The Federal Home Loan Banks awarded approximately $352.4 million in affordable housing program funds in 2022, a 10% decline from the year before, according to a report released today by the Federal Housing Finance Agency. With the affordable housing funds, more than 32,000 low- to moderate-income households received assistance, including approximately 17,000 very low-income households.
The FHLBs also funded nearly $1.7 billion in housing and economic development advances in 2022 with the Community Investment Program-approximately 44% under in 2022. The CIP assisted about 8,000 households in 2022, a decrease of approximately 64% from 2022. Funding for the CIP decreased across all FHLBs, except for the government Mortgage loan Bank of Bay area. Funding for the Community Investment Cash Advance Program totaled $1 billion, about 71% less than the entire year prior. CICA funding decreased for those FHLBs between 2022 and 2022 aside from the government Mortgage loan Bank of Topeka.
By no more last year, 68 nondepository community development banking institutions were FHLB members, an increase of four CDFIs. Outstanding advances to nondepository CDFIs fell in 2022, totaling $289.6 million, down from $297 million in 2022
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