Last month, leaders from across the Federal Home Loan Banks gathered in Washington, D.C. for the 2026 FHLBank System Directors Conference. Throughout the Conference, speakers repeatedly highlighted how pivotal the FHLBanks are to driving mortgage lending across the country. As we celebrate National Homeownership Month in June, and stand just under a month away from celebrating our nation’s 250th anniversary, we are honored to play this pivotal role in something so crucial to the American story.
Executing on our foundational liquidity mission has positioned the FHLBanks to expand access to homeownership across our own 94-year history. In providing reliable funding to America’s local lenders, we in turn support their mortgage lending. Earlier this year, the Urban Institute reported that, between 2002 and 2024, FHLBank System advances contributed to more than a $1.8 trillion increase in combined lending by bank and credit union members across the country, including $850 billion in additional residential real estate lending. And last year, Urban found that our liquidity mission saves U.S. homeowners $3.8 billion in lower cost mortgages each year.
We, like the other FHLBanks, also support homeownership through leveraging our balance sheet to purchase mortgages from our members, acting as a secondary market outlet that helps these institutions fund their lending activity and be more competitive in offering mortgage loans. Last year, our own Mortgage Asset Program (“MAP”) saw record activity, with nearly $500 million in purchases, and our overall Acquired Member Assets portfolio stands at $2.7 billion. We also recently launched our new MAP HomeAssist Program, making an initial $3 million available in grants to support low- to moderate-income (“LMI”) homebuyers with funding to reduce down payment and closing costs, which are often barriers to homeownerships for LMI households.
This is also the focus of our Homebuyer Dream Program® (“HDP”) suite which, like the HomeAssist Program, is funded directly from our earnings. This year, we are making $31.7 million in grants available across the suite of offerings, partnering with 110 members to make it possible for LMI households to own a home of their own.
As individual member-owned cooperatives and as a System, the FHLBanks have made and continue to make a significant impact in creating the homeownership opportunities that create stronger individuals, families and communities across America. We do all of this in partnership with our members. At the FHLBNY, we know that the local lender is a vital resource for the community it serves, and we are proud to work alongside these critical institutions to help ensure long-term economic success for the country.
Sincerely,
Randolph C. Snook
President and Chief Executive Officer