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President’s Report

January 9, 2024

Report from the President
Looking at the Year Ahead

Each year, January is a time to focus on resolutions – the actions and changes we plan to make to become a better version of ourselves in the year ahead.  In 2024, this takes on a particular meaning for the Federal Home Loan Banks on the heels of the November 2023 release of the Federal Housing Finance Agency’s FHLBank System at 100: Focusing on the Future report, which contains a number of recommendations that have the potential to enhance the positive impact that the Federal Home Loan Bank System makes for our members, the communities we serve, and broader financial stability.  Throughout the year ahead, as both a cooperative and a System, we look forward to continuing to work with our members, our housing partners, the FHFA and other financial regulators, legislators and other key stakeholders on further strengthening a System that has served both local communities and the national economy well over the past nine decades.

A Constant Commitment
While the start of a New Year is always a time to celebrate change, we should not lose sight of the constants that have carried us through to this point.  At the FHLBNY, that means that our commitment to the communities we serve remains as strong as ever.  This month, we announced our newest housing grant program: Homebuyer Dream Program® Plus (HDP® Plus).  HDP Plus was created to further our efforts to increase access to homeownership for first-time homebuyers in our District, and is a complementary program to our existing annual Homebuyer Dream Program Round.  HDP Plus will give our members the opportunity to provide grant funds to households earning greater than 80%, but not exceeding 120% (in New Jersey and New York) or 150% (in Puerto Rico and the U.S. Virgin Islands) of the Area Median Income (“AMI”).  Under HDP Plus, the maximum grant amount will be $19,500 per household, with an additional $500 towards defrayment of nonprofit counseling agency costs.  We have allocated $10 million to fund the 2024 HDP Plus Round, for which we will host a series of virtual training sessions for members later this month.

Our housing programs benefit from collaboration across so many stakeholders, and HDP Plus was developed with input from our members, housing partners, Affordable Housing Advisory Council and Board of Directors.  We believe that the program will address a key need for housing support in our District, and our team is excited to launch our latest community development tool to kick off 2024.

Increased Funding for Affordable Housing
Amid our excitement for HDP Plus, we remain focused on our flagship housing programs: the Affordable Housing Program (AHP) and the Homebuyer Dream Program (HDP), both of which are funded annually with at least 10 percent of our income from the previous year.  As 2023 is anticipated to be a record year for our franchise, we are poised to make what we believe will be record contributions to both the AHP and HDP Rounds this year.  But those contributions began a bit early: at its December 2023 meeting, given the extraordinary performance of our cooperative in 2023, our Board voted to make an additional contribution in support of our housing programs in 2024 to the tune of nearly $13 million.  This means that even before we begin to account for the statutory requirement to use 10 percent of 2023 earnings to help fund our 2024 AHP and HDP Rounds, these programs will already have millions of grant dollars in their pools ready to be put to work by our members in communities across our District and beyond.

Small Business Support
At the FHLBNY, we know that a supportive, stable and affordable home is the foundation from which we all grow as individuals, and that the creation of this housing is how we grow stronger communities.  That belief is central to our housing programs.  But we know that a community’s strength also comes from its small businesses.  On November 6, 2023, we opened our 2023 Small Business Recovery Grant Program with $5 million in funding available to members to award in grants eligible to small businesses and non-profit organizations across our District.  By the time the Program closed on December 22, we had partnered with 106 members to award $5,026,800 in grants to 1,012 recipients.  We initially created the Small Business Recovery Grant Program to aid in member efforts to support communities in the wake of the 2017 hurricane season.  Since 2020, when we relaunched our Small Business Recovery Grant Program to assist in connection with the onset of the COVID-19 pandemic, we have provided $19 million in grants to more than 3,000 local businesses and non-profits across New Jersey, New York, Puerto Rico and the U.S. Virgin Islands.

There are constants that provide the foundation for all of our community support activities:

  • The presence of our members, who are the active participants in each of these programs, delivering our grant dollars to where they are needed most.
  • Our engagement with our housing and community partners, who help inform us of the needs of these communities and help design our programs and strategies to better meet these needs.
  • And, of course, the strength of the partnerships that exist between the FHLBNY and our members, between our members and their customers, and between all of us and the communities we serve.

