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Disaster Relief Funding

Disaster Relief Funding (DRF)

Flexibility and speed are crucial in the initial stages of a response to a crisis. Members are immediately eligible for discounted advance rates through our Community Lending Programs (CLP) if they are providing financing in FEMA-designated areas.

In an effort to support the communities we serve, the Federal Home Loan Bank of New York (FHLBNY) has extended $1 billion in Disaster Relief Funding (DRF) to cover communities affected by the current COVID-19 pandemic, recent earthquakes in Puerto Rico, and past Hurricanes Irma and Maria in the Caribbean. Natural disasters have destroyed physical infrastructure while COVID-19 has led to widespread business closures, mass layoffs and record unemployment levels. In all these cases, the FHLBNY is here to support our members and aid in relief efforts.

Funds are available to members to assist rebuilding and economic recovery efforts across in-district communities located in FEMA-designated disaster areas. The funds are being made available by the FHLBNY through its CLP for both immediate gap financing and long-term funding to rebuild communities and support small businesses affected by the disasters.

Disaster Relief Funding will continue to be made available until it has been fully allocated or until December 31, 2020, whichever occurs earlier. In the event the DRF has not been fully allocated by this date, the FHLBNY may choose to make the DRF available past 2020.

Eligible Disasters

Qualified FEMA-declared disaster areas within our district include:


Hurricane Irma – 9/10/2017


Hurricane Maria – 9/20/2017


Puerto Rico Earthquakes – 1/16/2020


COVID-19 New York – 3/20/2020


COVID-19 New Jersey – 3/25/2020


COVID-19 Puerto Rico – 3/27/2020


COVID-19 U.S. Virgin Islands – 4/2/2020

Eligibility Criteria


Eligible member lending activity originated after the disaster declaration and within 90 days of receiving funding may be submitted as DRF support for advances related to financing of housing or economic development activities in communities located in a FEMA-designated disaster area.


Housing activities include the purchase, construction, rehabilitation or refinancing of, or pre-development financing for individual owner-occupied housing units, projects involving multiple units of owner-occupied housing, rental housing, or manufactured housing parks, as defined in the CICA Regulation.


Economic development activities include commercial, industrial, manufacturing, social service, public or private facility and infrastructure activities, such as roads, utilities, and sewers.


Economic recovery efforts include immediate and long-term small business relief measures. DRF will support members in liquidity needs, shoring up balance sheets, and allowing them to offer continuous credit facilities.


Commercial and/or Mixed-Use eligibility is based on location criteria (FEMA-designated disaster areas). Eligibility for housing activities is based on existing CIP eligibility criteria.

Apply for Disaster Relief Funding

Members must submit a fully completed DRF Application to apply (download application below). Within the application, please be sure to provide requested detail for each submitted loan along with a brief description of how the funds will be used.

DRF/APP-001 Disaster Relief Funding Application (DRF/APP-001)
DRF Guidelines Disaster Relief Funding Guidelines

The FHLBNY continues to help communities through the Community Investment Program (CIP) which enables members to finance a wide range of targeted housing projects. Rural Development Advance (RDA) and Urban Development Advance (UDA) were also created to provide financing for economic development projects in rural or urban areas.

Key Contacts

Relationship Managers:
(212) 441-6700
[email protected]

COVID-19 Relief Program Presentation

May 7th Webinar

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