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FHLB of New York Awards $35M for Affordable Housing

JAN 15, 2014 5:47pm ET
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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.

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