RDA Success Stories
HSBC Bank USA Uses RDA Funding for Home Ownership Center in Norwich, New York
Member lender HSBC Bank USA used $165,000 in FHLBNY RDA funding to provide mortgage financing for the Quaranta Home Ownership & Housing Services Center. The center is owned and operated by Opportunities for Chenango, Inc. (OFC), a non-profit agency chartered as the Community Action Agency for Chenango County, New York. OFC is committed to supporting families and individuals through programs that focus on child and family development, housing security, life skills training, education, literacy, health and nutrition, the community, employment, and economic development.
RDA funds support economic and community development projects located in local government entities with a population of less than 25,000 that benefit households with incomes at 115% or less of the area median income. Long-term funding is available with any CLP advance, allowing you to match-fund the terms and structure of your end loan, locking in a known spread for the life of the loan to mitigate interest rate risk. RDA funds may be used for the financing of commercial, small business, manufacturing, social service, and public facility projects and activities, as well as the construction and rehabilitation of public or private infrastructure, including roads, utilities, and sewers. For more information about the RDA program or to see if the project you have in mind qualifies, contact us at (212) 441-6850.