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January 24, 2022

FHLBNY Announces Enhancements to the Rebate Program for Advances

The Federal Home Loan Bank of New York (FHLBNY) is pleased to announce enhancements to our Advance Rebate Program, which provides members an opportunity to receive a cash rebate when prepaying an eligible advance and rebooking a new advance within a 30-day period. Improvements to the program include:

  1. Expansion of Eligible Advances – The minimum remaining term to maturity for advances that qualify for a rebate has been expanded to six months or greater (from 1 year or greater).
  2. Enhanced Economics for Members – Now, members can receive a rebate of up to 20.5 bps (from 17 bps) and 18.5 bps for Repo Advances (from 15 bps).

These Rebate Program changes will provide members greater flexibility to extend the maturity of qualified existing advances in a more cost-effective manner by receiving more rebate.

In accordance with these enhancements, the FHLBNY’s Member Products Guide has been updated to reflect the new Program changes and can be found by signing on to 1Link® and clicking on the ‘Manuals and Guides’ tab.

Rebate Program Overview

The Rebate Program provides 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 days.1 To receive the cash rebate, the prepaid advance(s) must have a remaining term of six months or longer and new advance(s) must have a term of at least 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 to manage their balance sheets
  • 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 FHLBNY 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 six months.
  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 via their OIA account.

View our Rebate Program FAQs for more information. If you would like a review of your advance portfolio for rebate opportunities, please contact your Relationship Manager at (212) 441-6700 or the Member Services Desk at (212) 441-6600.

1Advances booked under the Community Lending Program and advances with remaining maturities of less than six months are not Eligible Advances.

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

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01/03/2020

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2019 Update to MPG & CSM: Member Products Guide and the Correspondent Services Manual (for Jan 2020)

12/17/2019

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11/06/2019

Announcing the Callable Adjustable Rate Credit Advance Pilot Program

09/27/2019

FHLBank System Regulator Provides LIBOR Transition Guidance

06/04/2019

SOFR ARC: FHLBNY is pleased to announce the expansion of the SOFR-Linked ARC Advance Program

03/26/2019

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

01/31/2019

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

01/24/2019

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.

11/19/2018

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.

10/10/2018

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.

05/07/2018

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.

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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.

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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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