June 5, 2023
Coming Soon: Expansion of Our 0% Advance Offerings
Due to the positive response we received to our Business Development Advance, a 0% interest rate advance offered previously on a limited basis, the Federal Home Loan Bank of New York is pleased to announce another round of our 0% Development Advance offerings, which will now be expanded to include additional mission-oriented initiatives. In the coming months, we plan to launch the new 0% Development Advance (ZDA) Program, which includes the Business Development Advance, as well as our new Climate Development Advance, Infrastructure Development Advance, and Tribal Development Advance offerings. There will be $10 million in interest rate credits available for the ZDA Program when it launches. Members can request to reserve interest rate credits up to $250,000 on a first-come, first-served basis.
The creation of the ZDA Program is designed to assist members in supporting initiatives aligned with the economic and community development component of our mission, such as small business lending, investing in/lending for environmental- and/or infrastructure-related projects, and lending that benefits Tribal Communities. The ZDA program can afford members with greater flexibility to tailor their lending products to better serve their communities. Members can take advantage of the discounted liquidity through this Program to:
- Support communities by providing competitive interest rates to fund initiatives that help sustain your local economy and foster job opportunities
- Enhance relations with under-served communities and expand your reach
- Develop new and/or strengthen existing customer relationships
- Gain a competitive advantage when bidding and/or buying eligible loans
More information on the guidelines, qualifications, and terms, as well as the reservation form will be forthcoming.
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