Report demonstrates FHLBank System improves access to affordable housing

The Federal Home Loan Banks System (FHLBank System) recently published their 2023 Impact Report, which chronicles in great detail the ways in which the System delivers measurable and sustainable impact on communities and individuals across the country.

The 2023 Impact Report includes key data points representing FHLBank System activity throughout the year, including the total number of members, the total number of housing units and families assisted through Affordable Housing Program (AHP) contributions, the total dollar volume of contributions to voluntary programs aimed and affordable housing and community development, and the FHLBank System’s commitment to diversity, equity, and inclusion. The report also contains more than 50 case studies and brief testimonials reflecting the positive impact of FHLBank funding for families and local communities.  

Every year, the 11 FHLBanks devote significant resources to informing their members and the communities those members serve of the valuable impact their activities have within their respective districts. Last year, the FHLBanks published their inaugural Corporate Social Responsibility Report demonstrating the systemwide impact of those activities across the nation. The 2023 Impact Report is a follow-up to that report.

Report Highlights:

• $355 million in statutory 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 FHLBanks are very proud of the work represented in the report and our credit union members should be equally proud of how their participation in the FHLBank System helps homeowners, families, small businesses, and communities across America.