The Federal Financing Bank & Risk Sharing (FFB Risk Share) program officially expired on December 31st. It was a flexible financing tool that dramatically lowered the cost of capital for cities and states seeking to finance affordable housing. Since it was introduced ten years ago, the program has financed about 20,000 units nationwide, including 3,000 in NYC. Advocates had won a temporary three-month extension for the program last fall, but additional efforts to save the program at the end of the year were unsuccessful. NYHC will continue to fight for additional resources to develop and preserve affordable housing in New York.
Here is HDC’s infographic with more information on the program: