Federal Home Loan Bank of New York Launches $10.3 Million Housing Impact Grant
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 Member | Grant Awarded | Units | Description |
| Hamilton Hill Revitalization | Schenectady, New York | The Community Builders | M&T Bank | $2.5 million | 171 | Rental housing new construction project to be developed in four buildings containing a total of 171 affordable units. |
| Finger Lakes Region Home Rehabilitation Program 2026 | Genesee, Monroe, Ontario, Orleans and Wayne counties, New York | Rural Housing Opportunities Corporation | ESL Federal Credit Union | $500,000 | 25 | Owner-occupied rehabilitation project involving 25 homes to preserve existing affordable housing and allow homeowners to safely age in place. |
| The Bayley | Madison, New Jersey | BCUW/Madeline Housing Partners, LLC | Valley National Bank | $2.5 million | 37 | New construction affordable rental housing project involving 37 units for households earning below 60% of Area Median Income, including supportive housing. |
| Millstone Senior Housing | Millstone Township, New Jersey | Affordable Housing Alliance | Columbia Bank | $800,000 | 10 | New construction of a 10-unit affordable senior rental project for residents age 55 and older. |
| Badger Madison Apartments | Newark, New Jersey | Clinton Hill Community Action | Columbia Bank | $1.625 million | 25 | New construction affordable rental housing project involving 25 units for low-to-moderate income households, including supportive housing. |
| Plaza Gran Victoria | San Juan, Puerto Rico | 1312 Ponce de Leon Manager Corp. | Banco Popular de Puerto Rico | $2.4 million | 98 | Rental housing rehabilitation project involving 98 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
© Copyright Globe Newswire, Inc. All rights reserved. The information contained in this news report may not be published, broadcast or otherwise distributed without the prior written authority of Globe Newswire, Inc.
