NEW YORK, Sept. 24, 2026 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of New York ("FHLBNY") has launched the inaugural round of its Housing Impact Grant, awarding $10.3 million in grant funding to six affordable housing initiatives that will create or preserve 366 affordable homes.
"Our new Housing Impact Grant expands the Federal Home Loan Bank of New York's toolkit to address housing affordability across our region," said Randolph C. Snook, president and CEO of the FHLBNY. "This grant offering builds on the proven success of our Affordable Housing Program, providing additional flexibility for our cooperative to partner with members and housing organizations to respond to the needs of the communities we serve."
The FHLBNY's Housing Impact Grant is a new initiative that supports the creation, rehabilitation and preservation of affordable housing throughout the FHLBNY's District of New Jersey, New York, Puerto Rico and the U.S. Virgin Islands. The Housing Impact Grant complements the FHLBNY's statutory Affordable Housing Program ("AHP") General Fund, leveraging the existing application and review process to efficiently direct voluntary funding to projects with demonstrated need.
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 through its Affordable Housing Program. Earlier this year, the FHLBNY announced $70.9 million in AHP grants for the 2026 round. The FHLBNY also voluntarily contributes at least an additional five percent of its annual earnings to fund affordable housing and community development activities beyond the AHP. The FHLBNY has made nearly $140 million available through the AHP and these additional activities in 2026.
The following affordable housing initiatives will receive a Housing Impact Grant in the 2026 round:
Initiative Location Sponsor FHLBNY Grant Awarded Units Description
Member
-------------- ------------ ------------- -------- -------------- ----- ---------------
Hamilton Hill Schenectady, The Community M&T Bank $2.5 million 171 Rental housing
Revitalization New York Builders new
construction
project to be
developed in
four buildings
containing a
total of 171
affordable
units.
-------------- ------------ ------------- -------- -------------- ----- ---------------
Finger Lakes Genesee, Rural Housing ESL $500,000 25 Owner-occupied
Region Home Monroe, Opportunities Federal rehabilitation
Rehabilitation Ontario, Corporation Credit project
Program 2026 Orleans and Union involving 25
Wayne homes to
counties, preserve
New York existing
affordable
housing and
allow
homeowners to
safely age in
place.
-------------- ------------ ------------- -------- -------------- ----- ---------------
The Bayley Madison, New BCUW/Madeline Valley $2.5 million 37 New
Jersey Housing National construction
Partners, Bank affordable
LLC rental housing
project
involving 37
units for
households
earning below
60% of Area
Median Income,
including
supportive
housing.
-------------- ------------ ------------- -------- -------------- ----- ---------------
Millstone Millstone Affordable Columbia $800,000 10 New
Senior Township, Housing Bank construction of
Housing New Jersey Alliance a 10-unit
affordable
senior rental
project for
residents age
55 and older.
-------------- ------------ ------------- -------- -------------- ----- ---------------
Badger Madison Newark, New Clinton Hill Columbia $1.625 million 25 New
Apartments Jersey Community Bank construction
Action affordable
rental housing
project
involving 25
units for
low-to-moderate
income
households,
including
supportive
housing.
-------------- ------------ ------------- -------- -------------- ----- ---------------
Plaza Gran San Juan, 1312 Ponce de Banco $2.4 million 98 Rental housing
Victoria Puerto Rico Leon Manager Popular rehabilitation
Corp. de project
Puerto involving 98
Rico units of
affordable
senior
housing.
-------------- ------------ ------------- -------- -------------- ----- ---------------
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