The Federal Home Loan Bank of New York, a Congressionally chartered bank serving financial institutions and housing associates, recently awarded 61 affordable housing initiatives in eight states and Puerto Rico $70.8 million in Affordable Housing Program (AHP) subsidies.
The FHLBNY is the first federal home loan bank to surpass $1 billion in AHP awards.
Subsidies were awarded in Connecticut, Maine, Maryland, New Jersey, New York, Pennsylvania, Texas, and Wisconsin. Projects will create, rehabilitate or preserve 3,470 units, including 1,017 units dedicated to very low-income housing, and an estimated nearly $1.2 billion in housing investments will result from the development of these initiatives.
“These institutions are vital to the stability and growth of cities and towns across our region, and we are proud to support these efforts through both our housing and community development grant programs and the daily availability of our liquidity,” José R. González, president and CEO of the Federal Home Loan Bank of New York, said. “We make our broadest contributions to housing and community development through executing on our foundational liquidity mission, and our ability to do so consistently has positioned the FHLBNY to be a reliable and trusted funding partner for affordable housing initiatives across our region for the past four decades.”
The subsidies are a portion of AHP funds drawn from the Federal Home Loan Bank of New York’s earnings.