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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.

Eligible Lending Activity

 

All loans within the submitted CLP Application must have closed within 90 days of receiving an advance from the FHLBNY.

 

Once a CLP Application is approved, a commitment will be issued for up to 90 days, based on the oldest loan in the loan pool (e.g., 90 days – oldest loan in the loan pool).

Member Limits*

 

A member’s Maximum Borrowing Capacity is the lesser of 3% of Asset size or $100 million. Members may request an exception to the maximum up to $200 million per member. Exception requests will be considered on a case-by-case basis.

 

A member’s Minimum Borrowing Capacity is $25 million per member.

 

Members may not borrow more than $100 million in each quarter.

*Note: Member Limits are inclusive of all CLP Programs except DRF.

Advance Tenors

 

Advance tenors for CLP advances are restricted to one (1) to five (5) years.

 

All FHLBNY credit conditions apply.

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

Apply for Community Investment Program

Members must submit a fully completed CLP Application to apply (download the application below). Within the application, please be sure to provide the requested detail for each submitted loan.

CLP-001 Community Lending Programs Guidelines
CLP-002 Community Lending Programs Application

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