A Foundational Mission
But beneath all of this, there is another constant: our foundational liquidity mission.  That is the engine that drives our franchise.  Executing on our mission not only builds and strengthens our partnerships with our members, but it also generates the income that funds our housing and community development programs, further strengthening our connections with the communities we serve.  In 2023, and during each of our 91 years, the FHLBNY has delivered stable and reliable liquidity to our members, fostering the resilience, sustainability and growth of local lenders across our District and supporting their ability to make the loans that allow individuals, households, families, businesses and communities to thrive.  This is the foundational mission of the Federal Home Loan Banks, and this is where we make our greatest impact.  As we embark on 2024, we remain focused on delivering on this foundational liquidity mission, in support of our members, in support of housing and community development, and in support of financial stability.

Sincerely,

José R. González
President and Chief Executive Officer

# # #

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This report may contain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as “projected,” “expects,” “may,” or their negatives or other variations of these terms. The Bank cautions that, by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, regulatory and accounting rule adjustments or requirements, changes in interest rates, changes in projected business volumes, changes in prepayment speeds on mortgage assets, the cost of our funding, changes in our membership profile, the withdrawal of one or more large members, competitive pressures, shifts in demand for our products, and general economic conditions. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.

Prior releases can be found on the SEC's EDGAR System.



03/05/2024

Report from the President: A Critical, Stabilizing Role

02/15/2024

Dividend Announcement 4Q23: FHLBNY Declares a 9.75% Dividend for the Fourth Quarter of 2023

01/09/2024

Report from the President: Looking at the Year Ahead

12/07/2023

Report from the President: Focusing on the Future

11/15/2023

Dividend Announcement 3Q23: FHLBNY Declares a 9.50% Dividend for the Third Quarter of 2023

11/02/2023

Report from the President: FHLBNY Announces Third Quarter 2023 Operating Highlights

09/05/2023

Report from the President: A Vital Mission, A Proven Value

08/17/2023

FHLBNY Declares an 8.50% Dividend for the Second Quarter of 2023

08/03/2023

Report from the President: One Year Into a 100-Year Review

07/11/2023

July 2023 Report from the President

06/06/2023

Report from the President: FHLBNY Announces 0% Development Advance Program

05/16/2023

Dividend Announcement 1Q23: The FHLBNY Declares a 7.75% Dividend for the First Quarter of 2023

04/04/2023

Report from the President: A Stabilizing Role

03/01/2023

Report from the President: Growing Advances and a Growing Public Profile

02/15/2023

Dividend Announcement 4Q22: The FHLBNY Declares a 7.50% Dividend for the Foruth Quarter of 2022

02/06/2023

Report from the President: Liquidity is the Mission and the Means

01/09/2023

Report from the President: A Profound Importance

12/01/2022

Report from the President: Grateful For Our Role

11/17/2022

Dividend Announcement 3Q22: The FHLBNY Declares a 6.75% Dividend for the Third Quarter of 2022

11/03/2022

Report from the President: FHLBNY Announces Third Quarter Operating Highlights

10/07/2022

Report from the President: The System’s Stakeholders Speak

09/01/2022

Report from the President: The Voice of the Local Lender

08/18/2022

Dividend Announcement 2Q22: The FHLBNY Declares a 5.50% Dividend for the Second Quarter of 2022

08/02/2022

Report from the President: Looking Ahead to 100 Years of the Federal Home Loan Banks

07/05/2022

Report from the President: Federal Home Loan Bank System Turns 90

06/02/2022

Report from the President: Approaching 90, the Power of Partnership Prevails

05/12/2022

Dividend Announcement 1Q22: The FHLBNY Declares a 4.75% Dividend for the First Quarter of 2022

04/05/2022

Report from the President: FHLBNY Files 2021 Form 10-K – Stability Throughout the Year

03/03/2022

Report from the President: Closing the Books on 2021

02/17/2022

Dividend Announcement 4Q21: The FHLBNY Declares a 4.36% Dividend for the Fourth Quarter of 2021

02/01/2022

Report from the President: Enhancing the Value of Membership

01/06/2022

Report from the President: A Strategic Focus on Stability and Service

12/07/2021

Report from the President: Together Again

11/18/2021

Dividend Announcement 3Q21: The FHLBNY Declares a 4.40% Dividend for the Third Quarter of 2021

