Federal Independent Agencies
News releases, reports, statements and associated documents from federal independent agencies.
Featured Stories
USAID: Administrator Samantha Power Meets With UN Secretary-General Antonio Guterres
WASHINGTON, May 9 -- The U.S. Agency for International Development issued the following readout on May 8, 2024:
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The below is attributable to Spokesperson Jessica Jennings:
On May 7, Administrator Samantha Power spoke with United Nations (UN) Secretary-General Antonio Guterres to discuss the dire humanitarian crises in Sudan, Gaza, Burkina Faso, and Haiti. Administrator Power urged the Secretary-General to continue to push the Sudan Armed Forces (SAF) and the Rapid Support Forces (SAF) to facilitate humanitarian access to populations facing catastrophic food insecurity. Administrator Power
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WASHINGTON, May 9 -- The U.S. Agency for International Development issued the following readout on May 8, 2024:
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The below is attributable to Spokesperson Jessica Jennings:
On May 7, Administrator Samantha Power spoke with United Nations (UN) Secretary-General Antonio Guterres to discuss the dire humanitarian crises in Sudan, Gaza, Burkina Faso, and Haiti. Administrator Power urged the Secretary-General to continue to push the Sudan Armed Forces (SAF) and the Rapid Support Forces (SAF) to facilitate humanitarian access to populations facing catastrophic food insecurity. Administrator Powerand Secretary General Guterres agreed that, as an urgent priority, the SAF must open the border crossing between Chad and Darfur to allow UN agencies to deliver life-saving food, nutrition, and health assistance to millions of Sudanese on the brink of famine. They discussed the importance of resuming political talks as soon as possible and the vital role regional actors have in pressing the warring parties to the negotiating table.
Administrator Power also thanked Secretary-General Guterres for the tireless efforts of UN staff in Gaza working at great personal risk around the clock to save lives and alleviate suffering. They expressed concerns over the humanitarian impacts of Israeli military operations in Rafah, in particular the dire conditions of displaced Palestinian civilians and the necessity of reopening the southern Gaza crossings to allow humanitarian aid to move into Gaza and reach the population in need. Administrator Power reiterated the U.S. commitment to advocate for the protection of aid workers and Palestinian civilians and to urge the Government of Israel to implement their commitments to address dire humanitarian needs in Gaza.
On Burkina Faso, Administrator Power and Secretary-General Guterres expressed deep concern over the deteriorating human rights and humanitarian situation. They agreed to continue advocacy with the transitional government to allow humanitarian access to blockaded communities currently cut off from vital aid.
The Administrator and Secretary-General Guterres discussed continued commitment to the Haitian people and support for partners on the ground providing lifesaving food, health, protection, water, sanitation, and health assistance to vulnerable Haitians.
Finally, Administrator Power and Secretary-General Guterres discussed tackling lead exposure as an outsized development opportunity for an issue that affects one in two children in low- and middle-income countries and kills 1.6 million people each year.
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Original text here: https://www.usaid.gov/news-information/press-releases/may-08-2024-administrator-samantha-power-meets-un-secretary-general-antonio-guterres
DFC, Sierra Leone Promote Access to Reliable Energy With Up to $412 Million in Additional Financing and Political Risk Insurance
DALLAS, Texas, May 9 -- The U.S. International Development Finance Corp. issued the following news release on May 8, 2024:
The U.S. International Development Finance Corporation's (DFC) Deputy Chief Executive Officer (DCEO) Nisha Biswal and Chief Minister of Sierra Leone David Moinina Sengeh today announced up to $412 million in financing and political risk insurance in support of the country's plans to address rolling blackouts and expand its power system through renewable energy solutions in the future.
DFC approved a new loan of up to $292 million to the Freetown-based Western Area Power Generation
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DALLAS, Texas, May 9 -- The U.S. International Development Finance Corp. issued the following news release on May 8, 2024:
The U.S. International Development Finance Corporation's (DFC) Deputy Chief Executive Officer (DCEO) Nisha Biswal and Chief Minister of Sierra Leone David Moinina Sengeh today announced up to $412 million in financing and political risk insurance in support of the country's plans to address rolling blackouts and expand its power system through renewable energy solutions in the future.
