It aims to provide housing and drive community development
The Federal Home Loan Bank of New York (FHLBNY) has distributed $34.3 million in subsidies to fund 46 affordable housing initiatives in New Jersey, New York, Arizona, California, Maryland, and Pennsylvania.
Through its affordable housing program (AHP), the bank is funding the creation, rehabilitation, and preservation of 2,480 units across the country, including 1,641 units dedicated to very low-income housing. The grants will not only help provide housing but also drive community development. More than $748 million in housing investment is expected 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 each year,” said Jose González, president and CEO of the FHLBNY. “The affordable housing program is central to our housing mission and provides us with the opportunity to join with our members and housing partners to make a direct and immediate impact in the communities we serve.”
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According to a release, the $34.3 million subsidies represent a portion of the AHP fund drawn from the bank’s earnings. Congress requires the FHLBNY to forgo 10% of its earnings each year to support these initiatives that address local housing needs. Program awardees go through a competitive application process. Each project must be sponsored by a financial organization that is a member of the FHLBNY in partnership with a community-based sponsoring organization.
“The past two years have been difficult for so many within these communities, and we have seen just how prevalent housing instability is across our nation,” González said. “The grants we announce today will help make a challenging period a little less so for those who need it most. We are grateful to our members for their continued use of our housing programs, and we are grateful for the vital work our housing partners continue to do to help create stability for so many.”