11/02/2021

Report from the President: FHLBNY Announces 3Q21 Operating Highlights

10/04/2021

Report from the President: An Unwavering Focus on Our Members and Supporting Our Communities

09/01/2021

Report from the President: 25 Years of Creating Homeownership Opportunities

08/19/2021

Dividend Announcement 2Q21: The FHLBNY Declares a 4.60% Dividend for the Second Quarter of 2021

07/01/2021

Report from the President: FHLBNY Commences 2021 Director Election Process

06/07/2021

Report from the President: A Stable Partner for the Recovery Ahead

05/28/2021

Dividend Announcement 1Q21: The FHLBNY Declares a 4.75% Dividend for the First Quarter of 2021

04/05/2021

Report from the President: FHLBNY Files 2020 Form 10-K – Stability Throughout the Year

03/02/2021

Report from the President: Meeting Member Needs

02/18/2021

Dividend Announcement 4Q20: The FHLBNY Declares a 5.00% Dividend for the Fourth Quarter of 2020

02/04/2021

Report from the President: FHLBNY Unveils SOFR-Linked ARC Advance Enhancement

01/05/2021

Report from the President: A Proven Partnership to Help a Region Recover

12/02/2020

Report from the President: A Steady Foundation

11/19/2020

Dividend Announcement 3Q20: The FHLBNY Declares a 5.10% Dividend for the Third Quarter of 2020

11/02/2020

Report from the President: FHLBNY Announces 3Q20 Operating Highlights

10/05/2020

Report from the President: A Stable Partner and a Strong Culture

09/03/2020

Report from the President: A Stable Foundation

08/20/2020

Dividend Announcement 2Q20: The FHLBNY Declares A 5.60% Dividend For The Second Quarter Of 2020

08/04/2020

Report from the President: FHLBNY Announces 2Q20 Operating Highlights

07/02/2020

Report from the President: A Vital Conversation

06/02/2020

Report from the President: A Balanced Provider and a Stable Partner

05/20/2020

Dividend Announcement 1Q20: The FHLBNY Declares a 5.90% Dividend for the First Quarter of 2020

05/07/2020

Report from the President: FHLBNY to Accept Paycheck Protection Program Loans as Eligible Collateral

04/01/2020

Report from the President: Stability in a Crisis - Our Cooperative Responds to the Pandemic

03/13/2020

Report from the President: Novel Coronavirus Update

03/09/2020

Report from the President: Closing the Books on a Strong 2019

02/20/2020

Dividend Announcement 4Q19: The FHLBNY Declares a 6.35% Dividend for the Fourth Quarter of 2019

02/04/2020

Report from the President: United by Our Mission

01/06/2020

Report from the President: A Reliable Partner for a New Decade

12/03/2019

Report from the President: Positioned to Meet Your Liquidity Needs

11/21/2019

Report from the President: The FHLBNY Declares a 6.35% Dividend for the 3Q19

10/15/2019

Report from the President: The FHLBNY Announces 2019 Affordable Housing Program Grants

09/05/2019

Report from the President: A Market Milestone

05/16/2019

Dividend Announcement 1Q19: The FHLBNY Declares a 6.35% Dividend for the First Quarter of 2019

06/03/2019

Report from the President: Jersey City Welcomes FHLBNY Board; 2019 FHLBNY Director Election Update

07/02/2019

Report from the President: A New Era of Creating Homeownership Opportunities; FHLBNY Commences 2019 Director Election Process

08/15/2019

Dividend Announcement 2Q19: The FHLBNY Declares a 6.35% Dividend for the Second Quarter of 2019

04/02/2019

Report from the President: Reflecting on a Record Year for the Federal Home Loan Bank System; FHLBNY 2019 Member Symposium

03/04/2019

Report from the President: A Year of Strong Performance; FHLBNY Announces Fourth Quarter 2018 Dividend; 50th Round of Affordable Housing Program Opens

02/13/2019

Dividend Announcement 4Q18: The FHLBNY Declares a 6.90% Dividend for the Fourth Quarter of 2018

02/04/2019

Report from the President: Engaging Members, Enhancing Value

01/03/2019

Report from the President: A Strong Year, A Strategy for Success

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