Federal Home Loan Bank of New York Announces Record Affordable Housing Program Round Awarding $86.3 Million for 75 Affordable Housing Initiatives

Federal Home Loan Bank of New York Announces Record Affordable Housing Program Round Awarding $86.3 Million for 75 Affordable Housing Initiatives

Benzinga
August 25, 2025

- FHLBNY grants will help support the creation or preservation of nearly 5,000 homes -

NEW YORK, Aug. 25, 2025 (GLOBE NEWSWIRE) -- Randolph C. Snook, president and CEO of the Federal Home Loan Bank of New York ("FHLBNY"), announced that the FHLBNY has awarded a record $86.3 million in subsidies to fund a record 75 affordable housing initiatives throughout New Jersey, New York, Puerto Rico, California, Delaware, Maine, Pennsylvania and Texas. These awards are funded through the FHLBNY's Affordable Housing Program ("AHP"), and will result in the creation, rehabilitation or preservation of a record 4,976 units, including 3,628 units dedicated to very low-income housing, 4,637 units of rental housing and 339 homeownership opportunities. The awards will not only help provide housing, but also drive community development: it is anticipated that nearly $2.2 billion in housing investments will result from the development of these initiatives.

"The stable supply of funding the Federal Home Loan Bank of New York provides to our members empowers these local lenders to support small businesses, drive job growth and open doors to homeownership opportunities across our region," said Mr. Snook. "The earnings we generate from delivering on this foundational mission support our efforts to contribute directly to housing affordability and community development activities at the local level. Our record grants this year reflect our continued commitment to serving as a trusted funding source for housing initiatives, and we are proud to continue to support our housing partners that do the critical work of creating safe and affordable housing every day."

The AHP was created by Congress in 1989, and the Federal Home Loan Banks have awarded more than $8 billion in AHP ...

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