The Federal Home Loan Banks are a mechanism for economic stability. Thousands of community lenders everywhere in America rely on us as a strong source of funds for financing housing, jobs and growth.
Seven Key Benefits
Community banks, thrifts, commercial banks, credit unions, community development financial institutions and insurance companies are all eligible for membership in the Federal Home Loan Banks. The customers and communities served by these members receive seven key benefits:
News
The Federal Home Loan Bank of New York announced that, in response to the damage done to many local communities due to Hurricane Irene, the FHLBNY has committed to provide up to $500 million in disaster relief loans to begin the process of rebuilding communities designated by FEMA as disaster areas. The funds are being made available by the FHLBNY through its Community Lending Programs ("CLP") to be used as immediate gap financing.
New figures show that the Federal Home Loan Banks are important contributors to the U.S. economy. Council president and CEO, John von Seggern, says that the preliminary unaudited 2011 second quarter operating highlights released by the Office of Finance demonstrate the Federal Home Loan Banks continue to successfully support housing, jobs and economic growth by channeling capital from global markets to consumers and communities. PDF
In a statement, the Council’s president and CEO commented on the Preliminary Unaudited First Quarter 2011 Combined Operating Highlights for the Federal Home Loan Banks announced on April 29 by the Office of Finance. John von Seggern said the highlights show that the 12 regional cooperatives “continue to serve as an important supply of long-term funding and liquidity for thousands of U.S. community lending institutions.”
FHLBanks Unveil Plan to boost capital. Read Statement by Council of FHLBank president and CEO John von Seggern on the System Capital Initiative to enhance capital and strengthen safety and soundness. See Q&A on the Joint Capital Enhancement Agreement adopted in February 2011 by the FHLBank System. The passage of the agreement by the boards of directors of all 12 FHLBanks permitted the launch of the System capital Initiative.
The 2010 financial highlights released by the Federal Home Loan Banks' Office of Finance show the 12 FHLB Banks are managing their business prudently while maintaining a flow of funds to support housing, businesses, jobs and economic growth, according to Council of Federal Home Loan Bank president and CEO John von Seggern. “The year-end numbers indicate that we remain steady in our purpose and on track in a tough economic environment,” von Seggern said. “The Federal Home Loan Banks are a mechanism for economic stability because they continue to be a reliable source of funds from the global markets to local communities through their member institutions.”
In its recent housing reform white paper, the Obama Administration cites the important role FHLBanks play for U.S. financial institutions. A statement from the Council points to issues in the Administration's proposals that require careful consideration.
The FHLBank of Dallas and Community Trust Bank recently awarded a $120,000 AHP grant to the Rays of Sonshine, to help fund the construction of 12 new homes for very low-income residents. The organization provides residential and intensive outpatient services for women and women with children seeking recovery from substance abuse. "The Federal Home Loan Bank of Dallas is allowing us to incorporate energy efficient technology, such as tankless hot water heaters and extra insulation, into the homes so that they will be affordable from a utilities standpoint," said Kim Golden, neighborhood project facilitator.
The FHLBank of Chicago announced recently that IFF, the nonprofit lender and real estate consultant, has joined as a member—making IFF the first Community Development Financial Institution, (CDFI) loan fund to join the FHLBank Chicago and only the sixth CDFI to join the FHLBank System nationally. “We look forward to partnering with them providing funding for projects that highlight our shared commitment to affordable housing and community investment.” said Matt Feldman, President and CEO of the FHLBank of Chicago.
FHLBank of Pittsburgh recently announced that affordable housing projects in Fairmont, Fayette County, Huntington, McDowell County, Wheeling and White Sulphur Springs have been awarded nearly $800,000 in AHP grants. The $791,000 in grant awards brings the total commitment of the AHP program up to $11 million and 1,400 affordable housing units in West Virginia to date. “The Federal Home Loan Bank of Pittsburgh is pleased to help improve the stock of affordable housing in the Mountain State,” said Winthrop Watson, the Federal Home Loan Bank’s president and chief executive officer.
St. Louis Community Credit Union and Better Family Life, Inc. received two grants totaling $1 million from the FHLBank of Des Moines’ Affordable Housing Program. $500,000 is to provide first-time home buyers with down payment and closing cost assistance, in addition to home ownership education for city and county residents. The remaining $500,000 will be used for repair services on other qualifying homes.
The FHLBank of Topeka, Kansas has awarded a 324,000 affordable housing grant to BancFirst and OKC Metro Alliance to help build a 56 unit Firststep Women’s Recovery Center. It is a long term work recovery program for women, who are working toward becoming sober. It will be built on 33 acres in southeast Oklahoma City.
