-New initiative reflects FHLBNY’s ongoing commitment to expanding access to funding that supports critical housing needs and helps build stronger, more resilient communities-
New York, NY – The Federal Home Loan Bank of New York (“FHLBNY”) has launched the inaugural round of its Housing Impact Grant, awarding $10.3 million in grant funding to six affordable housing initiatives that will create or preserve 366 affordable homes.
“Our new Housing Impact Grant expands the Federal Home Loan Bank of New York’s toolkit to address housing affordability across our region,” said Randolph C. Snook, president and CEO of the FHLBNY. “This grant offering builds on the proven success of our Affordable Housing Program, providing additional flexibility for our cooperative to partner with members and housing organizations to respond to the needs of the communities we serve.”
The FHLBNY’s Housing Impact Grant is a new initiative that supports the creation, rehabilitation and preservation of affordable housing throughout the FHLBNY’s District of New Jersey, New York, Puerto Rico and the U.S. Virgin Islands. The Housing Impact Grant complements the FHLBNY’s statutory Affordable Housing Program (“AHP”) General Fund, leveraging the existing application and review process to efficiently direct voluntary funding to projects with demonstrated need.
As mandated by Congress, each Federal Home Loan Bank dedicates at least 10 percent of its earnings each year to support neighborhood housing and economic development activity through its Affordable Housing Program. Earlier this year, the FHLBNY announced $70.9 million in AHP grants for the 2026 round. The FHLBNY also voluntarily contributes at least an additional five percent of its annual earnings to fund affordable housing and community development activities beyond the AHP. The FHLBNY has made nearly $140 million available through the AHP and these additional activities in 2026.
The following affordable housing initiatives will receive a Housing Impact Grant in the 2026 round:
| Initiative | Location | Sponsor | FHLBNY Member | Grant Awarded | Units |
| Hamilton Hill Revitalization Rental housing new construction project to be developed in four buildings containing a total of 171 affordable units. |
Schenectady, New York |
The Community Builders | M&T Bank | $2.5 million | 171 |
| Finger Lakes Region Home Rehabilitation Program 2026 Owner-occupied rehabilitation project involving 25 homes to preserve existing affordable housing and allow homeowners to safely age in place. |
Genesee, Monroe, Ontario, Orleans and Wayne counties, New York |
Rural Housing Opportunities Corporation | ESL Federal Credit Union | $500,000 | 25 |
| The Bayley New construction affordable rental housing project involving 37 units for households earning below 60% of Area Median Income, including supportive housing. |
Madison, New Jersey |
BCUW/Madeline Housing Partners, LLC | Valley National Bank | $2.5 million | 37 |
| Millstone Senior Housing New construction of a 10-unit affordable senior rental project for residents age 55 and older. |
Millstone Township, New Jersey |
Affordable Housing Alliance | Columbia Bank | $800,000 | 10 |
| Badger Madison Apartments New construction affordable rental housing project involving 25 units for low-to-moderate income households, including supportive housing. |
Newark, New Jersey |
Clinton Hill Community Action | Columbia Bank | $1.625 million | 25 |
| Plaza Gran Victoria Rental housing rehabilitation project involving 98 units of affordable senior housing. |
San Juan, Puerto Rico |
1312 Ponce de Leon Manager Corp. | Banco Popular de Puerto Rico | $2.4 million | 98 |
Federal Home Loan Bank of New York
The Federal Home Loan Bank of New York is a Congressionally chartered, wholesale Bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 11 regional, stockholder-owned banks. As of June 30, 2026, the FHLBNY serves 338 financial institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of the FHLBNY is to provide members with reliable liquidity in support of housing and local community development.