DFC approved a new loan of up to $292 million to the Freetown-based Western Area Power GenerationProject to help develop and upgrade the power plant's infrastructure, promoting reliable access to power throughout Sierra Leone. DFC will also provide up to $120 million in political risk insurance to crowd-in private investment. The financing package is bolstered by a $40 million loan from ECOWAS Bank for Investment and Development (EBID).
"Sierra Leone's vision for a sustainable energy future is becoming a reality," said DCEO Biswal. "DFC is proud to support the country's first, large, utility-scale, independent power project and lay the foundation for reliable and affordable electricity in Sierra Leone."
Project sponsors Milele Energy and TCQ Power are developing the project - the first utility-scale, independent power project in Sierra Leone, which will be constructed by Shapoorji Pallonji with gas and steam turbine equipment as well as long-term servicing, and operation and maintenance from Siemens Energy. The project will become Sierra Leone's main source of power generation upon completion.
The Chief Minister of the Government of Sierra Leone said, "The Government of Sierra Leone is committed to providing reliable, clean, affordable, and sustainable energy solutions to support our national development efforts. We are happy to do so via innovative public and private sector programs like this one that prioritize impact. We will provide all the requisite support for this partnership."
U.S. Ambassador to Sierra Leone Bryan David Hunt said, "The Western Area Power Generation Project is poised to revolutionize Sierra Leone's energy landscape, bringing opportunity to communities across the nation. Its impact will be profound, fueling progress, prosperity, and a brighter future for all Sierra Leoneans. The United States is proud to support this private sector initiative."
"The unwavering commitment shown by DFC and EBID to ensure that this transformational project is realized will improve the lives of millions of Sierra Leoneans," said Milele Energy CEO Erik Granskog. "Milele Energy is dedicated to unlocking some of Africa's most critical energy projects and we applaud the Government of Sierra Leone to conclude this project that will lower cost, improve reliability, and allow for the expansion of industrial demand."
"We are immensely grateful for this support from DFC and EBID that enables this next stage of development. It demonstrates their belief in, and commitment to, the people of Sierra Leone," said TCQ Power Limited CEO Karim Nasser. "We also extend our profound gratitude to His Excellency President Maada Bio for his steadfast support over the years. We are committed to delivering this sustainable power solution to the people of Sierra Leone and look forward to executing on the next steps and construction."
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About DFC:
The U.S. International Development Finance Corporation (DFC) partners with the private sector to finance solutions to the most critical challenges facing the developing world today. We invest across sectors including energy, healthcare, infrastructure, agriculture, and small business and financial services. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.
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About Milele Energy:
Milele Energy, founded by a team of former GE Africa executives, is a Nairobi-based independent power-generation company across Sub-Saharan Africa. Milele develops, owns, and operates power-generation facilities leveraging both renewable and clean gas technologies. Backed by Gemcorp Capital, Milele's investments are poised to positively empower lives and communities in Africa. Gemcorp Capital Management Limited is an independent investment management firm focused on emerging markets and has facilitated over $7 billion worth of investments in public and private credit and equity transactions since inception. Milele Energy is Powering Africa's Bright Future.
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About TCQ Power:
TCQ Power is a turnkey power project developer with a focus on early conceptualization tailored towards the MENA markets. Through strong cooperation with local governments and suppliers, TCQ Power aspires to mitigate risks at an early stage of development prior to breaking ground, thus lending credibility to sustainable, long-term, independent projects that are fully operable assets by the host nations at the time of handover.
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Original text here: https://www.dfc.gov/media/press-releases/dfc-sierra-leone-promote-access-reliable-energy-412-million-additional
Alanna McCargo Named President and Chief Executive Officer of the Federal Home Loan Bank of San Francisco
SAN FRANCISCO, California, May 9 -- The Federal Home Loan Bank of San Francisco, a federal district bank, issued the following news release on May 8, 2024:
FHLBank San Francisco (Bank) today announced that its board of directors has named Alanna McCargo as the Bank's next president and chief executive officer. McCargo was most recently the President of the Government National Mortgage Association (Ginnie Mae), a federal government corporation that connects the United States housing market to capital markets, providing low-cost financing for federal housing programs through the U.S. Department
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SAN FRANCISCO, California, May 9 -- The Federal Home Loan Bank of San Francisco, a federal district bank, issued the following news release on May 8, 2024:
FHLBank San Francisco (Bank) today announced that its board of directors has named Alanna McCargo as the Bank's next president and chief executive officer. McCargo was most recently the President of the Government National Mortgage Association (Ginnie Mae), a federal government corporation that connects the United States housing market to capital markets, providing low-cost financing for federal housing programs through the U.S. Departmentof Veterans Affairs, the U.S. Department of Housing and Urban Development's Federal Housing Administration and Office of Public and Indian Housing, and the U.S. Department of Agriculture's Rural Housing Service. McCargo made history as the first woman and first woman of color appointed to lead Ginnie Mae.
