Disaster Relief Funding

Disaster Relief Funding

Flexibility and speed are crucial in the initial stages of recovery from disaster. Members are immediately eligible for discounted advance rates through our Community Lending Programs if they are providing financing in FEMA-designated areas, regardless of income status.

In response to the severe and extensive damage caused by Hurricanes Harvey, Irma and Maria in August and September 2017, the Federal Home Loan Bank of New York (FHLBNY) made $1 billion in Disaster Relief Funding (DRF) available to its members to help rebuild communities in Puerto Rico and the U.S. Virgin Islands. These funds will continue to be made available until the first of a) the $1 billion has been totally allocated, or b) FEMA has dropped the Disaster Designation for the affected areas

“Communities across our nation are suffering in the aftermath of the destruction wrought by three powerful storms,” said José R. González, president and CEO of the FHLBNY. “In our District, Puerto Rico and the U.S. Virgin Islands are in the initial stages of recovering from unprecedented damage. As we have seen in past natural disasters, the local lender is key to relief and rebuilding efforts. The $1 billion in funding will help our members – these local lenders serving the affected communities – make a long-term, positive impact on recovery, relief and rebuilding efforts.”

In November 2012, as communities throughout New York and New Jersey were reeling in the aftermath of Hurricane Sandy, the FHLBNY provided $1 billion through the DRF program to support its members’ efforts. The success of the DRF program in 2012 and 2013 was impressive. We saw the remarkable efforts of our members transform the areas hit hardest by the storm. Our members committed the entire $1 billion provided under the DRF program, and each individual program issued to our members was used to help rebuild and restore communities throughout the area.

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.

Key Contacts

Relationship Managers:
(212) 441-6700
[email protected]

Interested in earning CRA credits by promoting investment in Puerto Rico?

Attend the Federal Reserve Bank of New York’s event or check out their Investment Connection program.