Members must meet strict collateral, capital and credit requirements that are continually monitored.
The Affordable Housing Program is the largest source of private sector funds for housing and community development in the country.
Both large and small lenders are likely financing much of their community lending through low-cost funds from a regional Federal Home Loan Bank.
The Federal Home Loan Banks' cooperative structure gives members access to funding that enables them to advance credit in all economic cycles.
For a majority of members, the Federal Home Loan Banks are the only source of access to the global credit markets.
Federal Home Loan Banks are regionally focused and controlled, allowing each to be responsive to the specific credit needs of the communities it serves.
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To request a free DVD copy of the “Housing’s New Era” video by mail, please contact Keya Jackson, Senior Manager, Council of FHLBanks at kjackson@cfhlb.org or 202.955.0002.
Heritage Commons, a 60-unit senior housing community in Dixon, California, announced that it has received a grant of $1 million through the Affordable Housing Program of the Federal Home Loan Bank of San Francisco. The Heritage Commons will provide affordable housing to very low-income seniors. Dixon is the hometown of First Northern Bank of Dixon , a Federal Home Loan Bank member, which applied for the funding.
“First Northern Bank is a very active Federal Home Loan Bank member,” Senior Executive Vice President and Chief Financial Officer Louise Walker told Senior Housing News. “It’s gratifying to know that the funds will be used in our own hometown.”
Phyllis Chev'Reaux has a very simple way of describing how a Special Needs Assistance Program (SNAP) grant from Bank of the Ozarks and the Federal Home Loan Bank of Dallas helped her. "It saved my life. I keep my 9-year-old and 12-year-old grandbabies, and last summer we had no air. The winter before, we had no heat," said Chev'Reaux. "I'm 65 years old and I'm on disability. We were miserable. The grant completely saved my life."
Ms. Chev'Reaux qualified for and received a $4,925 SNAP grant to replace the HVAC unit in her North Little Rock, Arkansas, home. SNAP is a rehabilitation program available through member institutions of the Federal Home Loan Bank of Dallas, which provides grant funds to assist income-qualified, special needs homeowners with necessary home repairs and modifications. Each SNAP recipient is eligible to receive up to $5,000.
The Federal Home Loan Bank of New York announced recently the award of a $104,500 grant to People United for Sustainable Housing, Inc. for the Massachusetts Avenue Development project; the award of a $66,500 grant to Habitat for Humanity of Buffalo, Inc.; the award of a $304,796 grant to the Diocese of Buffalo, NY, for the Holy Family Senior Housing Development Project; the award of a $120,000 grant to Heart of the City Neighborhoods for the Cynthia Gardens project; the award of a $240,000 grant to West Side Neighborhood Housing Services, Inc. for the West Side NHS Home Repair Program; and the award of a $336,000 grant to the Belmont Shelter Corp. for the Alden Family Apartments project. Home Loan Bank members M&T Bank, First Niagara Bank and HSBC Bank submitted the applications for the funding.
“The Federal Home Loan Bank of New York has been proud to partner with our members for more than 20 years to help make affordable housing a reality,” said Alfred A. DelliBovi, president and CEO of the FHLBNY. “We are grateful to our elected officials for their leadership and support in Congress, which allows us to offer this program to the housing groups that are strengthening communities across the region.”
©, Council of Federal Home Loan Banks