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Federal Home Loan Bank of New York (FHLBNY): Affordable Housing Program (AHP) General Fund: Rental Housing - FY 2025

Agency: US Other
Office: Federal Home Loan Bank of New York (FHLBNY)
Multipart Grant: No
Next Due: 03/21/2025 (Application)
Solicitation Date: Unknown
   
Match Required: Recommended
Match Type: Unspecified
Actual Funds: Unspecified
Summary:

The purpose of this program is to support the purchase, rehabilitation, or construction of affordable rental housing. Subsidized advances and awards will be issued to the funding agency's member financial institutions that submit applications on behalf of project sponsors planning to purchase, or rehabilitate, or construct single-family or multifamily rental housing. All rental units must be reserved for occupancy by households with incomes at or below 80 percent of the area median income, not to exceed 30 percent of the income of a household of the maximum income and size expected. At least 20 percent of the units in the project must be reserved for and occupied by qualified households whose income does not exceed 50 percent of the area median income.

Eligible projects include:

  • One-to-four-unit houses
  • Co-ops
  • Condos
  • Apartments
  • Single-room occupancy facilities
  • Long-term shelters
  • Transitional housing
  • Mutual housing associations
  • Group homes

Points will be awarded in the application evaluation process for projects that:

  • Use donated or conveyed government-owned or other properties
  • Are sponsored by a nonprofit organization or government entity
  • Target lower-income households
  • Target underserved communities and populations, including permanently inhabited U.S. territories
  • Create economic opportunity
  • Promote community stability, including affordable housing preservation
  • Address district priorities, as detailed on pages 21-26 of the ImplementationPlan file

Optional virtual and in-person training sessions are scheduled for this program. Refer to the Application section for details.

Last Updated: February 13, 2025

Eligibility Notes:

Eligible project sponsors are:

  • Private, nonprofit corporations
  • States or political subdivisions of states
  • State housing agencies
  • Local housing authorities
  • Native American tribes
  • Alaskan Native Villages
  • Government entities for Native Hawaiian Home Lands
  • For-profit organizations

Project sponsors must apply jointly with an FHLBNY member institution, a directory of which can be found online at www.fhlbny.com/members.

At the time of application, the project sponsor, or ownership entity in which the sponsor has an ownership interest, must demonstrate satisfactory site control of 100 percent of the site(s) through the methods listed on pages 6-8 of the ImplementationPlan file.

Points will be awarded in the application evaluation process for projects that:

  • Use donated or conveyed government-owned or other properties
  • Are sponsored by a nonprofit organization or government entity
  • Target lower-income households
  • Target underserved communities and populations, including permanently inhabited U.S. territory

The funding agency may prohibit a project sponsor from qualifying for any new subsidies if the project sponsor has committed program funds to other projects that are not fully drawn down.

Eligible Applicants:
Local Government
Consortia
Native American Tribe
Non Profits
Private Sector
State Government
Application Notes:

Applications must be received by 5:00 p.m. ET on March 21, 2025.

Applications must be submitted online at access.fhlbny.com.

The contents of the application will become available upon initiation of the online application process.

Optional training sessions for this program are scheduled as follows:

Virtual Event:
December 10, 2024
2:00 p.m. - 4:00 p.m. ET
Register: us06web.zoom.us

Virtual Event:
December 12, 2024
2:00 p.m. - 4:00 p.m. ET
Register: us06web.zoom.us

Virtual Event:
January 21, 2025
10:00 a.m. - noon ET
Register: us06web.zoom.us

In-Person Event - Puerto Rico:
January 28, 2025
10:00 a.m. - noon AT
San Juan, PR
Register: go.fhlbny.com

In-Person Event - U.S. Virgin Islands:
January 29, 2025
9:00 a.m. - 3:00 p.m. AT
St. Croix, USVI
Register: forms.office.com

The recording of a virtual training event held for this program can be found online at us06web.zoom.us.

Applications will be evaluated according to the following criteria:

  • Use of donated or conveyed government-owned or other properties (5 points)
  • Sponsorship by a nonprofit organization or government entity (7 points)
  • Targeting to lower-income households (20 points)
  • Underserved communities and populations:
    • Homeless households (6 points)
    • Supportive housing (6 points)
    • Rental housing for extremely low-income households (6 points)
    • Affordable housing in U.S. territories (6 points)
    • Native American tribal housing initiatives (6 points)
  • Creating economic opportunity:
    • High-opportunity (5 points)
    • Mixed-income housing (5 points)
  • Community stability (10 points)
  • District priorities:
    • Project readiness (10 points)
    • Owner-occupied projects (5 points)
    • Small projects (5 points)
    • In-district (5 points)
    • Green building innovation (5 points)
    • Member financial participation (6 points)
    • Subsidy per unit (5 points)

Refer to the NOFA, ImplementationPlan, and TrainingSessions files for additional application information.

Match Required: Recommended
Match Type: Unspecified
Actual Funds: Unspecified
Match Notes:

There are no stated matching requirements for this program; however, project sponsors that have procured at least 75 percent of a project's proposed permanent funding sources will receive additional points in the application evaluation process.

Funding Notes:

A total of $86,559,298 is available to support subsidized advances and grants through this program and the AHP: Owner-Occupied Housing program, known in eCivis Grants Network as US15079.

Awards are limited to a maximum of $60,000 in subsidy per unit, or $2 million per project.

Funds will be provided on a reimbursement basis.

Awards will be announced in the third quarter of 2025.

Project sponsors must use the subsidy to procure other financing commitments within 12 months of the commitment date and draw down within 36 months of the commitment date. The total duration for progress reporting will be 48 months.

Rates of interest, points, fees, and any other charges for all loans that are made for the project in conjunction with the subsidy must not exceed a reasonable market rate of interest, points, fees, and other charges for loans of similar maturity, terms, and risk.

Project sponsors may not reuse repaid subsidies. Any repaid subsidies must be returned to the funding agency.

Funds may not be used for:

  • Processing fees charged by members for providing direct subsidies to a project
  • Capitalized reserves, period deposits to reserve accounts, operating expenses, or supportive services expenses
Contacts:

Program Staff
ahp@fhlbny.com

Agency Address
Federal Home Loan Bank of New York
101 Park Avenue
New York, NY 10178

Contact Notes:

Questions should be directed to the program staff.

Applications must be submitted online at access.fhlbny.com.

The agency address provided is for reference purposes only.

Files:
Award File: US15080_Award_FY2025.pdf (2.4 Mb)
Other Pre-Award File: US15080_TrainingSessions_FY2025.pdf (149.5 Kb)
NOFA File: US15080_NOFA_FY2025.pdf (327.8 Kb)
Other Pre-Award File: US15080_ImplementationPlan_FY2025.pdf (508.7 Kb)
Other Pre-Award File: US15080_TrainingPresentation_FY2025.pdf (4.1 Mb)
File Notes:

The NOFA file contains detailed program information and application guidelines. The TrainingSessions file contains information regarding optional training sessions scheduled for this program. The ImplementationPlan file contains the implementation plan for this program. The TrainingPresentation file contains the presentation slides from training sessions held for this program. The Award file contains information on previous award recipients for this program, as well as for the funding agency's AHP General Fund: Owner-Occupied Housing program, known in eCivis Grants Network as US15079. Additional program resources can be found online at www.fhlbny.com.

February 13, 2025
Full solicitation information for this program has been released and attached as the NOFA file. All sections have been updated accordingly.

November 27, 2024
Updated information regarding optional training sessions scheduled for this program has been released and attached as the TrainingSessions file. The Application section has been updated accordingly.

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Grant Categories
Community Development
Housing
Human Services