[Congressional Record Volume 156, Number 104 (Wednesday, July 14, 2010)]
[Extensions of Remarks]
[Page E1311]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




    HONORING THE 20TH ANNIVERSARY OF THE AFFORDABLE HOUSING PROGRAM

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                        HON. MAURICE D. HINCHEY

                              of new york

                    in the house of representatives

                        Wednesday, July 14, 2010

  Mr. HINCHEY. Madam Speaker, I rise today to honor the 20th 
anniversary of the Affordable Housing Program created by the Federal 
Home Loan Bank.
  Since it was chartered by Congress in 1932, the Federal Home Loan 
Bank has become the largest source of mortgage lending in the United 
States. This venerable institution has invested billions of dollars in 
communities across our nation. These investments have resulted in the 
development of over 650,000 housing units and the creation of 78,000 
construction jobs, lending additional economic security to our local 
communities. The sound practices of the Federal Home Loan Bank have 
made affordable housing, small business lending, foreclosure 
prevention, and financial literacy possible by maximizing the capacity 
of our community-based banks to serve their neighborhoods.
  Twenty years ago, the Federal Home Loan Bank established the 
Affordable Housing Program in order to increase the availability of 
mortgages and home finance to families of all income levels. This 
laudable goal is being achieved by the Bank setting aside 10% of its 
own private earnings to support the creation and preservation of 
housing for lower income families and individuals. This outstanding 
program has helped countless people achieve the dream of homeownership. 
It has also enabled countless others to secure high quality, safe and 
affordable rental units.
  Under the guidance of President and CEO Alfred DelliBovi since 1992, 
the Federal Home Loan Bank of New York has helped community lenders 
throughout New York, New Jersey, Puerto Rico and the U.S. Virgin 
Islands advance housing and community growth. This regional bank's 
Affordable Housing Program has supported more than 1,200 projects with 
grants totaling more than $350 million. This has resulted in the 
creation of more than 50,000 units of affordable housing and the 
generation of $6 billion in total development costs. This year the 
Federal Home Loan Bank of New York, announced that they have awarded 
$29.7 million in subsidies to fund 54 affordable housing initiatives 
throughout the region.
  Today I stand to thank Mr. DelliBovi and the Federal Home Loan Bank 
of New York for their investments into our communities, to congratulate 
them on the success of the program, and to offer my encouragement for 
them to continue with this outstanding initiative.

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