January 14, 2022
NEW YORK, January 14, 2022 – The National Development Council (NDC), one of the nation’s longest operating community development non-profit organizations, announced today that its Community Impact Loan Fund (NDC CILF) has become a member of the Federal Home Loan Bank of New York. NDC CILF joins as a certified Community Development Financial Institution (CDFI). NDC shares the founding mission of the FHLBNY — to expand access to capital for affordable housing and community development.
“NDC is honored and privileged to join the family of strong financial institutions that form the FHLB of New York. Access to FHLB funding will enable us to advance our mission at the scale necessary to help meet the unprecedented need for affordable housing and community investment,” said Daniel Marsh, III, President and CEO of NDC.
NDC was founded in 1969 to address the economic and social imbalances in society by increasing the flow of capital to BIPOC and low-income communities throughout the country. For more than 50 years, NDC has helped localities and communities by providing capital for small business lending, affordable housing finance, and job creation. In 2021, NDC raised more than $200mm for COVID relief lending and deployed $386mm in recovery grants to small businesses.
“Driving sustainable community investment and expanding access to affordable housing are central to the mission of the Federal Home Loan Bank of New York, and that is why we are proud to welcome the National Development Council to our cooperative,” said José R. González, president and CEO of the FHLBNY. “It is our belief that the funding access and products we offer our members will help NDC further its mission, to the benefit of the households and communities we both serve.”
The Federal Home Loan Bank of New York is a Congressionally chartered, wholesale Bank, part of the Federal Home Loan Bank System, a national wholesale banking network of 11 regional, stockholder- owned banks. The FHLB of New York serves more than 300 financial institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of the Federal Home Loan Bank of New York is to advance housing opportunity and local community development by supporting members in serving their markets.
For more information, please contact:
Allison Kelly, Communications Director, AKelly@ndconline.org