Community Investment Program

Community Investment Program (CIP)

The Community Investment Program (CIP) provides financing for targeted housing activities.

CIP funding is a non-competitive source of low-priced, medium-term funds that are available in the form of advances to Federal Home Loan Bank of New York (FHLBNY) member community lenders. As part of the suite of Community Lending Programs, CIP Advances are priced below regular FHLBNY advance rates.

CIP funds may be used to finance the purchase, construction, rehabilitation, refinancing, and/or pre-development of housing for:

Individual owner-occupied housing units, each of which is purchased or owned by an individual or family with an annual income at or below 115% of the area median income;

Projects involving multiple units of owner-occupied housing in which at least 51% of the units are owned or intended to be purchased by families with annual incomes at or below 115% of the area median income;

Rental housing where at least 51% of the units in the project are occupied by, or the rent is affordable to, families with annual incomes at or below 115% of the area median income;

Manufactured housing parks where at least 51% of the units are occupied by, or the rents are affordable to, families with annual incomes at or below 115% of the area median or located in a neighborhood with a median income at or below 115% of the area median income.

CIP is a flexible program that members use to finance a wide range of targeted housing projects, including:

Single-family housing

Multi-family housing

Special-needs housing

Want to learn more about the CIP?

Contact us at [email protected]

CIP Success Stories

Member: HSBC Bank USA
Project Name: Sojourner House
Member: Sussex Bank
Project Name: Canterbury Village