"We are very excited that Alanna is joining the Bank at this pivotal moment in time for us and our industry," said Dan Siciliano, chair of the Bank's board of directors. "Alanna is the type of transformative leader we need to continue the innovative and impactful programs the Bank has been delivering under the leadership of Teresa Bryce Bazemore, our current president and CEO. Alanna brings a wealth of hands-on experience from both the private and public sectors. Throughout her career she has demonstrated a passion for advancing national policy directed at solving this country's affordable housing issues. She has been a strong advocate for closing both the racial homeownership and wealth gaps and has a deep understanding of the irreplaceable role the FHLBank System plays in maintaining the economic health of our financial system and strengthening the communities we serve."
McCargo is a pioneer in the financial services industry with a distinguished career. Prior to her position as President of Ginnie Mae - to which she was nominated by President Joe Biden and confirmed by the U.S. Senate with bipartisan support - she served as senior advisor for housing finance at the Department of Housing and Urban Development under former Secretary Marcia Fudge and was vice president of the Housing Finance Policy Center at the Urban Institute. McCargo previously held leadership positions at CoreLogic, JP Morgan Chase, and Fannie Mae.
"I am looking forward to joining the team at the Federal Home Loan Bank of San Francisco and leading the critical work of providing reliable access to liquidity to Bank members and fulfilling the public mission to support affordable housing and deepen community investment," said McCargo. "The role of the FHLBanks is essential to our financial system and contributes to the economic strength and stability of communities in our nation. Throughout my career, I've driven efforts to improve housing affordability and economic opportunity while managing the risks and the complexities of our housing finance system. I am excited to bring a new perspective to the Bank and, alongside my colleagues in the FHLBank System, work to solve the persistent housing challenges impacting the country. Together we'll strengthen the value the Bank brings in meeting the liquidity demands of members and supporting affordable housing and community investment within Arizona, California, Nevada, and beyond. I am thrilled to be joining the Bank at this pivotal time."
Throughout her career, McCargo has been committed to advancing access to safe and affordable housing and to promoting evidence-based policies that foster a more equitable housing finance system for all. She has advocated for safe, fair, and sustainable housing and broadening opportunities that enable credit building, asset accumulation, and wealth creation, especially for the most historically underserved populations. McCargo has been instrumental in mortgage policy related to foreclosure prevention, loan restructuring, and distressed asset management, and has been a voice for ensuring the financial system underpinning America's communities remains strong and resilient through all economic cycles.
"Alanna played a critical role for the nation in her tenure as my senior advisor for housing finance, and we are all better thanks to her leadership and vision as president of Ginnie Mae," said former U.S. Department of Housing and Urban Development Secretary Marcia Fudge. "She centered the agency's work on its core mission, strengthened alliances across the globe and within the housing industry, and built a strong foundation for the future. Alanna found a way to make the system work for all Americans. Her decades of housing experience and broad areas of expertise, together with the relationships she has built across the entire housing finance system, will be a tremendous asset in her new role as president and CEO of FHLBank San Francisco."
McCargo will officially join the Bank on June 10, 2024. To ensure a smooth leadership transition, Teresa Bryce Bazemore, the Bank's current president and CEO, has agreed to continue to lead the Bank until McCargo's first day on the job. Then, Bazemore will stay on through the end of June as executive vice president and senior advisor. Bazemore has also agreed to serve as a consultant for the Bank for a term beginning July 1 through the end of August 2024.
"Teresa has been an exceptional leader. She built a strong management team that worked with her to successfully guide the Bank through an extraordinarily challenging time," said Siciliano. "On behalf of the Bank's members, the entire board of directors, and the Bank's management and internal teams, I want to express our enormous gratitude for her substantial contributions to evolving the Bank into a more dynamic, solutions-based organization that is committed to innovation and delivering on our Congressionally mandated dual mission of providing critical liquidity to our members and resources for affordable housing, homeownership, and economic development."
