The Federal Home Loan Bank of New York (FHLBNY) announced a $225 million investment in a New York City Housing Development Corporation (HDC) bond issuance designed to create, rehabilitate, or preserve 6,320 units of affordable housing across an array of HDC’s housing programs.
Last June, the FHLBNY and the HDC partnered on a $150 million bond purchase in support of more than 2,250 homes across HDC programs. This transaction will encompass the construction and permanent financing of nine senior loans under the Extremely Low & Low Income Affordability program, the permanent financing of one senior loan under the Preservation program, and the permanent financing of all or portions of two permanent mortgage loans up to $440 million. Any remaining portions of the bond proceeds may be used for future financing on other HDC programs expected to close in 2026.
“We are proud to partner with New York City Housing Development Corporation to make this investment in housing for New Yorkers,” said Randolph C. Snook, president and CEO of the FHLBNY. “The work HDC does is critical to the strength and growth of New York City, and aligns with our own focus on addressing housing affordability and supply challenges. Consistent with our foundational liquidity mission, we will continue to use our broad access to the capital markets to create local opportunities for housing and community development.”
