Federal Home Loan Banks Announce 2024 Impact Report Highlights

Strategic Insights -

The Federal Home Loan Banks, member-owned cooperatives that power communities, released their 2024 Impact Report, showcasing their continued reliability as a liquidity provider and a landmark year of support for housing affordability and community development across the United States. The report highlights the System's 90+ year history, emphasizing the integral role the FHLBanks play in expanding housing supply and economic opportunity. The Affordable Housing Program alone supported projects representing an estimated $8.9 billion in total development costs in 2024.

Key Takeaways:

  • The FHLBanks ended 2024 with more than $737 billion in advances outstanding, nearly $220 billion in outstanding letters of credit, and nearly $70 billion in mortgage loans held, ensuring the flow of affordable credit to local economies.
  • The Affordable Housing Program (AHP) funding expensed $752 million, enabling the creation or preservation of over 26,000 housing units, 83% of which were multifamily developments.
  • The FHLBanks committed more than $1.2 billion to housing programs and voluntary initiatives, setting a new high-water mark in the System's 90+ year history.
  • The Community Investment Program (CIP) advances held over $9.2 billion in housing outstanding at year-end and $2.4 billion in Community Investment Cash Advances (CICA) for economic development outstanding at year-end, preserving over 12,500 jobs.
  • Over 14,000 first-time homeowners were supported through AHP grants.
  • Ryan Donovan, president and CEO of the Council of Federal Home Loan Banks, emphasized the FHLBanks' commitment to expanding opportunity through responsible funding, innovative partnerships, and community-led solutions.

Statistics:

  • $737 billion in advances outstanding at year-end.
  • $220 billion in outstanding letters of credit.
  • $70 billion in mortgage loans held, with nearly $15 billion in new mortgage loans purchased in 2024.
  • 28% of new mortgage loans assisted low-income families.
  • $752 million in AHP funding expensed.
  • Over 26,000 housing units created or preserved through AHP.
  • 83% of AHP developments were multifamily.
  • $528 million in voluntary contributions for housing and economic development.
  • Over 14,000 first-time homeowners supported through AHP grants.
  • $9.2 billion in CIP advances for housing outstanding at year-end and $2.4 billion in CICA for economic development outstanding at year-end, preserving over 12,500 jobs.

Sources:

  • The 2024 Impact Report from the FHLBanks, as cited in the article.
  • GlobeNewswire, "Federal Home Loan Banks (FHLBanks) Release 2024 Impact Report," June 23, 2025.