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Federal Home Loan Bank of San Francisco
The Federal Home Loan Bank of San Francisco is a private member-owned cooperative, providing critical on-demand liquidity to help local lenders in Arizona, California, and Nevada build strong communities, create economic opportunity, and change lives for the better. The tools and resources we provide to our member financial institutions--commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions (CDFIs)--propel homeownership, expand access to quality housing, drive economic vitality, and revitalize whole neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant, equitable, and resilient.
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Original text here: https://www.fhlbsf.com/about/newsroom/meet-our-next-ceo
ACHP: Feds' Historic Preservation Rules Desperately Need an Update
WASHINGTON, May 9 (TNSres) -- The Advisory Council on Historic Preservation issued the following news on May 8, 2024:
Today, The Hill published ACHP Chair Sara Bronin's op-ed which calls for modernizing federal historic preservation standards to meet today's pressing needs.
Bronin writes: "At their best, these standards help preserve the historic buildings, homes, schools, and places of worship that form the soul of our communities. But when applied too rigidly and without regard to the needs of communities, they become yet another source of red tape and an obstacle in efforts to expand housing,
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WASHINGTON, May 9 (TNSres) -- The Advisory Council on Historic Preservation issued the following news on May 8, 2024:
Today, The Hill published ACHP Chair Sara Bronin's op-ed which calls for modernizing federal historic preservation standards to meet today's pressing needs.
Bronin writes: "At their best, these standards help preserve the historic buildings, homes, schools, and places of worship that form the soul of our communities. But when applied too rigidly and without regard to the needs of communities, they become yet another source of red tape and an obstacle in efforts to expand housing,retrofit buildings for climate change, and spur economic growth."
In March, Chair Bronin released a report that summarizes the development and prior analyses of the standards, reviews and appends 300 pages of recent public comment received, and makes recommendations on how to improve their application and interpretation to meet modern needs. Developed by the Department of the Interior, the standards are used in federal, state, and local regulatory processes that annually impact 120,000 federal agency actions, $8.8 billion in projects receiving the federal rehabilitation tax credit, and thousands of individual projects reviewed by local historic commissions.
Read the full op-ed in The Hill (https://thehill.com/opinion/congress-blog/4643822-feds-historical-preservation-rules-desperately-need-an-update/).
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REPORT: https://www.achp.gov/sites/default/files/2024-03/StandardsReportWithAppendices.pdf
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Original text here: https://www.achp.gov/news/hill-op-ed-feds-historic-preservation-rules-desperately-need-update
New Proposals to Help NASA Advance Knowledge of Our Changing Climate
WASHINGTON, May 8 (TNSres) -- NASA issued the following news release:
NASA has selected four proposals for concept studies of missions to help us better understand Earth science key focus areas for the benefit of all including greenhouse gases, the ozone layer, ocean surface currents, and changes in ice and glaciers around the world.
These four investigations are part of the agency's new Earth System Explorers Program - which conducts principal investigator-led space science missions as recommended by the National Academies of Sciences, Engineering, and Medicine 2017 Decadal Survey for Earth
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WASHINGTON, May 8 (TNSres) -- NASA issued the following news release:
NASA has selected four proposals for concept studies of missions to help us better understand Earth science key focus areas for the benefit of all including greenhouse gases, the ozone layer, ocean surface currents, and changes in ice and glaciers around the world.
These four investigations are part of the agency's new Earth System Explorers Program - which conducts principal investigator-led space science missions as recommended by the National Academies of Sciences, Engineering, and Medicine 2017 Decadal Survey for EarthScience and Applications from Space. The program is designed to enable high-quality Earth system science investigations to focus on previously identified key targets. For this set of missions, NASA is prioritizing greenhouse gases as one of its target observables.
"The proposals represent another example of NASA's holistic approach to studying our home planet," said Nicky Fox, associate administrator, Science Mission Directorate at NASA Headquarters in Washington. "As we continue to confront our changing climate, and its impacts on humans and our environment, the need for data and scientific research could not be greater. These proposals will help us better prepare for the challenges we face today, and tomorrow."
As the first step of a two-step selection process, each of these proposals will receive $5 million to conduct a one-year mission concept study. After the study period, NASA will choose two proposals to go forward to launch with readiness dates expected in 2030 and 2032. The total mission cost cap is $310 million for each chosen investigation, excluding the rocket and access to space, which will be provided by NASA.
