December 20, 2021
Contact: Brian Finnegan – (212) 441-6877
Federal Home Loan Bank of New York
Awards $34.3 Million For 46 Affordable Housing Initiatives
— 2021 round of grants will support projects that will create, rehabilitate or preserve 2,480 units —
New York, NY — José R. González, president and CEO of the Federal Home Loan Bank of New York (FHLBNY), announced that the FHLBNY has awarded $34.3 million in subsidies to fund 46 affordable housing initiatives throughout New Jersey, New York, Arizona, California, Maryland and Pennsylvania. These awards are funded through the FHLBNY’s Affordable Housing Program (“AHP”), and will result in the creation, rehabilitation or preservation of 2,480 units, including 1,641 units dedicated to very low-income housing. The awards will not only help provide housing, but also drive community development: it is anticipated that more than $748 million in housing investment will result from the development of these initiatives.
“Awarding our annual Affordable Housing Program grants is one of the most important things we do, and something that our entire team looks forward to each year,” said Mr. González. “The Affordable Housing Program is central to our housing mission, and provides us with the opportunity to join with our members and housing partners to make a direct and immediate impact in the communities we serve. The past two years have been difficult for so many within these communities, and we have seen just how prevalent housing instability is across our nation. The grants we announce today will help make a challenging period a little less so for those who need it most. We are grateful to our members for their continued use of our housing programs, and we are grateful for the vital work our housing partners continue to do to help create stability for so many.”
The $34.3 million in grants represent a portion of the AHP funds that are drawn from the FHLBNY’s earnings. As mandated by Congress, the FHLBNY forgoes 10 percent of its earnings each year to support these neighborhood housing and economic development initiatives. The AHP is designed to address local housing needs.
The Federal Home Loan Bank of New York’s AHP provides members with direct subsidies which are passed on to income-qualified households through sponsoring local community-based organizations. AHP financing is combined with other funding sources to create housing for moderate-, low- and very low-income households. Program awardees receive this funding through a competitive application process. Each competing project must be sponsored by a financial organization that is a member of the FHLBNY in partnership with a community-based sponsoring organization.
The AHP was created by Congress in 1989, and the 11 Federal Home Loan Banks have awarded more than $6.7 billion in AHP funds between the first awards in 1990 and the 2020 round. At the Federal Home Loan Bank of New York, the AHP has supported 1,974 projects with more than $860 million in grants, helping to create or preserve nearly 97,000 units of affordable housing, leveraging an estimated $15 billion from other funding sources.
The following New Jersey communities will benefit from the announced funds: Bordentown Township, Chatham, Cherry Hill, Glassboro, Greenwich, Haledon, Millstone Township, Moorestown, Newark, New Brunswick, Saddle River, Wanaque and Westampton.
The following New York communities will benefit from the announced funds: the Bronx, Brooklyn, Buffalo, Evans Mills, Cazenovia, Ithaca, Monroe, New York, Ogdensburg, Rochester, Sennett, Southampton, Syracuse and Troy.
Grants were also awarded for New River, Arizona; Windsor, California; Baltimore, Maryland; and Philadelphia, Pennsylvania.
About the 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 September 30, 2021, the FHLBNY serves 321 financial institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The Federal Home Loan Banks support the efforts of local members to help provide financing for America’s homebuyers.
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