On Aug. 9 the Federal Home Loan banks' affordable housing program celebrated its 10th anniversary. Established by Congress in 1989, this dynamic program provides substantial subsidies for the creation and preservation of affordable housing.
Each of the 12 Federal Home Loan banks funds its own regional affordable housing program with 10% of annual profits. This decade-old commitment has meant that the Home Loan banks have awarded funds totaling over three-quarters of a billion dollars for 5,300 locally directed housing initiatives across the country. More to the point, these initiatives have helped generate nearly 200,000 new affordable housing units.