Most of what we know about our changing planet is rooted in more than 60 years of NASA's Earth observations. NASA currently has more than two dozen Earth-observing satellites and instruments in orbit. The missions ultimately selected from this set of proposals will make their own unique contributions to this great Earth observatory - which works together to provide layers of complementary information on Earth's oceans, land, ice, and atmosphere.
The four proposals selected for concept studies are:
* The Stratosphere Troposphere Response using Infrared Vertically-Resolved Light Explorer (STRIVE)
This mission would provide daily, near-global, high-resolution measurements of temperature, a variety of atmospheric elements, and aerosol properties from the upper troposphere to the mesosphere - at a much higher spatial density than any previous mission. It would also measure vertical profiles of ozone and trace gasses needed to monitor and understand the recovery of the ozone layer - another identified NASA Earth sciences target. The proposal is led by Lyatt Jaegle at the University of Washington in Seattle.
* The Ocean Dynamics and Surface Exchange with the Atmosphere (ODYSEA)
This satellite would simultaneously measure ocean surface currents and winds to improve our understanding of air-sea interactions and surface current processes that impact weather, climate, marine ecosystems, and human wellbeing. It aims to provide updated ocean wind data in less than three hours and ocean current data in less than six hours. The proposal is led by Sarah Gille at the University of California in San Diego.
* Earth Dynamics Geodetic Explorer (EDGE)
This mission would observe the three-dimensional structure of terrestrial ecosystems and the surface topography of glaciers, ice sheets, and sea ice as they are changing in response to climate and human activity. The mission would provide a continuation of such measurements that are currently measured from space by ICESat-2 and GEDI (Global Ecosystem Dynamics Investigation). The proposal is led by Helen Amanda Fricker at the University of California in San Diego.
* The Carbon Investigation (Carbon-I)
This investigation would enable simultaneous, multi-species measurements of critical greenhouse gases and potential quantification of ethane - which could help study processes that drive natural and anthropogenic emissions. The mission would provide unprecedented spatial resolution and global coverage that would help us better understand the carbon cycle and the global methane budget. The proposal is led by Christian Frankenberg at the California Institute of Technology in Pasadena.
For more information about the Earth System Explorers Program, visit: https://explorers.larc.nasa.gov/2023ESE/
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Original text here: https://www.nasa.gov/news-release/new-proposals-to-help-nasa-advance-knowledge-of-our-changing-climate/
GSA Announces New Political Appointee and Promotion
WASHINGTON, May 8 -- The General Services Administration issued the following news release on May 7, 2024:
The U.S. General Services Administration (GSA) announced a new political appointment this week.
Keonte' Lee starts this week as the Special Assistant to Fran Thomas, the Regional Administrator for New England (Region 1), Northeast and Caribbean (Region 2). Before coming to GSA, she served as an advisor, facilitator, and community engagement manager for two major organizations for women interested in civic engagement. She also served as Special Assistant to the White House Liaison at USAID
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WASHINGTON, May 8 -- The General Services Administration issued the following news release on May 7, 2024:
The U.S. General Services Administration (GSA) announced a new political appointment this week.
Keonte' Lee starts this week as the Special Assistant to Fran Thomas, the Regional Administrator for New England (Region 1), Northeast and Caribbean (Region 2). Before coming to GSA, she served as an advisor, facilitator, and community engagement manager for two major organizations for women interested in civic engagement. She also served as Special Assistant to the White House Liaison at USAIDand has worked in finance for organizations including the Congressional Black Caucus PAC. She earned her bachelor's degree in political science from Spelman College and is originally from Cross, South Carolina.
Trevor Jones, currently GSA's White House Liaison, became Deputy Chief of Staff for Operations in the Administrator's Office. In this role, effective yesterday, Trevor will focus on overseeing A-Suite operations and ensuring the effective day-to-day management of the front office. Trevor leverages years of management and leadership experience from staff positions in Congress and as the Director of the Office of the President at the nation's largest resource for women in politics. A native of Orangeburg, South Carolina, Trevor is a graduate of the College of Charleston and holds a master's in public administration from American University.
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About GSA: GSA provides centralized procurement and shared services for the federal government, managing a nationwide real estate portfolio of nearly 370 million rentable square feet, overseeing over $100 billion in products and services via federal contracts, and delivering technology services that serve millions of people across dozens of federal agencies. GSA's mission is to deliver the best customer experience and value in real estate, acquisition, and technology services to the government and the American people.
