The FHLBNY helps community lenders in New Jersey, New York, Puerto Rico and the U.S. Virgin Islands advance housing and community growth. The FHLBNY is part of the congressionally chartered, nationwide Federal Home Loan Bank System (System), which was created in 1932 to provide a flexible credit liquidity source for member community lenders engaged in home mortgage and neighborhood lending. The FHLBNY increases the availability of mortgages and home finance to families of all income levels by offering high-value finance, correspondent and cash management services to assist our members in more effectively serving their neighborhoods and CRA responsibilities. The FHLBNY also enables local lenders to extend affordable credit to their communities. Each year since 1990, the FHLBNY has contributed 10% of its income to the Affordable Housing Program to subsidize long-term financing for very low-, low- and moderate-income families. The FHLBNY also offers Community Investment Programs and the Homebuyer Dream Program®, a grant program for first-time home buyers. The FHLBNY is privately capitalized and operated by our member stockholders. The System receives no taxpayer funding and raises its funds by issuing debt instruments in the capital markets. The System is supervised by the Federal Housing Finance Agency, which ensures that the System operates in a financially safe and sound manner, remains adequately capitalized and able to raise funds in the capital markets, and carry out its housing finance mission.