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Housing Impact Grant

Additional funding for affordable housing initiatives across the FHLBNY District

The Housing Impact Grant is a new initiative that supports the creation, rehabilitation, and preservation of affordable housing throughout the FHLBNY District. Designed to complement, not compete with, the Affordable Housing Program (AHP) General Fund, it leverages the existing AHP application and review process to efficiently direct funding to projects with demonstrated need.

Eligible in-District projects that applied for the 2026 AHP General Fund Round, met the minimum AHP eligibility requirements, but did not receive an AHP General Fund award will automatically be considered for a Housing Impact Grant. Funded through voluntary FHLBNY contributions beyond its required AHP commitments, the grant provides additional support for affordable housing projects across the District.

This new initiative reflects FHLBNY's ongoing commitment to expanding access to funding that supports critical housing needs and helps build stronger, more resilient communities.

Grant Parameters

Available Funding $10,325,000
Maximum Per Project $2,500,000 (consistent with AHP)
Maximum Per Unit $80,000 (consistent with AHP)
Eligible Projects Qualified 2026 applicants within the FHLBNY District that did not receive an AHP General Fund award
Participation
  • The grant uses the same application pool as the AHP General Fund round.
  • Selected recipients will be contacted to confirm their interest and will be required to execute a Housing Impact Grant Direct Subsidy Agreement.
Selection Criteria
  • Awards are made to projects that were scored during the AHP General Fund round but did not receive an AHP award.
  • Only in-District projects that met AHP minimum eligibility requirements are eligible.
  • The highest-scoring eligible projects are selected until available funds are exhausted.
Reporting Requirements Projects must follow AHP reporting requirements until project completion or occupancy is confirmed.


Important Notes: A project receiving a Housing Impact Grant may not be resubmitted for AHP funding in subsequent years. Funding is assessed annually, and grant availability is subject to change.

Grant Parameters

Available Funding

$10,325,000

Maximum Per Project

$2,500,000 (consistent with AHP)

Maximum Per Unit

$80,000 (consistent with AHP)

Eligible Projects

Qualified 2026 applicants within the FHLBNY District that did not receive an AHP General Fund award

Participation
  • The grant uses the same application pool as the AHP General Fund round.
  • Selected recipients will be contacted to confirm their interest and will be required to execute a Housing Impact Grant Direct Subsidy Agreement.

Selection Criteria
  • Awards are made to projects that were scored during the AHP General Fund round but did not receive an AHP award.
  • Only in-District projects that met AHP minimum eligibility requirements are eligible.
  • The highest-scoring eligible projects are selected until available funds are exhausted.

Reporting Requirements

Projects must follow AHP reporting requirements until project completion or occupancy is confirmed.

 

Important Notes: A project receiving a Housing Impact Grant may not be resubmitted for AHP funding in subsequent years. Funding is assessed annually, and grant availability is subject to change.

Thank you for your interest in this program.

The funding for the 2026 SBRG Program has been fully allocated, and the program is now closed. Please check back for updates on potential future distributions or contact SBRG@fhlbny.com with any questions.

Key Contact

Affordable Housing Program
AHP@fhlbny.com

Community Investment Staff
(212) 441-6850

For a printable version of the Housing Impact Grant Overview:

Eligible Uses

Grant funds may support the acquisition, construction, or rehabilitation of affordable housing. Owner-occupied units must serve households at or below 80% of Area Median Income (AMI), while rental projects must reserve at least 20% of units for households at or below 50% of AMI.

Eligible project types include:

  • 1-to-4-unit houses
  • Co-ops
  • Condos
  • Apartments
  • Single-room occupancy facilities
  • Long-term shelters
  • Transitional housing
  • Mutual housing associations
  • Group homes

2026 Housing Impact Grant Recipient

Initiative Location Sponsor FHLBNY Member Grant Awarded Units
Hamilton Hill Revitalization
Rental housing new construction project to be developed in four buildings containing a total of 171 affordable units.		 Schenectady,
New York		 The Community Builders M&T Bank $2.5 million 171
Finger Lakes Region Home Rehabilitation Program 2026
Owner-occupied rehabilitation project involving 25 homes to preserve existing affordable housing and allow homeowners to safely age in place.		 Genesee, Monroe, Ontario, Orleans and Wayne counties,
New York		 Rural Housing Opportunities Corporation ESL Federal Credit Union $500,000 25
The Bayley
New construction affordable rental housing project involving 37 units for households earning below 60% of Area Median Income, including supportive housing.		 Madison,
New Jersey		 BCUW/Madeline Housing Partners, LLC Valley National Bank $2.5 million 37
Millstone Senior Housing
New construction of a 10-unit affordable senior rental project for residents age 55 and older.		 Millstone Township,
New Jersey		 Affordable Housing Alliance Columbia Bank $800,000 10
Badger Madison Apartments
New construction affordable rental housing project involving 25 units for low-to-moderate income households, including supportive housing.		 Newark,
New Jersey		 Clinton Hill Community Action Columbia Bank $1.625 million 25
Plaza Gran Victoria
Rental housing rehabilitation project involving 98 units of affordable senior housing.		 San Juan,
Puerto Rico		 1312 Ponce de Leon Manager Corp. Banco Popular de Puerto Rico $2.4 million 98