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Bulletin 21

FHLBNY Announces Rebate Program for Advances

The Federal Home Loan Bank of New York (the “FHLBNY” or the “Bank”) is pleased to announce an advance prepayment Rebate Program. Under the Rebate Program, which represents a new enhancement to our current advance prepayment methodology, the FHLBNY will provide members with a cash rebate on a portion of the fees paid relating to the early extinguishment of Eligible Advances when new Eligible Advances are obtained within 30 calendar days1. To receive the cash rebate, the prepaid advance(s) must have a remaining term of one year or longer, and new
advance(s) must have a term of six months or longer.

The Rebate Program is designed to:

  • be responsive to member needs and enhance the value of our advance offerings;
  • offer members additional flexibility with balance sheet management; and
  • strengthen and add value to your Co-op.

The amount of the actual rebate is dependent upon the characteristics of the prepaid and new advance(s), e.g., product type, origination date, principal amounts, and duration. The FHLBNY’s regular advance terms and conditions will apply, and the Bank reserves the right in its sole discretion to amend, rescind, or reinstate the Rebate Program at any time.

How it works:

  1. Member prepays an outstanding Eligible Advance that has a term remaining to maturity of at least one year.
  2. Member decides to obtain a new Eligible Advance with a term of six months or greater within 30 days from prepayment (called the Rebate Window).
  3. Member receives the rebate in cash.

For more information on the Rebate Program, including eligibility requirements, please contact your Relationship Manager at (212) 441-6700.

1Advances booked under the Community Lending Program and advances with remaining maturities of less than one year are not Eligible Advances. Members that have already prepaid Eligible Advances since October 1, 2015 will qualify for a rebate if they book new Eligible Advances by December 31, 2015.

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2020 Update to MPG & CSM: Member Products Guide and the Correspondent Services Manual

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FHLBNY CICA Disaster Relief Funding: Eligibility Expansion

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Update to the Member Products Guide

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Notice of Federal Home Loan Bank Members Selected For Community Review (March 26, 2019)

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Introducing the Homebuyer Dream Program: A New First-Time Homeowner Grant Program

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2019 Update to MPG & CSM: Member Products Guide and the Correspondent Services Manual

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Announcement of Fannie Mae and Freddie Mac Uniform Mortgage-Backed Security (UMBS)

11/28/2018

Updates to the 2019 Fee Schedules: In our continued effort to provide excellent service to our Members and maintain our focus on the core business of providing liquidity we are pleased to announce further streamlining of ancillary fees.

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The SOFR-Linked Adjustable Rate Credit Advance: The Federal Home Loan Bank of New York is pleased to announce the launch of the Secured Overnight Financing Rate (SOFR)-Linked Adjustable Rate Credit (ARC) Advance.

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Nominations for AHAC: The Federal Home Loan Bank of New York (FHLBNY) is now accepting nominations for the FHLBNY’s Affordable Housing Advisory Council.

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A New Housing Program: A new first-time homeowner grant program is coming in mid-2019.

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D&I Status Report Highlights: In 2017, the FHLBNY made significant achievements in diversity and inclusion. These achievements are captured in our 2017 Diversity & Inclusion Status Report.

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AHP Proposed Rule: The FHFA has issued a Proposed Rule that calls for a number of changes to the AHP. We believe that many of these proposed changes will present significant challenges to our members, housing partners and other community stakeholders, and could impact how affordable housing is funded across our region.

04/20/2018

Member Products Guide & Correspondent Services Manual Update: The FHLBNY has updated its Member Products Guide and the Correspondent Services Manual. The Guide and Manual detail the FHLBNY’s credit, collateral and correspondent services standards and can assist members in finding helpful information on the FHLBNY's Business Lines.

04/05/2018

Affordable Housing Program 2018: The Federal Home Loan Bank of New York is pleased to announce that approximately $45 million in housing grants will be available for the Affordable Housing Program 2018 Competitive Round.

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