The FHLBank of Boston, as part of the annual competition, allows community development groups to propose a location, and pairs them with teams of design students. The student design for a development to revamp and add affordable housing units to the Fields Corner Library building won the $10,000 first place prize recently. The team specifically suggested renovating the Fields Corner library site to create 24 affordable family and senior apartments, as well as a multi-use learning center, and a new library. The Federal Home Loan Bank of Boston has also awarded the Dime Bank, for the sixth consecutive year, a $100,000 grant in 2011.
In 2010, the FHLBank of Indianapolis awarded over $10.4 million in grants to support 31 housing initiatives. These projects will create 846 units of affordable housing for very low- and low-income individuals and families. Recognizing excellence in community economic development, Milton J. Miller, President and CEO of the FHLBank of Indianapolis, announced recently that Charlotte Edwards, Assistant Vice President and Community Development Officer at Citizens Bank in Flint, Michigan, is the recipient of the Affordable Housing Advisory Council’s annual Community Spirit Award. The annual Community Spirit Award is to honor an individual from one of the FHLBank of Indianapolis member financial institutions who has shown an outstanding dedication to affordable housing and community economic development.
More than 300 homeowners attended a Foreclosure Prevention Workshop hosted by the Federal Home Loan Bank of San Francisco and the Orange County (CA) Home Ownership Preservation Collaborative. Distressed homeowners received face-to-face personal assistance from U.S. Department Housing and Urban Development (HUD) approved housing counselors. Partnering were the Orange County Home Ownership Preservation Collaborative, Housing Opportunities Collaborative of the Inland Empire and Village Presbyterian Church.
Federal Home Loan Bank of Atlanta announced that it will award $8.3 million to assist in funding 18 affordable housing developments in North Carolina. The funding is part of $42.7 million FHLBank Atlanta will award in 11 states and the District of Columbia to create or preserve 4,841 units of affordable housing.
The Cincinnati Development Fund has been approved for membership at the Federal Home Loan Bank of Cincinnati. CDF is the third community development financial institution (CDFI) to join the FHLBank since Congress approved CDFI membership in 2008. "We have been working to improve urban neighborhoods in Greater Cincinnati for 23 years, and FHLBank membership gives us an important tool to aid those efforts," said Jeanne M. Golliher, Chief Executive Officer & President of CDF.
Federal Home Loan Bank of New York has awarded a record $32.6 million in subsidies to fund 62 affordable housing initiatives throughout New Jersey, New York and Pennsylvania. These awards, which mark the FHLBank’s second round of funding for 2010, are funded through the Bank's Affordable Housing Program ("AHP"), and will result in the creation or rehabilitation of 2,813 affordable housing units, including more than 2,100 units dedicated to very low-income housing.
The Federal Home Loan Bank of Atlanta awarded $6 million to fund 20 affordable housing developments in Alabama. The grant is part of the bank's $42.7 million initiative to supply funding to communities in 11 states through its affordable housing program.
New figures show that the Federal Home Loan Banks are important contributors to the U.S. economy. Council president and CEO, John von Seggern, says that the preliminary unaudited 2011 second quarter operating highlights released by the Office of Finance demonstrate the Federal Home Loan Banks continue to successfully support housing, jobs and economic growth by channeling capital from global markets to consumers and communities. PDF
In a statement, the Council’s president and CEO commented on the Preliminary Unaudited First Quarter 2011 Combined Operating Highlights for the Federal Home Loan Banks announced on April 29 by the Office of Finance. John von Seggern said the highlights show that the 12 regional cooperatives “continue to serve as an important supply of long-term funding and liquidity for thousands of U.S. community lending institutions.”
FHLBanks Unveil Plan to boost capital. Read Statement by Council of FHLBank president and CEO John von Seggern on the System Capital Initiative to enhance capital and strengthen safety and soundness. See Q&A on the Joint Capital Enhancement Agreement adopted in February 2011 by the FHLBank System. The passage of the agreement by the boards of directors of all 12 FHLBanks permitted the launch of the System capital Initiative.
The 2010 financial highlights released by the Federal Home Loan Banks' Office of Finance show the 12 FHLB Banks are managing their business prudently while maintaining a flow of funds to support housing, businesses, jobs and economic growth, according to Council of Federal Home Loan Bank president and CEO John von Seggern. “The year-end numbers indicate that we remain steady in our purpose and on track in a tough economic environment,” von Seggern said. “The Federal Home Loan Banks are a mechanism for economic stability because they continue to be a reliable source of funds from the global markets to local communities through their member institutions.”
In its recent housing reform white paper, the Obama Administration cites the important role FHLBanks play for U.S. financial institutions. A statement from the Council points to issues in the Administration's proposals that require careful consideration.
