The Federal Home Loan Bank of New York has awarded $35.5 million in subsidies to fund 48 affordable housing initiatives.
The more than 3,000 affordable housing units include nearly 2,300 units dedicated to very low-income housing. The subsidies will generate a projected $607 million in development costs.
The bank's earnings will fund the subsidies as Congress has mandated at up to 10% annually.
This year the program celebrates its 25th anniversary.