– New York City Housing Development Corporation bond purchase will help create or rehabilitate 1,027 units of affordable housing –
NEW YORK, June 30, 2026 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of New York (“FHLBNY”) announced a $25 million investment in a New York City Housing Development Corporation (“HDC”) bond issuance that will help create or substantially rehabilitate 1,027 units of affordable housing for HDC’s ELLA (“Extremely Low and Low-Income Affordability”) housing program. Upon completion, these units will support New York City’s most vulnerable residents, including formerly homeless individuals, seniors, and low-income households. A portion of the units will also provide supportive services, funded through the New York City 15/15 Supportive Housing Initiative.
“As we approach the 250th anniversary of the United States of America, we recognize that throughout our nation’s history, access to stable and affordable housing has helped provide a foundation for freedom and independence,” said Randolph C. Snook, president and CEO of the FHLBNY. “The Federal Home Loan Bank of New York is proud to leverage the full strength of our balance sheet to continue to partner with HDC to support the critical work they do for our fellow New Yorkers.”
“The Federal Home Loan Bank of New York’s investment in our most recent bond issuance will further our ability to finance more affordable and supportive housing for vulnerable New Yorkers,” said HDC President Eric Enderlin. “Thank you to the entire FHLBNY team for your continued commitment to expanding New York City’s supply of deeply affordable homes.”
Since 2025, the FHLBNY has utilized its investment authority to purchase a combined $400 million in bond issuance from HDC, which has helped or will help create, rehabilitate or preserve more than 9,500 units of housing across a range of HDC programs. These transactions, the latest in a partnership with HDC that spans 25 years and includes $1.68 billion in investment to support more than 70,000 homes, will help to ensure the long-term stability and affordability of existing public and affordable housing throughout New York City.
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About the Federal Home Loan Bank of New York
The Federal Home Loan Bank of New York is a Congressionally chartered, wholesale Bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 11 regional, stockholder-owned banks. As of March 31, 2026, the FHLBNY serves 337 member institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The FHLBNY’s mission is to provide members with reliable liquidity in support of housing and local community development.
CONTACT: Brian Finnegan
(212) 441-6877
brian.finnegan@fhlbny.com
