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

- 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 funds since the first awards in 1990. At the FHLBNY, the AHP has supported 2,186 projects with more than $1.1 billion in grants, helping to create or preserve nearly 110,000 units of affordable housing, leveraging an estimated $21 billion from other funding sources.

The $86.3 million in grants represent a portion of the AHP funds that are drawn directly from the FHLBNY’s earnings. As mandated by Congress, each Federal Home Loan Bank dedicates at least 10 percent of its earnings each year to support these neighborhood housing and economic development initiatives. The AHP is designed to address local housing needs by supporting local efforts of members and housing partners in these communities. For more information on the individual 2025 AHP grants, please click here.

The following New Jersey communities will benefit from the announced funds: Atlantic City, Brick Township, Camden, Chatham, Cranford, Montgomery, Oakland, Paterson, Rumson, Stratford, Toms River, Trenton, Voorhees Township, Westfield and Westville.

The following New York communities will benefit from the announced funds: Albany, Astoria, Auburn, the Bronx, Brooklyn, Buffalo, Canandaigua, Cortland, Ellicottville, Getzville, Greece, Greene, Haverstraw, Hempstead, Ithaca, Kingston, Lakeville, Manhattan, Medford, Newburgh, Niagara Falls, Rochester, Syracuse, Troy and Utica.

The Puerto Rico communities of Caguas and Ponce will also benefit from the announced funds.

Given the broad footprint of the FHLBNY’s membership, grants were also awarded for initiatives in Sacramento, California; Wilmington, Delaware; Portland, Maine; Austin, Texas; and Farrell, Philadelphia and Sharon, Pennsylvania.

The FHLBNY’s AHP provides members with direct subsidies which are passed on for the benefit of income-qualified households through sponsoring local community-based organizations. AHP financing is combined with other funding sources to create housing for moderate-, low- and very low-income households. Program awardees receive this funding through a competitive application process. Each competing project must be submitted by a financial organization that is a member of the FHLBNY in partnership with a community-based sponsoring organization.

Federal Home Loan Bank of New York
The Federal Home Loan Bank of New York is a Congressionally chartered, wholesale Bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 11 regional, stockholder-owned banks. As of June 30, 2025, the FHLBNY serves 334 financial institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of the FHLBNY is to provide members with reliable liquidity in support of housing and local community development.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 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 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.

CONTACT: Brian Finnegan
(212) 441-6877
brian.finnegan@fhlbny.com

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.