Washington D.C., Sept. 27, 2017 (GLOBE NEWSWIRE) -- The Council of Federal Home Loan Banks (FHLBanks) today announced that the FHLBanks have established a $1 million relief fund to help communities in Florida and the Southeast, Puerto Rico, and the U.S. Virgin Islands recover from the damage caused by Hurricane Irma.
The FHLBank of Atlanta and the FHLBank of New York, whose two districts cover areas of the country most affected by the storm, are each contributing $275,000 to this relief effort, while the other nine FHLBanks – headquartered in Boston, Chicago, Cincinnati, Dallas, Des Moines, Indianapolis, Pittsburgh, San Francisco, and Topeka – are contributing $50,000 each. The funds will be allocated to: All Hands Volunteers, American Red Cross, Americares, Operation USA, Salvation Army, United Way Puerto Rico, and Virgin Islands Community Foundation’s Hurricane Relief Fund.
“When disasters like Hurricane Irma strike, we want to be there to help in the recovery and rebuilding of the communities our members serve,” said Wes McMullan, President and CEO, FHLBank of Atlanta. “It is important to us that our members know they are not alone and they can count on us for support throughout the recovery process. We are proud to provide this assistance, and we are grateful to the FHLBank of New York and the other FHLBanks for partnering with us in this relief effort.”
Last month, the FHLBanks announced a $1 million relief effort in support of communities in Texas and the Gulf Coast that were impacted by Hurricane Harvey. In September, the FHLBank of Dallas, whose district includes the states most affected by Hurricane Harvey, announced a $1 billion commitment in low-cost loans and launched a $7 million grant program to address the immediate needs of its members and their communities across the Gulf Coast region stricken by the historic storm. The FHLBank of New York is expected to announce soon its plans to address the devastation caused by Hurricane Maria.
“The recovery for Puerto Rico and the U.S. Virgin Islands will take time and significant effort, but the people of the Caribbean are resilient and this recovery will be achieved,” said José R. González, President & CEO, FHLBank of New York. “The FHLBanks function as 11 institutions working toward the same mission. The relief efforts in Puerto Rico and the U.S. Virgin Islands will succeed in the same way: many hands working toward a common goal. We make our donation today toward Irma-related recovery with a focus on supporting the vital mission of rebuilding the affected communities.”
The FHLBanks are 11 regional cooperatives that are chartered by Congress and privately owned by U.S. financial institutions of all sizes and many types in every state and territory. The purpose of the FHLBanks is to provide reliable liquidity to member institutions to support housing finance and community investment. The steady flow of funds provided by the FHLBanks to local lenders and their communities creates jobs, supports economic growth, and helps support more affordable rental housing and homeownership.
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