Affordable Housing Program

Each year since 1990, the FHLBNY has set aside 10% of its private earnings to support the creation and preservation of housing for lower income families and individuals through the Affordable Housing Program (AHP). AHP funds are awarded to members who submit applications on behalf of project sponsors who are planning to purchase, rehabilitate, or construct affordable homes or apartments. Funds are awarded through a competitive process which typically takes place either once or twice a year, at the FHLBNY’s discretion.

Benefits to Members

Gain CRA credit for successful participation

Strengthen the community you serve

Build relationships with non-profit groups and businesses

Eligible Uses of AHP Funds

Acquisition, construction, or rehabilitation of:

Rental Housing

In which at least 20% of the project’s occupants must earn 50% or less of the area median income

Owner-Occupied Housing

In which households earn 80% or less of the area median income

Eligible projects may include

1-to-4 unit houses

Co-ops

Condos

Apartments

Single-room occupancy facilities

Shelters

Transitional housing

Mutual housing associations

Group Homes

Questions?

Email us at [email protected]

AHP Success Stories

Member: HSBC Bank USA
Project Name: CAMBA Gardens Phase II
Sponsor: CAMBA Housing Ventures
Member: HSBC Bank USA
Project Name: St. Augustine Apartments
Sponsor: Association of New York Catholic Homes