-2022 round of grants will support projects that will create, rehabilitate or preserve 1,732 units-
NEW YORK, Nov. 21, 2022 /PRNewswire/ -- José R. González, president and CEO of the Federal Home Loan Bank of New York ("FHLBNY"), announced that the FHLBNY has awarded $25.3 million in subsidies to fund 30 affordable housing initiatives throughout New Jersey, New York, Connecticut, 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 1,732 units, including 1,201 units dedicated to very low-income housing. The awards will not only help provide housing, but also drive community development: it is anticipated that more than $372 million in housing investments will result from the development of these initiatives.
"This is a season of gratitude, and we are grateful for the opportunity to support the vital work our housing partners continue to do across our region and beyond with our 2022 Affordable Housing Program grants," said Mr. González. "The AHP is our flagship grant program, but we offer a wide range of programs that support housing and community development initiatives and activities throughout our District. And so, we are also grateful to our members for their continued use of these programs, which provide our cooperative with the ability to help make a positive impact in the communities we all serve."
The $25.3 million in grants represent a portion of the AHP funds that are drawn from the FHLBNY's earnings. As mandated by Congress, the FHLBNY forgoes 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.
The FHLBNY's AHP provides members with direct subsidies which are passed on to 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 sponsored by a financial organization that is a member of the FHLBNY in partnership with a community-based sponsoring organization.
The AHP was created by Congress in 1989, and the 11 Federal Home Loan Banks have awarded more than $7.3 billion in AHP funds between the first awards in 1990 and the 2021 round. At the FHLBNY, the AHP has supported 2,008 projects with more than $891 million in grants, helping to create or preserve nearly 99,000 units of affordable housing, leveraging an estimated $15.4 billion from other funding sources.
The following New Jersey communities will benefit from the announced funds: Bridgeton, Bridgewater, Camden, Chatham, Flemington, Florence, Glen Rock, Hoboken, Keyport, Mahwah, Maple Shade, Mountain Lakes, Newark, Ridgewood and South Orange.
The following New York communities will benefit from the announced funds: Brighton, Brooklyn, Corinth, Garrison, LeRoy, Manhattan and Rochester.
Grants were also awarded for East Haddam and Hartford, Connecticut; Bradford and Philadelphia, Pennsylvania; and Austin, Texas.
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 September 30, 2022, the FHLBNY serves 311 financial institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The Federal Home Loan Banks support the efforts of local members to help provide financing for America's homebuyers.
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.
SOURCE Federal Home Loan Bank of New York
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