CSH (Corporation for Supportive Housing) announced it has joined the Federal Home Loan Bank of New York (FHLBNY) cooperative of eligible commercial banks, credit unions, savings institutions, community development financial institutions (CDFI), and insurance companies. As an FHLBNY member, the national nonprofit now has access to competitively priced financing and other banking services.
“This announcement is not only a sign of confidence in CSH as a strong CDFI, our new partnership with FHLBNY will directly benefit local providers receiving our loans to create supportive housing for very vulnerable people who do not have homes or want to live independently in their community,” said Deborah De Santis, president and CEO of CSH. “FHLBNY offers a number of important services allowing us more creativity and flexibility in meeting the short- and long-term needs of our borrowers developing the supportive housing that improves lives and strengthens communities.”
Although there are more than 800 CDFIs nationwide, CSH is one of only four dozen nationwide that make up the 7,000 member institutions in the Federal Home Loan Bank system, according to the organization. Each member is a shareholder in one of the regional Federal Home Loan Banks, which are privately capitalized, separate corporate entities operating in a cooperative structure.
CSH is the fourth CDFI to join the FHLBNY cooperative. This achievement demonstrates the growing leadership CSH and CDFIs have in driving both financial and social impact.
As of January 2010, CDFIs were authorized to become members of the Federal Home Loan Bank system. Eligible CDFIs include community development loan funds, venture capital funds, and state-chartered credit unions without federal insurance that are certified as a CDFI under the CDFI Act. As part of a rigorous process to be considered for FHLBNY membership, a CDFI must be certified by the CDFI Fund of the U.S. Treasury Department.
“At the Federal Home Loan Bank of New York, we know how vital supportive housing is to improving lives and strengthening communities, and that is why we are proud to welcome CSH to our cooperative,” said José R. González, president and CEO of the FHLBNY. “It is our belief that the funding access and products we offer our members will help CSH further its mission, benefitting households and communities across our region.”FHLBNY members have access to a number of important banking services including:
- Low-cost funding;
- Products to mitigate interest-rate risk;
- A stable and reliable source of funds;
- Securities safekeeping; and
- Flexible borrowing terms.
CSH also has the opportunity to apply for the FHLBNY’s Affordable Housing Program grants and can access other banking services, including the FHLBNY’s Community Lending Programs, that support its community development work.
“Having access to the capital provided by the FHLBNY allows us to create more social impact for low-income individuals, families, and communities by increasing our financing options for the quality supportive housing that fosters stability and connections to health care, workforce development, inclusive housing, and dignified aging alternatives,” said Brigitt Jandreau, chief lending officer at CSH.
CSH has been a national leader in supportive housing for over 25 years. It has worked in 48 states to help create and promote stable, permanent homes for individuals and families. This housing has transformed the lives of over 200,000 people who once lived in abject poverty, on the streets, or in institutions.