NEW YORK, Dec. 22, 2025 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of New York (“FHLBNY”) made a record $150.4 million in funding support available for affordable housing and community development efforts through a variety of targeted products and programs throughout 2025. These efforts help address housing affordability, create additional housing supply, and support local small businesses. The funding for these efforts is allocated directly from the FHLBNY’s earnings and includes the following:
- $86.3 million for the 2025 Affordable Housing Program General Fund. This record amount of funding in support of 75 affordable housing initiatives will result in the creation, rehabilitation or preservation of nearly 5,000 affordable homes. The AHP was created by Congress in 1989, and each year since 1990 the FHLBNY has set aside at least 10% of its private earnings to support the creation and preservation of housing for lower income households and individuals through AHP grants.
- $40.5 million for the 2025 Homebuyer Dream Program® suite. This record amount of funding across our three homeownership grant programs – Homebuyer Dream Program (“HDP®”), HDP Plus and HDP Wealth Builder – provides first-time homeowners with down payment and closing cost assistance.
- $10.95 million for the 2025 0% Development Advance (“ZDA”) Program. The ZDA Program provides members with subsidized funding in the form of interest rate credits to assist in originating loans or purchasing loans/investments that meet the eligibility criteria under the FHLBNY’s Business Development Advance, Climate Development Advance, Housing Development Advance, Infrastructure Development Advance and/or Tribal Development Advance products.
- $7.6 million for the 2025 Small Business Recovery Grant (“SBRG”) Program. Through the SBRG Program, FHLBNY members can provide grants of up to $10,000 to local small businesses, farms and non-profit organizations.
- $1 million for the 2025 Lender-Paid Mortgage Insurance Reimbursement (“LPMI”) Grant Program. The LPMI Grant Program supports FHLBNY members’ ability to offer additional affordable mortgage options for LMI borrowers by covering mortgage insurance costs and reducing monthly payments, thereby expanding homeownership opportunities across our region and beyond.
- $4 million in charitable contributions supporting a range of efforts across the FHLBNY’s District, including initiatives focused on home improvements for seniors, ADA-accessible modifications, homelessness prevention and local housing development.
“The FHLBNY makes our broadest impact on housing and community development initiatives by executing on our foundational liquidity mission, providing reliable and on-demand access to cost-efficient funding to our members in support of their lending activities that strengthen small businesses, create jobs and open doors to homeownership,” said Randolph C. Snook, president and CEO of the FHLBNY. “Our mission focus also positions the FHLBNY to make an even more targeted impact through a wide range of grant programs and subsidized products, all of which are funded directly from our earnings. Our commitment to strengthening the communities we serve runs through our entire cooperative, and we take great pride in our role as a trusted partner for housing and development efforts across our region.”
In addition to these efforts, in 2025 the FHLBNY utilized its investment authority to purchase a combined $375 million in bond issuance from the New York City Housing Development Corporation (“NYCHDC”), which will help create, rehabilitate or preserve more than 8,500 units of housing across a range of NYCHDC programs. These transactions, the latest in a partnership with NYCHDC that spans 25 years and includes $1.66 billion in investment to support 70,000 homes, will help to ensure the long-term stability and affordability of existing public and affordable housing throughout New York City.
“Bond purchases such as these position the FHLBNY to utilize the full strength of our balance sheet to continue to create housing and community development opportunities within our District,” said Mr. Snook.
Each Federal Home Loan Bank is required by statute to contribute a minimum of 10% of net income to its Affordable Housing Program, which for the FHLBNY also includes the Homebuyer Dream Program. The FHLBNY allocates an additional 5% of net income to fund a range of voluntary programs. In the past two years alone, these contributions total nearly $300 million, positioning the FHLBNY as a reliable and significant supporter of housing and community development initiatives across its region.
About the 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 September 30, 2025, the FHLBNY serves 334 financial institutions and housing associates 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
