The Federal Home Loan Bank of New York (FHLBNY) has announced $41.98 million in subsidies to fund 42 affordable housing initiatives in New York, New Jersey, Puerto Rico, the U.S. Virgin Islands, California, Connecticut, Florida, Pennsylvania, and Texas.

The Affordable Housing Program funds will support the creation, rehabilitation, and preservation of 2,693 units, including 1,945 dedicated to low-income housing. FHLBNY subsidies are passed on to income-qualified households through local community-based organizations and combined with other funding to create housing for moderate-, low-, and very low-income households. The bank estimates that the subsidies will generate investments of more than $1.29 billion in community housing projects.

Since 1990, FHLBNY has supported 2,050 housing projects with more than $933 million in grants, helping to create or preserve 101,000 units of affordable housing, leveraging an estimated $17.6 billion from other funding sources.

“Our annual…awards stand as a reminder that our…mission delivers more than just funding to our region’s local lenders and stability to our financial system,” said FHLBNY chief executive José R. González. “[The awards] create and preserve access to stable and affordable housing, the foundation from which individuals, families, and communities grow and flourish.”

(Photo credit: Getty Images/Yurich84)