Printer Friendly

HOUSING AGENCIES GAIN ACCESS TO THE FEDERAL HOME LOAN BANK OF NEW YORK TO FUND AFFORDABLE HOUSING

 NEW YORK, Oct. 27 /PRNewswire/ -- Alfred A. DelliBovi, president of the FHLBank of New York, today announced that the New Jersey Housing and Mortgage Finance Agency, the State of New York Mortgage Agency, and the New York City Housing Development Corporation have been approved to tap a new line of credit to help fund affordable housing developments.
 The FHLBank of New York proposed the approval of the three housing finance agencies (HFAs) earlier this month to the Federal Housing Finance Board, the regulator of the Federal Home Loan Bank System. The Finance Board granted the approval today after determining that the HFAs' lending programs are consistent with the FHLBank's mission to provide housing finance and meet statutory and regulatory requirements.
 "These housing finance agencies will forge a strong partnership with the Federal Home Loan Bank," said Finance Board Director Lawrence U. Costiglio. "With their focus on housing for low-income families, the agencies will build on the proven success of the New York FHLBank's Affordable Housing and Community Investment programs."
 The HFAs plan to use the below-market-rate mortgage funds in their jurisdictions to finance affordable housing programs for low-income and moderate income families throughout New Jersey and New York.
 "The need to support affordable housing is a paramount concern to the 251 neighborhood lenders who own the Home Loan Bank of New York. We are gratified to be able to offer these three HFAs an additional low-cost funding source to help provide decent, low-cost homes," said Alfred A. DelliBovi.
 Although, the HFAs are not member of the Federal Home Loan Bank, Section 10b of the Federal Home Loan Bank Act permits FHLBanks to make advances to nonmembers that are HUD-approved mortgages. The nonmember mortgagee must be chartered under law, be subject to the supervision of a governmental agency, and lend its own funds as its principal activity in the mortgage field. The HFAs meet all of the requirements.
 Today's action marks only the sixth time that the Finance Board has granted such permission. Previously, proposals involving state- chartered agencies in Colorado, New Mexico, Tennessee, and Rhode Island were approved by the Finance Board.
 -0- 10/27/93
 /CONTACT: Eric Amig of Federal Home Loan Bank of New York, 212-912-4678/


CO: Federal Home Loan Bank of New York ST: New York IN: FIN SU:

SH-TA -- NY103 -- 7468 10/27/93 16:00 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 27, 1993
Words:391
Previous Article:TIMES BOOKS TO PUBLISH EXPANDED, UPDATED EDITION OF 'THE PRESIDENT'S HEALTH SECURITY PLAN'
Next Article:OREGON BOND BANK $11.86 MILLION REVENUE BONDS RATED 'A' BY FITCH -- FITCH FINANCIAL WIRE --
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters