FHLBNY Awards $70.9 Million in Grants for 47 Affordable Housing Initiatives Across Six States and Puerto Rico
The Federal Home Loan Bank of New York (FHLBNY) has announced the allocation of $70.9 million in grants through its Affordable Housing Program (AHP). These funds will support 47 affordable housing initiatives across New Jersey, New York, Puerto Rico, California, New Hampshire, and Pennsylvania. The grants are projected to facilitate the creation, rehabilitation, or preservation of 2,440 housing units. Of these, 1,897 units are designated for very low-income housing, 2,187 units are rental housing, and 253 will provide homeownership opportunities. Randolph C. Snook, president and CEO of the FHLBNY, highlighted the program's consistent support for housing efforts and its role in addressing housing affordability and supply challenges. The AHP, established by Congress in 1989, mandates that each Federal Home Loan Bank dedicate at least 10 percent of its earnings to support neighborhood housing and economic development, with the FHLBNY voluntarily contributing an additional five percent.