{"id":57095,"date":"2017-09-28T23:22:09","date_gmt":"2017-09-28T23:22:09","guid":{"rendered":"https:\/\/viconsortium.com\/?p=57095"},"modified":"2017-09-28T23:26:38","modified_gmt":"2017-09-28T23:26:38","slug":"federal-loans-after-disaster","status":"publish","type":"post","link":"http:\/\/wp.viconsortium.com\/?p=57095","title":{"rendered":"Federal Home Loan Bank Of New York Makes $1 Billion In Disaster Relief Funding Available"},"content":{"rendered":"<p class=\"\"><span class=\"\">New York, NY \u2013 In response to the severe and extensive damage caused by Hurricanes Harvey, Irma and Maria, the Federal Home Loan Bank of New York (\u201cFHLBNY\u201d) has made $1 billion in disaster relief funding available to its members to help rebuild communities in FEMA-designated disaster areas in Puerto Rico, the U.S. Virgin Islands, Florida, Texas and the Southeast.\u00a0 The funds are being made available by the FHLBNY through its Community Lending Programs (\u201cCLP\u201d) to be used as both immediate gap financing and longer-term funding to restore homes and businesses.<\/span><\/p>\n<p class=\"\"><span class=\"\">\u201cCommunities across our nation are suffering in the aftermath of the destruction wrought by three powerful storms,\u201d said Jos\u00e9 R. Gonz\u00e1lez, president and CEO of the FHLBNY.\u00a0 \u201cIn our District, Puerto Rico and the U.S. Virgin Islands are in the initial stages of recovering from unprecedented damage.\u00a0 As we have seen in past natural disasters, the local lender is key to relief and rebuilding efforts.\u00a0 The $1 billion in funding will help our members \u2013 these local lenders serving the affected communities \u2013 make a long-term, positive impact on recovery, relief and rebuilding efforts.\u201d<\/span><\/p>\n<p class=\"\"><span class=\"\">In addition to the disaster relief funding, the FHLBNY will donate $500,000 to charities in Puerto Rico and the U.S. Virgin Islands working on the ground to provide immediate relief.\u00a0 This follows a pair of $1 million donations made by the Federal Home Loan Bank System: one for Hurricane Irma and Maria relief efforts, to be split evenly between Puerto Rico and the U.S. Virgin Islands, and Florida and the Southeast; and another one for Hurricane Harvey relief efforts in Texas.\u00a0\u00a0<\/span><span class=\"\">In total, the FHLBNY will channel $1 million in donations to a number of Puerto Rico and U.S. Virgin Islands organizations, including the American Red Cross, The Salvation Army, Americares, Catholic Charities, United Way of Puerto Rico, All Hands and the Community Foundation of the Virgin Islands.<\/span><\/p>\n<p class=\"\"><span class=\"\">The $1 billion CLP commitment can be used for any residential lending activity for households whose incomes are at or below 115 percent of the area median income, as well as all small business and economic development lending in FEMA-designated disaster areas, and bridge financing. These low-cost loans can be used by the FHLBNY\u2019s member-lenders to support critical disaster relief financial activities, and meet the short-, medium-, and long-term funding needs of affected communities.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York, NY \u2013 In response to the severe and extensive damage caused by Hurricanes Harvey, Irma and Maria, the Federal Home Loan Bank of New York (\u201cFHLBNY\u201d) has made $1 billion in disaster relief funding available to its members to help rebuild communities in FEMA-designated disaster areas in Puerto Rico, the U.S. Virgin Islands, [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":56902,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[7429,191,147],"tags":[7451,7450,7438,121],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Federal Home Loan Bank Of New York Makes $1 Billion In Disaster Relief Funding Available - V.I. 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