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The Federal Housing Finance Agency (FHFA) has released its Annual Report on 2022 Federal Home Loan Bank Targeted Mission Activities.
The report highlights the Federal Home Loan Banks’ (FHLBanks) activities and performance in 2022 under the Affordable Housing Program (AHP), the Community Investment Program (CIP), and the Community Investment Cash Advance Program (CICA). The report also covers Community Development Financial Institution (CDFI) membership in the FHLBank System, the FHLBanks’ affordable housing goals, and their purchases of Acquired Member Assets (AMA).
The FHLBanks provide loans (referred to as advances) or grants to their members or housing associates under these programs. These funds are then used to assist very low- and low- or moderate-income households and communities.
“The Federal Home Loan Banks assisted close to 45,000 low-and moderate-income households and supported more than 200 economic development projects in 2022 through grants and targeted economic development advances,” said Director Sandra L. Thompson. “FHFA’s comprehensive review of the Federal Home Loan Bank System has highlighted its long-term importance in both providing liquidity in the housing finance market and promoting housing affordability and community investment.”
Key takeaways of the report include:
- The FHLBanks awarded approximately $266.9 million in total contributions to the AHP in 2022, assisting more than 25,000 low- or moderate-income households, more than 12,000 of which were very low-income households.
- The FHLBanks assisted another 20,000 low- and moderate-income households through the CIP and supported more than 200 economic development projects through CICA.
- Nine FHLBanks purchased mortgages under AMA programs in 2022, and each FHLBank met the affordable housing goals governing such purchases.
- More expansive information on voluntary FHLBank targeted mission activities and programs is highlighted in a new section of the report.
The FHLBanks also support the financing of low-income housing and community development through other activities, including advances to their non-depository CDFI members. CDFIs assist underserved communities by promoting economic investment and affordable housing opportunities, and providing community development financial services and other banking services. At the end of 2022, an estimated 70 FHLBank members were non-depository CDFIs.
To read the full report, including more data, charts, and methodology, click here.
