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| 8-K - FEDERAL HOME LOAN BANK OF NEW YORK - Federal Home Loan Bank of New York | form_8-k.htm |
September
3, 2020
TO:
All
Stockholders
(Addressed
Individually)
SUBJECT:
Report from the
President
A Stable Foundation
On
September 1, the Federal Home Loan Bank of New York launched the
final installment of the 2020 Round of our Homebuyer Dream Program
(“HDP”), making grant funding available to our members
to provide down payment and closing cost assistance to first-time
homebuyers earning at or below 80 percent of Area Median Income. We
launched the initial installment of the 2020 HDP Round on June 1
with $3 million, and made additional installments of $3 million at
the start of both July and August. Over the course of the summer,
we experienced significant member interest in these funds, and, for
our final installment, we increased the amount available to $4.5
million. In total, more than 50 members accessed $13.5 million in
grant funds this summer to help create homeownership opportunities
across our region. Our cooperative’s continuing commitment to
housing will be reflected again later this year, when we join with
our members to announce our annual Affordable Housing Program
grants.
Over
the past few months, as the nation has grappled with the COVID-19
pandemic, the resulting economic crisis and widespread job losses,
concerns regarding impending mass evictions and foreclosures have
come to the forefront. This shows the stark reality that housing
instability is prevalent, across both our region and the country.
At the FHLBNY, we know the importance of creating and preserving
affordable housing opportunities, and the value of having a safe
and stable home. It is the foundation from which we grow as
individuals, families and communities. And in these communities, it
is the local lender that drives these housing opportunities. We are
grateful to our members for their continued use of our housing
programs, working with us to create stability for so
many.
FHLBNY Announces Capital Plan Amendments
On
September 2, 2020 we announced a set of amendments to our Capital
Plan that will become effective on October 2, 2020. Please see our
bulletin describing these changes available at the
“News” section of our public website.
2020 FHLBNY Director Election Update
Our
Board of Directors is vital to all aspects of our operations, from
approving our Capital Plan to overseeing the awarding of our annual
Affordable Housing Program grants. This is why it is important for
our members to participate in the annual Director
Election.
This
year marks our second electronic Director election, and we have
again partnered with Survey & Ballot Systems
(“SBS”), a firm that administers elections for a number
of Federal Home Loan Banks. We currently expect that on the morning
of October 2, SBS will send out to eligible members via email an
electronic ballot whereby you may cast votes for two open
Independent Directors, as well as two open New York State Member
Director seats and one open New Jersey Member Director seat, for
members in those respective states. To ensure that you are able to
receive this email, please be sure – if you have not already
done so – to add the following email address to your system
as an approved sender: noreply@directvote.net. Voting will close at
5:00 p.m. Eastern on November 3.
Looking Ahead
This
year’s Labor Day celebration may be a muted one, as pandemic
protocols limit the type of gatherings that reflect the spirit of
communities across our District. But this spirit is still strong,
and our communities are even stronger. Our communities will emerge
from this crisis, and they will do so with the support of their
local lenders. Our members provide the support communities have
always relied on, and will need even more as recovery and reopening
efforts continue. As we close out the most challenging and strange
summer any of us have ever experienced, the FHLBNY looks forward to
continue to stand as our members’ trusted partner as we all
work together to raise up the communities we serve.
Sincerely,
José
R. González
President
and Chief Executive Officer
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Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995
This
report may contain forward-looking statements within the meaning of
the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995. These statements are based upon our
current expectations and speak only as of the date hereof. These
statements may use forward-looking terms, such as
“projected,” “expects,” “may,”
or their negatives or other variations of these terms. The Bank
cautions that, by their nature, forward-looking statements involve
risk or uncertainty and that actual results could differ materially
from those expressed or implied in these forward-looking statements
or could affect the extent to which a particular objective,
projection, estimate, or prediction is realized. These forward-looking statements involve risks and
uncertainties including, but not limited to, regulatory and
accounting rule adjustments or requirements, changes in interest
rates, changes in projected business volumes, changes in prepayment
speeds on mortgage assets, the cost of our funding, changes in our
membership profile, the withdrawal of one or more large members,
competitive pressures, shifts in demand for our products, and
general economic conditions. We undertake no obligation to
revise or update publicly any forward-looking statements for any
reason.
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