Alfred DelliBovi, the head of the Federal Home Loan Bank of New York and a lion of housing finance, submitted his resignation Thursday after 21 years as president.

A former deputy secretary at the Department of Housing and Urban Development, DelliBovi will step down from the FHLB on April 1, the bank said. He announced in October that we would depart sometime in 2014 and paved the way for Jose Ramon Gonzalez to succeed him.

In February, DelliBovi had open heart surgery after doctors discovered a blockage in this chest. In a March 3 letter to FHLB members, he wrote that the "bypass procedure went exceptionally well." While still recovering from the procedure, he was in his office on Thursday, a bank spokesman said.

Under DelliBovi's leadership, the New York bank has expanded advances tenfold and increased its assets by more than $100 billion. In addition, DelliBovi focused on community initiatives that created homes for thousands of families. "He is a true community banker," Gonzalez said in a press release issued Thursday.

Gonzalez, who has served as the Home Loan Bank's vice chairman since 2008, was a senior executive vice president at OFG Bancorp (formerly Oriental Financial Group).

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