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Federal Home Loan Bank of NY announces round of Affordable Housing Program grant funding

By on February 14, 2019

SAN JUAN – The Federal Home Loan Bank of New York (FHLBNY) said it will begin accepting applications for its 2019 Round of Affordable Housing Program (AHP) grant funding on Feb. 25.

The grants are made in partnership with the FHLBNY’s member financial institutions, which number more than 32o across New Jersey, New York, Puerto Rico and the U.S. Virgin Islands.

This year marks the 50th round of AHP grants, 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 congressionally chartered, wholesale bank said in a release.

The FHLBNY also announced that its Homebuyer Dream Program, which will provide down-payment and closing cost assistance to low- and moderate-income first-time homebuyers, is expected to launch in July.

The 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 FHLBNY’s First Home ClubSM program will continue to disburse grants to enrolled households, but will stop accepting new enrollments March 30.

“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 training sessions on both the AHP and the Homebuyer Dream Program. A session in Puerto Rico is slated for March 26 in San Juan’s Popular Center.

More information on these training sessions, as well as dates, locations and registration information, is available at the following links:

AHP Training Sessions
Homebuyer Dream Program Training Sessions

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