| Program
Name: Community Investment Program |
Alternate
Name: CIP |
| Purpose:
To
provide access to affordable loan financing to support community revitalization
efforts. |
| Eligible
Applicants: Assistance provided directly to end-borrowers through FHLB
member banks. |
| Eligible
Activites: Site acquisition and redevelopment for commercial businesses,
can be used for housing development if the project will support debt service. |
| Form
of Assistance: Below market rate loans |
Funding
Cycles: Ongoing |
Deadline
Date: Open |
Funding
Organization: Federal Home Loan
Bank
of New York |
Contact
Information:
Donald
Wolff, Sr. Vice President
7
World Trade Center
New
York, NY 10048 |
Phone
Number:
(212)441-6821 |
Fax
Number:
(212)441-6859 |
How
To Apply:
Through
member banks |
| Comments:
Assistance
provided as below market rate loan. FHLBNY loans CIP funds to member bank,
which reloans to the borrower at a slight markup over the cost of funds.
Good program for Main Street revitalization efforts, particularly to assist
existing commercial businesses to buy their storefronts and make improvements
to the site. |
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