NEW YORK, Feb. 12, 2019 /PRNewswire/ -- The Federal Home Loan Bank of New York ("FHLBNY") is pleased to announce that, on February 25, 2019, it will begin accepting applications for its 2019 Round of Affordable Housing Program ("AHP") grant funding. This year marks the 50th round of AHP grants for the FHLBNY, which has supported 1,833 projects with more than $740 million in AHP grants, helping to create or preserve more than 85,000 units of affordable housing and generating an estimated $12 billion in total development costs. The grants are made in partnership with the FHLBNY's members – local lenders across New Jersey, New York, Puerto Rico and the U.S. Virgin Islands.
The FHLBNY is also pleased to announce its Homebuyer Dream Program™, which will provide down-payment and closing cost assistance to low- and moderate-income first-time homebuyers. This homeownership program will provide a maximum grant up to $15,000: up to $14,500 per household, with an additional $500 towards the defrayment of homeownership counseling costs. The Homebuyer Dream Program is expected to launch in July 2019. The FHLBNY's existing First Home ClubSM program – which provides grant support to households beginning their journey towards homeownership – will continue to disburse grants to enrolled households, though it will stop accepting new enrollments as of March 30, 2019.
"Our housing mission is at the core of both our business and our culture, and is key to our strategy," said José R. González, president and CEO of the FHLBNY. "The Affordable Housing Program and our homeownership programs are integral to this housing mission, and we look forward to working with our members and our local partners to ensure these programs are able to make a difference in communities across our region."
The FHLBNY will hold a number of training sessions for its members in communities across the region to provide additional information on both the 2019 AHP Round and the Homebuyer Dream Program. More information on these training sessions, as well as dates, locations and registration information, is available at the following links:
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 December 31, 2018, the FHLB of New York serves 324 financial institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The Federal Home Loan Banks support the efforts of local members to help provide financing for America's homebuyers.
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, 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. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.
CONTACT: Eric Amig
SOURCE Federal Home Loan Bank of New York