New Urban Institute Study Finds FHLBank System Deployed $147.2 Billion in Targeted Housing and Community Investment Between 2015-2024

FHLBanks Consistently Exceed Statutory Affordable Housing Program (AHP) Contributions

WASHINGTON, May 04, 2026 (GLOBE NEWSWIRE) -- The Council of Federal Home Loan Banks today highlighted new independent research by the Urban Institute, a nationally respected, nonpartisan think tank based in Washington, D.C., demonstrating that the Federal Home Loan Banks’ (FHLBanks) housing and community development programs are delivering substantial, measurable benefits for households, communities, and local economies nationwide. Over the 10-year study period, the FHLBanks deployed $147.2 billion across a range of housing and community programs and financing tools. This activity generated an estimated $47 billion in direct economic impact under base-case assumptions.

This is the third in a series of studies by the Urban Institute. The two previous studies examined how FHLBank liquidity supports financial stability and expands lending by members. This latest study completes the picture by showing how that capacity translates into real-world targeted housing and community development programs. It examines the impact of the System’s mission-oriented activities, including the Affordable Housing Program (AHP), the Community Investment Program (CIP), the Community Investment Cash Advance (CICA), Acquired Member Asset (AMA) programs and a growing set of voluntary initiatives.

“This third study from the Urban Institute provides a clear, data-driven picture of how the privately funded FHLBanks deliver for communities across the country,” said Ryan Donovan, President and CEO of the Council of Federal Home Loan Banks. “Over the 10-year study period, the FHLBanks deployed more than $147 billion across a range of programs and financing tools, generating more than $47 billion in direct economic activity while consistently exceeding their statutory Affordable Housing Program contributions. Taken together, these findings show how the FHLBanks and their 6,400 members operate in concert to deliver meaningful support for housing and community development nationwide.”

Highlights of the study include:

• Across targeted housing and community mission-oriented programs, the FHLBanks deployed $147.2 billion in funding between 2015 and 2024, generating an estimated $47 billion in direct economic impact under base-case assumptions.
  
  
  • Estimated economic impacts range from $16.5 billion to $94.8 billion under conservative and high-end scenarios.
    
    
• The FHLBanks consistently exceed their statutory Affordable Housing Program contributions, contributing roughly 15 percent of net earnings, or more, annually in recent years.
  
  
• The AHP General Fund contributed $3.8 billion between 2015 and 2024, supporting production of nearly 250,000 housing units, with a strong focus on rental housing.
  
  
• 88.3 percent of AHP Set-aside funds went to first-time homebuyers in 2024, and average grant sizes doubled from $7,052 (2015–2023) to $14,173 in 2024.
  
  
• Between 2015 and 2024 the FHLBanks provided nearly $70 billion in CIP advances and CICA lending, supporting mission-aligned housing, small businesses, and community development nationwide.
  
  
• Between 2015 and 2023, FHLBanks purchased $71.6 billion in mortgage loans through the AMA programs, providing liquidity that supports ongoing mortgage lending and access to housing finance. The AMA programs primarily support small local lenders, many designated as community financial institutions (CFIs), that retain the option to service the loans and maintain their valuable customer relationships.
  
  
• FHLBank voluntary programs are funded above and beyond statutory AHP contributions, are growing in importance, and demonstrate that the FHLBank System is proactively choosing to do significantly more and responding quickly to emerging or local needs.
  
  

The Council of Federal Home Loan Banks commissioned the series of Urban Institute studies to provide independent measurement of how FHLBank liquidity supports financial stability and lending, and how those activities ultimately power housing and community investment through targeted programs.

The Urban Institute analysis draws on FHLBank program data, regulatory filings, and project-level information to assess the scale, targeting, and economic impact of the System’s housing and community investment activities.

The FHLBanks are member-owned cooperatives and the findings from Urban Institute reaffirm that the FHLBank System is more than a funding source – it is lending that powers communities. Click here to read the study: The Value of the FHLBank System’s Housing and Community Mission Oriented Programs

About: The FHLBanks are 11 regionally based, wholesale suppliers of lendable funds to financial institutions of all sizes and many types, including community banks, credit unions, commercial and savings banks, insurance companies, and community development financial institutions. The FHLBanks are cooperatively owned by member financial institutions in all 50 states and U.S. territories. The steady supply of lendable funds from FHLBanks helps U.S. lenders invest in local needs including housing, jobs, and economic growth. The Council of FHLBanks represents all 11 FHLBanks.

CONTACT INFORMATION
Council of FHLBanks
Peter E. Garuccio
202-955-0002 ext. 14
pgaruccio@cfhlb.org

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