Federal Home Loan Banks Publish 2023 Impact Report

Report demonstrates how FHLBank System helps lower cost of homeownership, stimulate economic activity, and improve access to affordable housing

/EIN News/ -- WASHINGTON, June 27, 2024 (GLOBE NEWSWIRE) -- The Council of Federal Home Loan Banks, the public voice of the Federal Home Loan Bank System (FHLBank System), today released the 2023 Impact Report, which details the ways in which the FHLBank System delivers measurable and sustainable impact for communities and individuals across the country.

Highlights from the 2023 Impact Report:

• $355 million in statutory Affordable Housing Program (AHP) assessments available for use in 2023.
• $180 million in voluntary funding contributions toward affordable housing and economic development expensed in 2023.
• $752 million in AHP assessments in 2023, available for deployment in 2024.
• 35,000+ housing units and families supported by AHP funding in 2023.
• 10,700+ first-time homebuyers supported by AHP funding in 2023.
• $3 million contributed by FHLBank Topeka to its new Native American Housing Initiatives grant program.
• $220,000 donated by FHLBank New York to the Hispanic Federation to install solar equipment in several fishing associations across low-income coastal areas of Puerto Rico.
• $4.8 million awarded by FHLBank San Francisco through the Nevada Targeted Fund to address affordable housing challenges in that state, which tops the list of states with the highest percentage of extremely low-income households that are severely cost-burdened.
• $22 million letter of credit from FHLBank Cincinnati to member Key Bank to help secure funding for the acquisition and rehabilitation of two buildings that serve senior citizens who earn at or below 50% of the area median income.
  

The report also contains more than 50 case studies and brief testimonials reflecting the positive impact of FHLBank liquidity and other services for families and local communities.

“Our core mission of providing reliable liquidity to members to support housing finance is foundational to all that we do and sets the stage for the unparalleled impact of our affordable housing and community development activities,” said Ryan Donovan, President and CEO of the Council of Federal Home Loan Banks. “We are very proud of the work represented in this report and we expect to provide approximately $1 billion in funding for these activities in 2024. The FHLBank System continues to be one of the largest sources of private funding for affordable housing in the United States.”

About: The FHLBanks are 11 regionally based, wholesale suppliers of lendable funds to financial institutions of all sizes and many types, including community banks, credit unions, commercial and savings banks, insurance companies, and community development financial institutions. The FHLBanks are cooperatively owned by member financial institutions in all 50 states and U.S. territories. The steady supply of lendable funds from FHLBanks helps U.S. lenders invest in local needs including housing, jobs, and economic growth. The Council of FHLBanks represents all 11 FHLBanks.

CONTACT INFORMATION
Council of FHLBanks
Peter E. Garuccio
202-955-0002 ext. 14
pgaruccio@cfhlb.org