The Federal Home Loan Bank of New York (FHLBNY) has awarded a record $86.3 million through its Affordable Housing Program (AHP).
The funding will support 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, said bank leaders.
The AHP 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 subsidies are set to fund a record 75 affordable housing initiatives throughout California, Delaware, Maine, New Jersey, New York, Pennsylvania, Puerto Rico, Pennsylvania, and Texas.
Learn more about the 2025 recipients.
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.
This year’s $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% of its earnings each year to support these neighborhood housing and economic development initiatives.
