Rural Development Advance

Geographic Criteria

• Located in a neighborhood with a median income at or below 115% of the area median income;
• Located in a rural Champion Community, or a rural Empowerment Zone, or a rural Enterprise Community, as designated by the Secretary of USDA;
• Eligible for a federal Brownfield Tax Credit;
• Located in an Indian area, as defined by the Native American Housing Assistance and Self Determination Act of 1996;
• Located in an area affected by a federal military base closing or realignment; and/or
• Located in an area identified as a designated community under the Community Adjustment and Investment Program
• Located in a state declared disaster area, or other area that qualifies for assistance under another Federal or State targeted economic development program, approved by FHFA.

Individual Criteria

• The annual salaries for at least 51% of the permanent full- and part-time jobs, computed on a full-time equivalent basis, created or retained by the project, other than construction jobs, are at or below 115% of the median income;
• At least 51% of the families who otherwise benefit from (other than through employment) or are provided services by the project have incomes at or below 115% of the median income.

Small Business Criteria

• Projects that qualify as small businesses as defined by section 3(a) of the Small Business Act and implemented by the Small Business Administration under 13 CFR Part 121.
• Projects may qualify based on SBA’s size standards or if a project received an SBA Loan (Note: If a loan is qualified based on SBA Loan, a copy of the supporting loan documentation will be required at application).

Eligible Lending Activity

• All loans within the submitted CLP Application must have closed within 90 days of receiving an advance from the FHLBNY.
• Once a CLP Application is approved, a commitment will be issued for up to 90 days, based on the oldest loan in the loan pool (e.g., 90 days – oldest loan in the loan pool).

Member Limits*

• A member’s Maximum Borrowing Capacity is the lesser of 3% of Asset size or $100 million. Members may request an exception to the maximum up to $200 million per member. Exception requests will be considered on a case-by-case basis.
• A member’s Minimum Borrowing Capacity is $25 million per member.
• Members may not borrow more than $100 million in each quarter.

*Note: Member Limits are inclusive of all CLP Programs except DRF and BDA. The FHLBNY reserves the right to change member limits at any time, without prior notice.

Advance Tenors**

• Advance tenors for CLP advances are restricted to one (1) to five (5) years.
• All FHLBNY credit conditions apply.

**Note: Applicable to CIP, UDA and RDA Program. See the Disaster Relief Program page for DRF related limits and advance tenors.

CLP Documents