Disaster Relief Funding
Disaster Relief Funding (DRF)
In an effort to support the communities we serve, the Federal Home Loan Bank of New York (FHLBNY) has extended $1 billion in Disaster Relief Funding (DRF) to cover communities affected by the current COVID-19 pandemic, recent earthquakes in Puerto Rico, and past Hurricanes Irma and Maria in the Caribbean. Natural disasters have destroyed physical infrastructure while COVID-19 has led to widespread business closures, mass layoffs and record unemployment levels. In all these cases, the FHLBNY is here to support our members and aid in relief efforts.
Funds are available to members to assist rebuilding and economic recovery efforts across in-district communities located in 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, 2021, 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 2021.
Qualified FEMA-declared disaster areas within our district include:
Hurricane Irma – 9/10/2017
Hurricane Maria – 9/20/2017
Puerto Rico Earthquakes – 1/16/2020
COVID-19 New York – 3/20/2020
COVID-19 New Jersey – 3/25/2020
COVID-19 Puerto Rico – 3/27/2020
COVID-19 U.S. Virgin Islands – 4/2/2020
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.
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.
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.
Minimum DRF advance term is 30 days.
All FHLBNY credit conditions apply.
Apply for Disaster Relief Funding
Members must submit a fully completed CLP Application to apply (download the application below). Within the application, please be sure to provide requested detail for each submitted loan along with a brief description of how the funds will be used.