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NEW YORK, Dec 21, 2020 / PRNewswire / – The Federal Home Loan Bank of new York (“FHLBNY”) is pleased to announce the release of its 2021 Local Government Targeted Lending Plan and the Affordable Housing Program Implementation Plan. These two documents describe important improvements to the core community investment programs offered by FHLBNY members for 2021, and both are now available on the FHLBNY website at www.fhlbny.com/community.
“Our community investment programs enable FHLBNY to fulfill our housing mission and assist our members and housing partners in meeting the needs of the communities we all serve,” said José R. González, President and CEO of FHLBNY. “The improvements we’ve made to these programs for 2021 reflect feedback from these members and housing partners and better position our cooperative to meet our district’s needs.”
The FHLBNY’s Affordable Housing Program General Fund, through which the FHLBNY awarded $ 38.4 million on 47 rental and ownership projects in 2020, will start from January 1, 2021, in full compliance with a new ordinance issued by the Federal Housing Finance Agency. In part, this ordinance gives the FHLBNY additional flexibility to define evaluation criteria that reflect the district’s highest priorities. One notable change is the introduction of a category to reward projects that involve some level of financial involvement from an FHLBNY member. Project sponsors can start consulting the new criteria to help them plan applications for the 2021 round of programs, and the FHLBNY will offer distance training from 2019 February 2021.
FHLBNY will also update its Homebuyer Dream Program® (“HDP”), which supports member lending to first-time home buyers of low and middle income homes. The maximum funding amount under the HDP is now up to $ 10,000that includes up to $ 500 to bear the costs of home ownership advice. In addition, the HDP will revert to the previous practice of allocating program funds to participating members so that they can identify borrowers most in need of a down payment and assistance with closing costs, rather than the first-come / first-served approach to reviewing Households’ grant applications used in the 2020 HDP round. FHLBNY will announce more details and training in the coming months.
Finally, members will see a simplified approach to determining their lending capacity under the Community Loan Programs, which will allow them to receive advances to fund their lending for affordable housing and community development. Each member can borrow these discounted advances up to the higher of $ 25 million or three percent of the assets, maximum $ 100 million, Program availability required. The FHLBNY issues a program funding commitment to a member for a period of up to 90 days.
Subject to evolving circumstances, members will continue to have access to disaster relief advances made in response to the ongoing COVID-19 pandemic. Members are encouraged to contact their Relationship Manager to discuss their borrowing capacity and other program rules and requirements.
To learn more about these important updates, please to register to attend the FHLBNY Community Investment Webinar, which will take place on Tuesday, January 19, 2021 at 11:00 p.m. ET.
Federal Home Loan Bank of new York
The Federal Home Loan Bank of new York is a wholesale bank chartered by Congress. It is part of the Federal Home Loan Bank System, a national wholesale banking network made up of 11 regional shareholder-owned banks. away September 30, 2020, supports the FHLBNY 321 financial institutions in New Jersey, new York, Puerto Rico, and the US Virgin Islands. The Federal Home Loan Banks support efforts by local members to help finance homebuyers in America.
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 on our current expectations and speak only as of the date of this release. These statements may use forward-looking terms such as “project”, “expect”, “may” or their negatives or other variations of these terms. The Bank advises that forward-looking statements inherently involve risks or uncertainties and that actual results may differ materially from those express or implied in these forward-looking statements, or could affect the extent to which a particular objective, forecast, estimate or prediction is realized . These forward-looking statements involve risks and uncertainties, including, but not limited to, the risk factors identified 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 forecast business volume, changes in prepayment speeds for mortgage assets, the cost of our financing, changes in our membership profile, the departure of one or more large members, competitive pressures, shifts in demand for our products and the economic environment. Forward-looking statements speak only as of the date of their publication and we assume no obligation to publicly revise or update any forward-looking statements for any reason.
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CONTACT: |
Brian Finnegan |
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(212) 441-6877 |
SOURCE Federal Home Loan Bank of new York
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