FHLBs’ Affordable Housing Funds Up 8 Percent in 2017

The Federal Home Loan Banks awarded approximately $398.7 million in affordable housing program funds in 2017, an 8 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 41,000 low- or moderate-income households received assistance, including approximately 22,000 very low-income households.

The FHLBs also funded nearly $4.7 billion in housing and economic development advances in 2017 through the Community Investment Program — a 46 percent increase from 2016. Funding for the Community Investment Cash Advance Program totaled $3.8 billion, an increase of 30 percent from 2015.

Forty-eight non-depository community development financial institutions were FHLB members in 2017, up from 45 the year before. Outstanding advances to non-depository CDFIs rose in 2017, totaling $161.7 million. A year prior, nonbank CDFI advances totaled $121.7 million.