The Federal Home Loan Banks awarded approximately $393 million in affordable housing program funds in 2020, a 14% decline from the year before, according to a report released today by the Federal Housing Finance Agency. Through the affordable housing funds, more than 40,000 low- or moderate-income households received assistance, including approximately 21,600 very low-income households.
The FHLBs also funded nearly $3 billion in housing and economic development advances in 2020 through the Community Investment Program—approximately 13% less than in 2019. The CIP assisted about 22,000 households in 2020, a decrease of approximately 19% from 2019. The decline was mostly driven by decreases in units assisted by the Boston, New York and San Francisco FHLBs, according to the report. Funding for the Community Investment Cash Advance Program totaled $3.6 billion, about 18% higher than the year prior.
By the end of last year, 64 non-depository community development financial institutions were FHLB members, an increase of four CDFIs. Outstanding advances to non-depository CDFIs rose in 2020, totaling $297 million, up from nearly $262 million in 2019.