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The Federal Home Loan Bank of New York (FHLBNY) has awarded $41.98 million in subsidies to fund 42 affordable housing initiatives.

The projects being funded are located in New York, New Jersey, Connecticut, Pennsylvania, Florida, Texas, California, Puerto Rico and the U.S. Virgin Islands. The funding comes through FHLBNY’s Affordable Housing Program and will result in the creation, rehabilitation or preservation of 2,693 units, including 1,945 units dedicated to very low-income housing.

“Each year, our annual Affordable Housing Program awards stand as a reminder that our ability to execute on our foundational liquidity mission delivers more than just funding to our region’s local lenders and stability to our financial system, but real, tangible support for vital housing initiatives across our District and beyond,” said José R. González, president and CEO of the FHLBNY. “That is because our AHP awards are funded directly through our earnings, and so as we continue to meet our members’ needs throughout the year, we also enhance our ability to meet the needs of the communities we all serve. But each year the AHP also stands as a testament to the work of the many housing organizations and developers throughout our nation that are devoted to creating better opportunities for those who need them most. We are always grateful for our ability to partner with our members to support these efforts, and help to create and preserve access to stable and affordable housing, the foundation from which individuals, families and communities grow and flourish.”