The Federal Home Loan Bank of New York (FHLBNY) issued a President’s Report on September 14, 2026, detailing its ongoing commitment to affordable housing and community development initiatives. The report highlights the Bank’s Affordable Housing Program (AHP), which directs at least 10 percent of annual income to grants.
According to the filing, the Bank announced the 2026 AHP Round on August 20, awarding $70.9 million in grants to fund 47 affordable housing initiatives. The report states that these projects are expected to create or preserve more than 2,400 affordable homes and drive nearly $850 million in related development activity.
The filing notes that 57 percent of the awarded projects contained 25 or fewer units, reflecting the Bank’s support for smaller initiatives. Additionally, the 2026 Round supports a record nine projects in Puerto Rico.
The report also outlines the Bank’s broader housing finance strategy, which includes the Mortgage Asset Program (MAP) and direct investments. Last year, the Bank funded a record $500 million in MAP activity, and its current portfolio includes nearly 5,200 loans. Furthermore, the Bank announced a $25 million investment in a New York City Housing Development Corporate bond issuance to create or rehabilitate more than 1,000 affordable homes.
The filing details that since 2024, the FHLBNY has voluntarily designated an additional five percent of income to support these products. At its August 2026 meeting, the Board of Directors voted to increase these voluntary contributions for the remainder of the year by an additional two percent of prior year’s income, or approximately $14 million. This brings the total annual deployment for affordable housing and community development efforts to nearly $140 million.
The report references the history of the AHP, noting that since its inception in 1990, the FHLBNY has supported 2,240 projects with more than $1.17 billion in grants, creating or preserving nearly 113,000 units of affordable housing.
