Community Lending Programs (CLP)

Members can take advantage of our Community Lending Programs to gain access to a reliable source of funding at our lowest advance rates for projects that create housing, improve business districts, and strengthen neighborhoods. Our attractive funding programs include, the Community Investment Program (CIP), the Urban Development Advance (UDA) and the Rural Development Advance (RDA).

Members may submit CIP, UDA and RDA applications and corresponding loans on a project-specific basis or on a program-specific basis, which allows you to fund multiple projects within one program. Annually, the Federal Home Loan Bank of New York may approve CLP applications up to the greater of $100 million (as of 12/31 of the previous year) per member institution, in increments not to exceed $25 million in a calendar month. The $100 million customer limit is subject to review and may be adjusted at the sole discretion of the FHLBNY. Exceptions for project-specific programs in excess of the established CLP limit may be considered on a case-by-case basis.

Each year the FHLBNY publishes its Community Lending Plan, which provides an overview of the developments in the district and describes how the Bank is responding to emerging challenges. The 2019 Community Lending Plan is now available.

Benefits of CLP

  • Flexible funding structures at favorable rates and terms
  • Access to low-cost funds at favorable terms for the end loan recipient
  • Ability to match terms of the end loan to your customer to help hedge interest rate risk
  • Enhance CRA performance
  • Simple application process — members can apply for a project- or program-specific commitment
  • Responsive commitment process — the member controls the funding
  • Upfront transactions — no hidden penalties
  • Established program since 1989 with over $14.2B committed and $13.8B funded
    (as of 8/31/2018)

Eligible Uses for CLP Funds:

Use a CIP Advance or CIP L/C to:

  • Finance housing for families or individuals with incomes at 115% or less of the area median income

Use a UDA to:

  • Finance economic development projects in areas with a population greater than 25,000 that benefit families at or below 100% of the area median income

Use an RDA to:

  • Finance economic development projects in areas with a population of 25,000 or less that benefit families at or below 115% of the area median income

Since CLP funds are the lowest-priced FHLBNY advances, the savings could help improve your margins. See if the community development project you have in mind qualifies. Contact a Member Services Desk Representative at (212) 441-6600 or (800) 546-5101, option 1, or a Calling Officer at (212) 441-6700.