The Federal Home Loan Banks awarded approximately $368.9 million in affordable housing program funds in 2016, a 15 percent increase from the year prior, according to a report released today by the Federal Housing Finance Agency. Of the affordable housing funds, more than 39,000 low- or moderate-income households received assistance, including approximately 22,000 very low-income households.
The FHLBs also funded nearly $3.2 billion in housing and economic development advances in 2016, through the Community Investment Program — on par with funding in 2015. Funding for the Community Investment Cash Advance Program totaled $2.9 billion, a decrease from $4 billion in 2015.
Forty-five community development financial institutions were FHLB members in 2016. In 2015, there were 41 CDFIs. Outstanding advances to CDFIs rose in 2016, totaling $121.7 million. A year prior, CDFI advances totaled $114.5 million.