FHLBanks Programs Helped Members Meet Community Needs in Response to Pandemic

Provided discounted advance funding with terms up to six months to members.

Established a COVID-19 collateral relief program to help members expand their collateral and liquidity options.

Enhanced the Affordable Housing Program (AHP) to accommodate unique needs arising from the pandemic, including expanding homebuyer eligibility for the Community Partners homeownership product to include essential workers, expanding eligibility for the Community Rebuild and Restore product to include FEMA-designated COVID-19 disaster areas, and adding COVID-19 response funding to scoring criteria for the 2021 AHP General Fund application round.

Provided discounted six-month to one-year zero cost advances to members through the FHLBank’s Jobs for New England (JNE) program.

The JNE Working Capital Lending Program targeted small businesses that needed assistance in addition to or outside the parameters of the PPP program.

The JNE Recovery Grant Program offered grants up to $30,000 to businesses and organizations with documented losses due to the pandemic.

Provided zero cost COVID-19 Relief Advances to members to supplement liquidity.

Provided COVID-19 Relief Grants to support members’ small business and nonprofit beneficiaries.

Provided Targeted Impact Fund grants as the pandemic continued to impact communities across the District, and specifically focused on underserved communities and promoting racial equity.

Began accepting PPP loans as eligible collateral to increase member liquidity, and expanded eligibility guidelines for the Community Advances program to leverage temporary authority granted by the Federal Housing Finance Agency (FHFA)  that allowed all PPP eligible beneficiaries to be considered eligible for Community Advances under the Bank’s program.

Provided zero cost six-month advances to members under the FHLBank’s RISE program (Responsive, Inclusive, Supportive, and Empowering).

Began accepting PPP loans as eligible collateral to increase member liquidity.

Implemented modification to the Mortgage Purchase Program (MPP) to grant flexibilities in underwriting procedures, suspend foreclosure sales and evictions, amend credit bureau reporting procedures, authorize forbearance plans and waive late fees.

Provided a COVID-19 Relief Program of discounted advances to support members’ liquidity needs, including up to $5 billion of fixed-rate, fixedterm advances up to six months at a cost of 0.25% per annum and up to $3 billion of fixed-rate, fixed-term advances with terms greater than six
months at the FHLBank’s cost of funds.

Enhanced the FHLBank’s Small Business Boost (SBB) program that provides funding to help small businesses restructure existing debt, gain access to working capital and create and preserve jobs.

Expanded the use of the Bank’s Partnership Grant Program (PGP) for pandemic relief efforts. The PGP helps community-based organizations involved in affordable housing and/or stimulating small business development. The program complements the development activities fostered by FHLBank’s Affordable Housing and Community investment programs by providing matching grants to community-based organizations.

The FHLBank and its employees through matching grants made charitable contributions to assist a variety of community programs throughout its five-state District

Provided a COVID-19 Relief Program of discounted three-month to six-month advances to support members’ liquidity needs, up to $60 million per member. This special program launched April 15, 2020 and sunset on October 15, 2020.

Provided specialized grants to nonprofit organizations to support small businesses and food and hunger needs.

Implemented modification to the Mortgage Partnership Finance (MPF) Program to grant flexibilities in underwriting procedures, suspend foreclosure sales and evictions, amend credit bureau reporting procedures, authorize forbearance plans and waive late fees.

Extended the AHP application due date to allow members and their housing partners additional time.

Accepted PPP-eligible loans as eligible collateral to increase member liquidity.

Provided special COVID-19 advance programs, including a short-term prepayable fixed rate advance and a long-term fixed rate bullet advance, both priced at the FHLBank’s cost of funds.

These initial programs were replaced by the Small Business Recovery Advances Program which specifically allow members to utilize advances priced at Community Investment Program levels for any lending to any PPP eligible entity, with total program capacity of all programs of $4 billion.

Expanded its voluntary grant program, Elevate, from $375,000 to $500,000 to assist more small businesses, as well as adding working capital as an eligible expense.

Launched a COVID-19 Small Business Recovery Grant (SBRG) program that provides flexible funds to benefit FHLBank New York members’ small-business and non-profit customers.

Extended Disaster Relief Funding (DRF) to cover communities affected by the COVID-19 pandemic.

Began accepting PPP loans as eligible collateral to increase member liquidity.

The FHLBank of New York made charitable contributions to a number of organizations working on the front lines of the pandemic.

Announced the intent to launch a special Business Development Advance (BDA) program which will zero cost advances to members lending to small businesses with a total subsidy for the program of up to $3 million.

Expanded discounted advances available under the Community Lending Programs (CLP).

Allowed members to receive CLP advances for their qualified lending under the PPP.

Offering loan repayment deferrals for small business through the Banks’ Banking on Business (BOB) product.

Began accepting PPP loans as eligible collateral to increase member liquidity.

Reduced documentation requirements for Affordable Housing Programs.

Accelerated and restructured Home4Good, FHLBank Pittsburgh’s product to support those experiencing homelessness.

Offered a zero cost, six-month or one-year Recovery Advance program.

Doubled member’s Community Investment Cash Advance (CICA) capacity and raised the limit for the Bank’s total outstanding balance of CICA credit from $8 billion to $13 billion, with both limits restored to pre-pandemic limits as of January 1, 2021.

Added $2 million to the FHLBank’s 2020 AHEAD economic development grant funding that enables members to support targeted pandemic relief initiatives to help local nonprofits struggling to adapt to the pandemic.

Created a new voluntary program to match contributions members have made to nonprofit organizations and small businesses that were impacted by the pandemic.

Provided a COVID-19 Relief Program of discounted advances to support members’ liquidity needs up to $3 billion, including up to $1.5 billion of zero cost six-month term advances and up to $1.5 billion of six-month to two-year term advances at the FHLBank’s cost of funds.

Began accepting Small Business Administration Paycheck Protection Program (PPP) loans as eligible collateral to increase member liquidity.

Expanded the Bank’s #500forgood Program whereby members submit proposals for how they would deploy $500 to support their communities, a program launched in 2018. In light of demand arising from the pandemic, the Bank doubled the awards available in the program from the preceding year, from eight to sixteen awards.

Download a PDF of these programs here.