Federal Home Loan Banks awarded approximately $266.9 million in affordable housing funds in 2022—approximately 24% less than in 2021—to assist more than 25,000 low- or moderate-income households, including over 12,000 very low-income households, the Federal Housing Finance Agency said today in its annual report on FLHBs’ targeted mission activities. At the same time, the report noted that FHLBs funded roughly $3.5 billion in targeted housing and economic development advances in 2022, or 113% more than the previous year.
The Community Investment Program assisted about 20,000 households in 2022, an increase of approximately 148% from 2021, driven by higher advance volumes at the Indianapolis, Chicago, and San Francisco FHLBs, according to the agency. The funding for the Community Investment Cash Advance Program, which supports targeted economic development, was approximately $1.4 billion, or 36% higher than the previous year. Nine FHLBs purchased mortgages through the Acquired Member Assets program, and each met the mortgage purchase and community-based AMA user goals for the year.
At the end of 2022, 70 FHLB members were non-depository community development financial institutions, two more than in 2021, FHFA said. The FHLBs’ outstanding advances to these non-depository CDFIs were $272.4 million, a decrease from $289.6 million at the end of 2021.