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FHLBNY’S Affordable Housing Program 2017

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

The Federal Home Loan Bank of New York (“FHLBNY”) is pleased to announce that approximately $33.2 million in housing grants is available for the Affordable Housing Program (“AHP”) 2017 Competitive Round. The application package is now available, and the competitive round deadline date is June 9.

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 (owner-occupied or rental units). Funds are awarded through an annual competitive process, with final award announcements being made by year end.

FHLBNY staff reviewed the details of the competitive process in a recent webinar, and the recording can be accessed here.

The following are key changes made to the AHP scoring categories for the 2017 Round:

Empowerment Activities – Activities are no longer required to be offered on-site; rather they must be project specific and offered to all of the tenants.

Preservation of Existing Units – In instances where there is a proposed decrease to the housing stock of an occupied building, there must be a clear demonstration that the rehabilitation of the project will help stabilize the physical and financial condition of the property and very-low, low-, and moderate-income tenants will not be permanently displaced.

Homeless Household – The AHP’s definition for “homeless household” has been updated to address various scenarios whereby an individual or family may be subject to an inadequate nighttime residence.

We strongly encourage you to review the 2017 AHP Implementation Plan, which can be downloaded from our site here (updated in March 2019). And, as always, members and sponsors may request technical assistance prior to the round deadline. Contact the staff at [email protected].

We look forward to working with you to address the diverse affordable housing needs of your communities.

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