The FHLBank of Dallas and Community Trust Bank recently awarded a $120,000 AHP grant to the Rays of Sonshine, to help fund the construction of 12 new homes for very low-income residents. The organization provides residential and intensive outpatient services for women and women with children seeking recovery from substance abuse. "The Federal Home Loan Bank of Dallas is allowing us to incorporate energy efficient technology, such as tankless hot water heaters and extra insulation, into the homes so that they will be affordable from a utilities standpoint," said Kim Golden, neighborhood project facilitator.
The FHLBank of Chicago announced recently that IFF, the nonprofit lender and real estate consultant, has joined as a member—making IFF the first Community Development Financial Institution, (CDFI) loan fund to join the FHLBank Chicago and only the sixth CDFI to join the FHLBank System nationally. “We look forward to partnering with them providing funding for projects that highlight our shared commitment to affordable housing and community investment.” said Matt Feldman, President and CEO of the FHLBank of Chicago.
FHLBank of Pittsburgh recently announced that affordable housing projects in Fairmont, Fayette County, Huntington, McDowell County, Wheeling and White Sulphur Springs have been awarded nearly $800,000 in AHP grants. The $791,000 in grant awards brings the total commitment of the AHP program up to $11 million and 1,400 affordable housing units in West Virginia to date. “The Federal Home Loan Bank of Pittsburgh is pleased to help improve the stock of affordable housing in the Mountain State,” said Winthrop Watson, the Federal Home Loan Bank’s president and chief executive officer.
St. Louis Community Credit Union and Better Family Life, Inc. received two grants totaling $1 million from the FHLBank of Des Moines’ Affordable Housing Program. $500,000 is to provide first-time home buyers with down payment and closing cost assistance, in addition to home ownership education for city and county residents. The remaining $500,000 will be used for repair services on other qualifying homes.
The FHLBank of Topeka, Kansas has awarded a 324,000 affordable housing grant to BancFirst and OKC Metro Alliance to help build a 56 unit Firststep Women’s Recovery Center. It is a long term work recovery program for women, who are working toward becoming sober. It will be built on 33 acres in southeast Oklahoma City.
The FHLBank of Boston, as part of the annual competition, allows community development groups to propose a location, and pairs them with teams of design students. The student design for a development to revamp and add affordable housing units to the Fields Corner Library building won the $10,000 first place prize recently. The team specifically suggested renovating the Fields Corner library site to create 24 affordable family and senior apartments, as well as a multi-use learning center, and a new library. The Federal Home Loan Bank of Boston has also awarded the Dime Bank, for the sixth consecutive year, a $100,000 grant in 2011.
In 2010, the FHLBank of Indianapolis awarded over $10.4 million in grants to support 31 housing initiatives. These projects will create 846 units of affordable housing for very low- and low-income individuals and families. Recognizing excellence in community economic development, Milton J. Miller, President and CEO of the FHLBank of Indianapolis, announced recently that Charlotte Edwards, Assistant Vice President and Community Development Officer at Citizens Bank in Flint, Michigan, is the recipient of the Affordable Housing Advisory Council’s annual Community Spirit Award. The annual Community Spirit Award is to honor an individual from one of the FHLBank of Indianapolis member financial institutions who has shown an outstanding dedication to affordable housing and community economic development.
More than 300 homeowners attended a Foreclosure Prevention Workshop hosted by the Federal Home Loan Bank of San Francisco and the Orange County (CA) Home Ownership Preservation Collaborative. Distressed homeowners received face-to-face personal assistance from U.S. Department Housing and Urban Development (HUD) approved housing counselors. Partnering were the Orange County Home Ownership Preservation Collaborative, Housing Opportunities Collaborative of the Inland Empire and Village Presbyterian Church.
Federal Home Loan Bank of Atlanta announced that it will award $8.3 million to assist in funding 18 affordable housing developments in North Carolina. The funding is part of $42.7 million FHLBank Atlanta will award in 11 states and the District of Columbia to create or preserve 4,841 units of affordable housing.
The Cincinnati Development Fund has been approved for membership at the Federal Home Loan Bank of Cincinnati. CDF is the third community development financial institution (CDFI) to join the FHLBank since Congress approved CDFI membership in 2008. "We have been working to improve urban neighborhoods in Greater Cincinnati for 23 years, and FHLBank membership gives us an important tool to aid those efforts," said Jeanne M. Golliher, Chief Executive Officer & President of CDF.
Federal Home Loan Bank of New York has awarded a record $32.6 million in subsidies to fund 62 affordable housing initiatives throughout New Jersey, New York and Pennsylvania. These awards, which mark the FHLBank’s second round of funding for 2010, are funded through the Bank's Affordable Housing Program ("AHP"), and will result in the creation or rehabilitation of 2,813 affordable housing units, including more than 2,100 units dedicated to very low-income housing.
The Federal Home Loan Bank of Atlanta awarded $6 million to fund 20 affordable housing developments in Alabama. The grant is part of the bank's $42.7 million initiative to supply funding to communities in 11 states through its affordable housing program.
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