FHLBank-NY Pledges Disaster Relief

The Federal Home Loan Bank of New York has announced a commitment to provide up to $250 million in disaster relief funds through its community lending programs.The FHLBank said its member institutions can tap the low-cost loans to meet the short-, medium-, and long-term needs of communities designated disaster areas by the Federal Emergency Management Agency. "Several designated communities in upstate New York and western New Jersey have been hard hit by recent severe flooding," the bank said. "The $250 million CLP commitment can specifically be used for housing, small-business, and economic development lending."