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FHLBNY OK’d $11M in housing project grants in Puerto Rico in ’24

The bank supported 726 affordable-housing units in five municipalities.

The Federal Home Loan Bank of New York (FHLBNY), which provides funding to financial institutions, including members of the Puerto Rico Bankers Association (PRBA), confirmed the approval of eight projects in Puerto Rico for 2024, allocating $11 million in grants to support 726 affordable housing units in Caguas, Lajas, Lares, San Juan and Bayamón.

This funding is part of the FHLBNY’s annual orientation and training initiative, which provides information on grant opportunities available to Puerto Rico through its affordable housing programs and guidance on application processes.

“The PRBA supports this initiative by the Federal Home Loan Bank of New York, which aims to contribute to improving the affordable housing situation and its availability on the island. It is crucial that the availability and impact of these funds for the use of citizens in Puerto Rico be known,” said PRBA President Zoimé Álvarez-Rubio.

“We appreciate the FHLBNY’s commitment to contribute to the island’s well-being and economic development through its programs for low- and moderate-income sectors,” she added.

FHLBNY CEO José Ramón González, who is originally from Puerto Rico, said, “The Federal Home Loan Bank of New York is proud to have been able to increase its collaboration with community organizations in Puerto Rico in 2024, as reflected in the record number of donations for affordable housing projects that we awarded in that year.”

He added that the regional bank is “honored to be able to work with our partners/shareholders supporting practical initiatives that promote home construction and sustain community development on the island.”

The FHLBNY’s network of members on the island includes commercial banks, insurance companies, federal savings and credit unions, and community development financial institutions.

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