– New York City Housing Development Corporation bond purchase will help create, rehabilitate or preserve more than 6,300 units of affordable housing –

NEW YORK, Dec. 18, 2025 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of New York (“FHLBNY”) announced a $225 million investment in a New York City Housing Development Corporation (“HDC”) bond issuance that will help create, rehabilitate or preserve 6,320 units of affordable housing across an array of HDC’s housing programs. The FHLBNY and the HDC partnered earlier in the year on a $150 million bond purchase in June 2025 in support of more than 2,250 homes across HDC programs. Across a partnership that spans 25 years, the FHLBNY has invested a total of $1.66 billion in HDC bonds that have supported the creation or preservation of 70,000 homes, helping to ensure the long-term stability and affordability of existing public and affordable housing throughout New York City.

“We are proud to partner with New York City Housing Development Corporation to make this investment in housing for New Yorkers,” said Randolph C. Snook, president and CEO of the FHLBNY. “The work HDC does is critical to the strength and growth of New York City, and aligns with our own focus on addressing housing affordability and supply challenges. Consistent with our foundational liquidity mission, we will continue to use our broad access to the capital markets to create local opportunities for housing and community development.”

“This latest bond purchase will help provide more than 6,300 households with safe, affordable and stable housing, including critical investments in New York’s public housing stock,” said HDC President Eric Enderlin. “Many thanks to the Federal Home Loan Bank of New York’s team for their longstanding partnership and ongoing dedication. We look forward to continuing our collaboration to strengthen communities across New York.”

The $225 million investment reflects the continued partnership between the FHLBNY and HDC built on the shared focus on addressing housing affordability and supply while strengthening local communities. This transaction will result in the following:

• The construction and permanent financing of nine senior loans under the ELLA (“Extremely Low & Low Income Affordability”) program. The loans are enhanced by bank Letters of Credit during construction and by either the New York City Residential Mortgage Insurance Corporation (“REMIC” – an HDC subsidiary) or the State of New York Mortgage Agency during permanent, totaling approximately $107 million. Affordability levels of the underlying developments are as low as 30% of area median income.
  
  
• The permanent financing of one senior loan under the Preservation program. The loan is enhanced by REMIC, totaling approximately $5.9 million. Affordability levels of the underlying development are as low as 30% of area median income.
  
  
• The permanent financing of all or portions of two permanent mortgage loans up to $440 million, which is expected to be enhanced by Federal Housing Agency Risk Share for the New York City Housing Authority’s Linden Penn and Boulevard Developments, under HDC’s PACT program. Additional portions of these loans may be funded via the Federal Financing Bank. This will allow for the rehabilitation and preservation of 3,595 units of public housing, with affordability levels generally at 50% of area median income. Public housing preservation projects financed through the PACT program benefit from comprehensive renovations, enhanced property management, and expanded on-site social services, while guaranteeing long-term affordability and tenant protection rights for residents.
  
  
• Any remaining portions of the bond proceeds may be used for future financing to benefit various PACT and Preservation program projects expected to close in 2026.
  

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 September 30, 2025, the FHLBNY serves 334 financial institutions and housing associates in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of the FHLBNY is to provide members with reliable liquidity in support of housing and local community development.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This report may contain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as “projected,” “expects,” “may,” or their negatives or other variations on these terms. The Bank cautions that, by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, the Risk Factors set forth in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q filed with the SEC, as well as regulatory and accounting rule adjustments or requirements, changes in interest rates, changes in projected business volumes, changes in prepayment speeds on mortgage assets, the cost of our funding, changes in our membership profile, the withdrawal of one or more large members, competitive pressures, shifts in demand for our products, and general economic conditions. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to revise or update publicly any forward-looking statements for any reason.

CONTACT: Brian Finnegan
(212) 441-6877
brian.finnegan@fhlbny.com