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Original text here: https://www.gsa.gov/about-us/newsroom/news-releases/gsa-announces-new-political-appointee-and-promotion-05072024
Federal Home Loan Bank of New York Has Made $120 Million In Affordable Housing And Community Development Support Available Through First Four Months of 2024
NEW YORK, May 8 -- The Federal Home Loan Bank of New York, a district bank in the Federal Home Loan Bank System, issued the following news release:
The Federal Home Loan Bank of New York ("FHLBNY") announced that through the first four months of 2024, it has made available $120 million in support for affordable housing and community development efforts through a number of programs that will be funded this year:
* On January 8, the FHLBNY launched the 2024 Round of its Homebuyer Dream Program(R) ("HDP(R)") with $28.9 million in available grants. The HDP is a Homeownership Set-Aside program managed
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NEW YORK, May 8 -- The Federal Home Loan Bank of New York, a district bank in the Federal Home Loan Bank System, issued the following news release:
The Federal Home Loan Bank of New York ("FHLBNY") announced that through the first four months of 2024, it has made available $120 million in support for affordable housing and community development efforts through a number of programs that will be funded this year:
* On January 8, the FHLBNY launched the 2024 Round of its Homebuyer Dream Program(R) ("HDP(R)") with $28.9 million in available grants. The HDP is a Homeownership Set-Aside program managedwithin the FHLBNY's Affordable Housing Program and provides grants to be used towards down payment and closing cost assistance to first-time homebuyers earning at or below 80% of the Area Median Income ("AMI").
* On March 18, the FHLBNY opened the inaugural Homebuyer Dream Program Plus ("HDP Plus") round with $10.3 million in available grants. The HDP Plus program is complementary to the HDP, and provides funding support for down payment and closing cost assistance to first-time homebuyers earning between 80% and 120-150% of AMI.
* On March 18, the FHLBNY also launched the second round of its 0% Development Advance ("ZDA") Program, which provides members with subsidized funding in the form of interest rate credits to assist in originating loans or purchasing loans/investments that meet the eligibility criteria under its Business Development Advance, Climate Development Advance, Infrastructure Development Advance and/or Tribal Development Advance products. The FHLBNY made $10 million in interest rate credits available in the current ZDA Program round.
* And on April 22, the FHLBNY opened the 2024 General Fund Round of its Affordable Housing Program ("AHP") with a total of $70.8 million in grant funds available. The AHP was created by Congress in 1989, and each year since 1990 the FHLBNY has set aside at least 10% of its private earnings to support the creation and preservation of housing for lower income households and individuals through AHP grants.
"Our foundational mission is to provide our members with a reliable source of liquidity, which supports their local lending efforts and positions us to make the broadest possible impact in the communities we serve," said Jose R. Gonzalez, president and CEO of the FHLBNY." But we also take great pride in being able to make a more direct and targeted impact through our housing and community development programs and products. These offerings are funded by our earnings and incorporated into our strategy, reflecting a commitment to strengthening communities that runs through our entire cooperative."
Each Federal Home Loan Bank is required by statute to contribute a minimum of 10% of net income to its Affordable Housing Program, which for the FHLBNY also includes the Homebuyer Dream Program. In 2023, each of the 11 Federal Home Loan Banks voluntarily agreed to contribute a total of 15% of its net income to affordable housing and community development initiatives on a go forward basis. The FHLBNY has allocated 15% of its 2023 net income to fund these initiatives for 2024 - starting with the available funding announced in the first four months of the year.
"As we move through the rest of 2024, we will continue to identify opportunities to join with our members and community partners to fund efforts that support housing and community development throughout our region," said Mr. Gonzalez.
On May 7, the Council of Federal Home Loan Banks announced that the Federal Home Loan Banks expect to collectively contribute approximately $1 billion toward affordable housing and community development initiatives in 2024, firmly establishing the Federal Home Loan Bank System as one of the largest sources of private funding for affordable housing in the country.
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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 March 31, 2024, the FHLBNY serves 336 member institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The FHLBNY's mission is to provide members with reliable liquidity in support of housing and local community development.
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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.
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Original text here: https://www.fhlbny.com/news/press-releases/2024/press050824
