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Disaster Relief Funding

Disaster Relief Funding (DRF)

Flexibility and speed are crucial in response to a crisis. Members are eligible for discounted advance rates through our Community Lending Programs (CLP) if they are providing financing in FEMA-designated areas.

In an effort to support the communities we serve, the Federal Home Loan Bank of New York (FHLBNY) has extended its Disaster Relief Funding (DRF) to cover communities affected by FEMA-declared disaster areas affected by Hurricane Ida.

Funds are available to members to assist rebuilding and economic recovery efforts across in-district communities located in existing FEMA-designated disaster areas. The funds are being made available by the FHLBNY through its CLP for both immediate gap financing and long-term funding to rebuild communities and support small businesses affected by the disasters.

Disaster Relief Funding will continue to be made available until it has been fully allocated or until December 31, 2023, whichever occurs earlier. In the event the DRF has not been fully allocated by this date, the FHLBNY may choose to make the DRF available past 2023.

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.

CLP Documents

CLP System User Guide Community Lending Programs System User Guide
CLP-001 Community Lending Programs Guidelines
CLP-002 Community Lending Programs Application
The FHLBNY continues to help communities through the Community Investment Program (CIP) which enables members to finance a wide range of targeted housing projects. Rural Development Advance (RDA) and Urban Development Advance (UDA) were also created to provide financing for economic development projects in rural or urban areas.