Disaster Relief Funding
Disaster Relief Funding (DRF)
Offered through the FHLBNY’s Community Lending Programs, DRF provides funds for members to administer both immediate gap financing and long-term funding to rebuild communities and support small businesses affected by the disasters.
Disaster Relief Funding will remain available until it has been fully allocated or until December 31st 2025, whichever occurs earlier. If funds remain unallocated by this date, the FHLBNY may consider extending availability beyond 2025.
Eligible Disasters
Qualified FEMA-declared disaster areas within our district include:
- Hurricane Ida – 9/2/2021
- Puerto Rico Earthquakes – 1/16/2020
- Hurricane Maria – 9/20/2017
- Hurricane Irma – 9/10/2017
Eligibility Criteria
1. Eligible member lending activity originated after the disaster declaration and within 90 days of receiving funding may be submitted as DRF support for advances related to financing of housing or economic development activities in communities located in a FEMA-designated disaster area.
- Housing activities include the purchase, construction, rehabilitation or refinancing of, or pre-development financing for individual owner-occupied housing units, projects involving multiple units of owner-occupied housing, rental housing, or manufactured housing parks, as defined in the CICA Regulation.
- Economic development activities include commercial, industrial, manufacturing, social service, public or private facility and infrastructure activities, such as roads, utilities, and sewers.
- Economic recovery efforts include immediate and long-term small business relief measures. DRF will support members in liquidity needs, shoring up balance sheets, and allowing them to offer continuous credit facilities.
2. Commercial and/or Mixed-Use eligibility is based on location criteria (FEMA-designated disaster areas). Eligibility for housing activities is based on existing CIP eligibility criteria.
Member Limits
- A member’s Maximum Borrowing Capacity is $50 million per member annually.
- A member is able to obtain a commitment for both DRF and non-DRF CLP in the same time period.
Advance Tenors
- Minimum DRF advance term is 30 days.
- All FHLBNY credit conditions apply.
Apply for Disaster Relief Funding
Members must enroll in the CLP System to submit applications for CLP funds. Members can apply directly in the System or complete and upload the CLP Application below (with the requested detail for each submitted loan) into the System.