FEDERAL HOME LOAN BANK OF NEW YORK REWARDS $ 34.3 MILLION FOR 46 AFFORDABLE HOUSING INITIATIVES
NEW YORK, 20 December 2021 / PRNewswire / – José R. González, Chairman and CEO of the Federal Home Loan Bank of New York (“FHLBNY”), announced that the FHLBNY has awarded $ 34.3 million in grants to finance 46 affordable housing initiatives through New Jersey, New York, Arizona, California, Maryland and Pennsylvania. These scholarships are funded by 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 promote community development: it is expected that more than $ 748 million investment in housing 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 every year,” said Mr. González. “The Affordable Housing Program is at the heart of our housing mission and gives us the opportunity to join with our members and housing partners to have a direct and immediate impact in the communities we serve. The past two years have been difficult for so many in these communities, and we have seen how widespread housing instability is in our country. The grants we are announcing today will help make a difficult time a little less difficult for those who need them most. We are grateful to our members for their continued use of our housing programs, and we are grateful for the essential 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 derived from the revenues of the FHLBNY. As mandated by Congress, the FHLBNY forgoes 10 percent of its revenues each year to support these neighborhood housing and economic development initiatives. The AHP is designed to meet local housing needs.
The Federal Mortgage Bank of that of New York AHP provides its members with direct grants that are passed on to households with qualified incomes by sponsoring local community organizations. AHP funding is combined with other sources of funding to create housing for middle, low and very low income households. Scholars of the program receive this funding through a competitive application process. Each project in competition must be sponsored by a financial organization member of the FHLBNY in partnership with a community sponsoring organization.
The AHP was established by Congress in 1989, and the 11 federal mortgage banks have granted more than $ 6.7 billion in the AHP funds between the first prices in 1990 and the round 2020. To 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 maintain nearly 97,000 affordable housing units, leveraging approximately $ 15 billion from other sources of funding.
What follows New Jersey communities will benefit from the funds announced: Township of Bordentown, Chatham, Cherry Hill, Glassboro, Greenwich, Haledon, Township of Millstone, Moorestown, Newark, New Brunswick, Selle river, Wanaque and Westampton.
What follows New York communities will benefit from the funds announced: 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.
Federal Mortgage Bank of New York
The Federal Mortgage Bank of New York is a congressionally licensed wholesale bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 11 regional banks owned by shareholders. From September 30, 2021, the FHLBNY serves 321 financial institutions in New Jersey, New York, Porto Rico, and the US Virgin Islands. The Federal Home Loan Banks support the efforts of local members to help provide financing to American homebuyers.
Safe Harbor Declaration under the Private Securities Litigation Reform Act 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 on 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 such terms. The Bank cautions that, by their nature, forward-looking statements involve risks or uncertainties and that actual results could differ materially from those expressed or implied in such forward-looking statements or could affect the extent to which an objective, projection , an estimate, or the prediction is made. 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 in 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 profile of members, the withdrawal of one or more important members, competitive pressures, changes in demand for our products and general economic conditions. Forward-looking statements speak only as of the date they are made, and we assume no obligation to publicly revise or update any forward-looking statements for any reason.
CONTACT: Brian Finnegan, (212) 441-6877
SOURCE Federal Home Loan Bank of New York