acquiring member and the appropriate collateral and activity based capital stock adjustments will be made.
*To obtain transaction approval, the acquiring member will need to meet FHLBNY credit criteria and collateral requirements.
Please Note: Reduced cost of funding under FHLBNY Community Lending Programs (CLP) is available for all advances with a minimum term of one year, except Putable Advances; CLP Advances are not eligible for the SPA feature or the Advance Rebate Program; our Putables (when available), Callable, Swaps, and Letters of Credit programs require additional agreements; all credit product terms are subject to credit conditions.
Rate Information
Contact our Credit Services Representatives at (212) 441-6600 for a live quote or sign up to receive the daily rate indications (members only)
Coming Soon: 0% Development Advance Program – 2025 Offering
The Federal Home Loan Bank of New York (FHLBNY) is pleased to announce that the 2025 Zero-Percent Development Advance (ZDA) Program will launch in early June. The ZDA Program provides members with subsidized funding in the form of interest-rate credits to support the origination or purchase of loans and investments that meet the eligibility criteria under the Business Development Advance (BDA), Climate Development Advance (CDA), Infrastructure Development Advance (IDA), Tribal Development Advance (TDA), or the new Housing Development Advance (HDA).
The FHLBNY is excited to expand our ZDA Program this year to include the new Housing Development Advance. The HDA is designed to assist members in originating or purchasing loans that support the pre-development or acquisition phases of affordable housing projects. Eligible pre-development activities for affordable housing include acquisition of land or buildings, third-party fees, demolition and environmental review or abatement, feasibility studies, site surveys, or similar activities. Through this offering, the ZDA Program continues to advance the FHLBNY’s mission of promoting housing opportunities and strengthening the communities our members serve.
A total of $7.2 million in interest-rate credits has been allocated to the membership for the 2025 ZDA Program, with a per-member cap of $250,000 to ensure equitable access across our cooperative. With the exception of the new HDA, all other eligibility criteria and individual loan qualifications remain consistent with the 2024 offering.
Members will be able to immediately submit applications for eligible loans and investments as soon as the Program launches. Once your submitted application is approved, you can contact the Member Services Desk to request funding under the ZDA* for the approved amount(s), drawing upon your institution’s available interest rate credits. Funding is provided on a first-come, first-served basis until the total $7.2 million interest-rate credit allocation is reached. To support your lending decisions, the FHLBNY will update funding availability on our website periodically, and email notifications will be sent when availability reaches a certain threshold.
Plan to take advantage of the ZDA Program to:
- Support communities by providing competitive interest rates to fund initiatives that create affordable homes, help sustain your local economy, and foster job opportunities
- Enhance relations with under-served communities and expand your reach
- Develop new and/or strengthen existing customer relationships
- Gain a competitive advantage when bidding and/or buying eligible loans
More information on the guidelines, qualifications, and terms, as well as the application form will be forthcoming.If you have questions on the ZDA Program, please contact your Relationship Manager at (212) 441-6700 or a Member Services Desk Representative at (212) 441-6600.
*Advances under the ZDA Program are transacted in the same manner as traditional Advances, in adherence with all credit, collateral, and capital stock requirements, and are subject to lending parameters under the Credit Risk Management Framework. Funding is provided on a first-come, first-served basis until the total allocation is reached. Application approvals are not a guarantee of funding; the advance(s) must be drawn.