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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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 on 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, the Risk Factors set forth in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q filed with the SEC, as well as 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. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to revise or update publicly any forward-looking statements for any reason.

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