Federal Home Loan Bank of New York Awards $70.9 Million for 47 Affordable Housing Initiatives

-FHLBNY grants will help support the creation or preservation of more than 2,400 homes -

NEW YORK, Aug. 20, 2026 (GLOBE NEWSWIRE) -- Randolph C. Snook, president and CEO of the Federal Home Loan Bank of New York (“FHLBNY”), announced that the FHLBNY has awarded $70.9 million in grants through its Affordable Housing Program (“AHP”) to fund 47 affordable housing initiatives throughout New Jersey, New York, Puerto Rico, California, New Hampshire and Pennsylvania.

• These awards will result in the creation, rehabilitation or preservation of 2,440 units, including:
  
  
  • 1,897 units dedicated to very low-income housing;
    
  • 2,187 units of rental housing; and
  • 253 homeownership opportunities. 
    
    
• The awards will not only help provide housing, but also drive community development: it is anticipated that nearly $850 million in housing investments will result from the development of these projects.
  

“At the Federal Home Loan Bank of New York, our reliability is at the center of everything that we do – from the certainty of our funding to our consistent support for housing efforts across our region,” said Mr. Snook. “Our members and local housing organizations know that our Affordable Housing Program remains a constant, making millions of dollars in critical funding available every year. As communities nationwide continue to face housing affordability and supply challenges, we are proud to serve as a proven and trusted partner, leveraging the full strength of our cooperative to help create and preserve housing opportunities for thousands of households.”

The AHP was created by Congress in 1989, and the Federal Home Loan Banks have awarded more than $9 billion in AHP funds since the first awards in 1990. At the FHLBNY, the AHP has supported 2,240 projects with more than $1.17 billion in grants, helping to create or preserve nearly 113,000 units of affordable housing, leveraging an estimated $21.2 billion from other funding sources.   The AHP is designed to address local housing needs by supporting local efforts of members and housing partners in these communities.

The $70.9 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 percent of its earnings each year to support neighborhood housing and economic development activity.   The FHLBNY voluntarily contributes at least an additional five percent of its annual earnings to fund additional affordable housing and community development activities. The FHLBNY has made more than $125 million available through the AHP and these additional activities in 2026.

For more information on the individual 2026 AHP grants, please click here.

The following New Jersey communities will benefit from the announced funds: Camden, East Amwell, Elizabeth, Flemington, Hoboken, Jersey City, Middletown, Mullica Hill, New Brunswick, Newton, Port Monmouth and Washington.

The following New York communities will benefit from the announced funds: Albany, Ballston Spa, Binghamton, Brooklyn, Guilderland, Manhattan, Ogdensburg, Rochester, Schenectady, Southampton and Sparkill.

The FHLBNY’s 2026 AHP Round represents record grant activity in Puerto Rico. The following Puerto Rico communities will benefit from the announced funds: Aibonito, Adjuntas, Bayamón, Florida, Isabela and San Juan.

Given the broad footprint of the FHLBNY’s membership, grants were also awarded for initiatives in Los Angeles, California; Portsmouth, New Hampshire; and Lancaster and Philadelphia, Pennsylvania.

The FHLBNY’s AHP provides members with direct subsidies which are passed on for the benefit of 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 submitted by a financial organization that is a member of the FHLBNY in partnership with a community-based sponsoring organization.

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 June 30, 2026, the FHLBNY serves 338 financial institutions 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