HOME ABOUT US MEMBERS BUSINESS LINES COMMUNITY Housing Programs Community Lending Programs Small Business Recovery Grant Program Success Stories CAREERS NEWS EVENTS FINANCIAL INTELLIGENCE LOGIN URBAN DEVELOPMENT ADVANCE Urban Development Advance (UDA) The Urban Development Advance (UDA) provides financing for economic development projects in urban areas that benefit individuals or families with incomes at or below 100% of the area median income. An urban area is defined as a unit of general local government with a population of more than 25,000. UDA funding is a non-competitive source of low-priced, medium-term funds that are available in the form of advances to Federal Home Loan Bank of New York (FHLBNY) member community lenders. As part of the suite of Community Lending Programs, UDA Advances are priced below regular FHLBNY advance rates. UDA Advances may be used to finance commercial and economic development projects that meet any of the geographic, individual, or small business criteria listed below: Geographic Criteria Located in a neighborhood with a median income at or below 100% of the area median income; Located in an urban Champion Community, or an urban Empowerment Zone, or an urban Enterprise Community, as designated by the Secretary of HUD; Eligible for a federal Brownfield Tax Credit; Located in an Indian area, as defined by the Native American Housing Assistance and Self Determination Act of 1996; Located in an area affected by a federal military base closing or realignment; and/or Located in an area identified as a designated community under the Community Adjustment and Investment Program. Individual Criteria The annual salaries for at least 51% of the permanent full- and part-time jobs, computed on a full-time equivalent basis, created or retained by the project, other than construction jobs, are at or below 100% of the median income; At least 51% of the families who otherwise benefit from (other than through employment) or are provided services by the project have incomes at or below 100% of the median income. Small Business Criteria Projects that qualify as small businesses as defined by section 3(a) of the Small Business Act and implemented by the Small Business Administration under 13 CFR Part 121. Projects may qualify based on SBA’s size standards or if a project received an SBA Loan (Note: If a loan is qualified based on SBA Loan, a copy of the supporting loan documentation will be required at application). Eligible Lending Activity All submitted loans must have closed within 90 days of receiving an advance from the FHLBNY. Once approved, a commitment will be issued for up to 90 days, based on the oldest loan in the loan pool (e.g., 90 days – oldest loan in the loan pool). Member Limits* A member’s Maximum Borrowing Capacity is the lesser of 3% of Asset size or $100 million. Members may request an exception to the maximum up to $200 million per member. Exception requests will be considered on a case-by-case basis. A member’s Minimum Borrowing Capacity is $25 million per member. Members may not borrow more than $100 million in each quarter. *Note: Member Limits are inclusive of all CLP Programs except DRF and BDA. Advance Tenors** Advance tenors for CLP advances are restricted to one (1) to five (5) years. All FHLBNY credit conditions apply. **Note: Applicable to CIP, UDA and RDA Program. See the Disaster Relief Program page for DRF related limits and advance tenors. Examples of commercial and economic projects that qualify for UDA funding: Small business loans Daycare centers Manufacturing facilities Retail stores Mixed-use buildings Healthcare facilities Educational facilities Warehouse facilities Grocery stores Equipment purchases for commercial expansion Community services, such as fire stations and trucks Acquisition, construction, refinancing or rehabilitation Construction or rehabilitation of public or private infrastructure, such as roads, utilities, and sewers Debt refinancing or consolidation for commercial business Apply for Urban Development Advance Program Members must enroll in the CLP System to submit applications for CLP funds. Members can apply directly in the System or complete and upload the CLP Application below (with the requested detail for each submitted loan) into the System. CLP Documents CLP System User Guide Community Lending Programs System User Guide PDF CLP-001 Community Lending Programs Guidelines PDF CLP-002 Community Lending Programs Application XLS COMMUNITY LENDING PROGRAMS URBAN DEVELOPMENT ADVANCE SMALL BUSINESS LENDING CLP FORMS & GUIDELINES CLP SYSTEM Contact Us To learn more about our program, email: CLP@fhlbny.com UDA Success Stories Tioga State Bank Promotes Business Expansion in Binghamton, New York Member: Tioga State Bank Project Name: Bates, Troy, Inc. HSBC Bank, USA Help Fund Central Park Cafe and Housing Units in Rochester, New York Member: HSBC Bank USA Sponsor: NENA Community Land Corporation More UDA Success Stories FEDERAL HOME LOAN BANK OF NEW YORK 101 PARK AVENUE • NEW YORK, NY 10178 70 HUDSON STREET • JERSEY CITY, NJ 07302 Contact Us Become a Member 1Link® Login Careers © 2021 Federal Home Loan Bank of New York. All rights reserved. General Terms and Conditions of Use | Privacy Policy | Sitemap