The Federal Home Loan Banks awarded approximately $458 million in affordable housing program funds in 2018, a 15% increase from the year prior, according to a report released today by the Federal Housing Finance Agency. Of the affordable housing funds, more than 49,000 low- or moderate-income households received assistance, including approximately 25,900 very low-income households.
The FHLBs also funded nearly $3.1 billion in housing and economic development advances in 2018 through the Community Investment Program—a 33% decrease from 2017. Funding for the Community Investment Cash Advance Program totaled $3.1 billion, a decrease of 18% from 2017.
Sixty non-depository community development financial institutions were FHLB members, up from 48 the year before. Outstanding advances to non-depository CDFIs rose in 2018, totaling $221.5 million. A year prior, nonbank CDFI advances totaled $161.7 million.