2023, to me, was where the Bank hit stride with its members. We were hitting levels of engagement and activity that we didn't have in the early and the mid-period of COVID.
:14
Last year was a banner year, and we saw a lot of increase in investments in affordable housing, down-payment assistance programs, economic development programs and Main Street programs. So it was really great to see the bank do well because they have such a big impact in our communities across New England.
:31
2023 was a very successful year, but it was also very challenging. The challenge that last year was that we had a banking crisis in March.
:40
The Bank was there for its members during that, I will call it a mini crisis. They needed liquidity from the bank from the Home Loan Bank of Boston and many other banks provided that liquidity when their members needed it.
:51
I think it's one of our better years financially if not one of the best that we've had. So very happy with the outcome. The FHFA came out with the plan to speak across the nation with stakeholders, and we got the results of that in November. And we in Boston are embracing those results
1:10
So, the Federal Housing Finance Agency heard overwhelmingly positive feedback about the affordable housing program, and there's a reason why. It's one of the largest private grants investments in New England since it was started in 1990. So it's a really important component to affordable housing in New England
1:28
The Banks have a mission, a dual mission that’s liquidity and affordable housing. The Banks have been doing a lot of work in affordable housing throughout the country. I think the FHFA has heard that we should do more, and I think for the banks are very receptive to that and are looking in new ways, innovative ways to support the affordable housing, the districts and Boston Bank is trying to do that as well.
1:50
We try to put forth programs that are impactful to New England and specific to New England, and last year, we launched a pilot called Lift Up Homeownership.
2:01
Lift Up is a special-purpose credit program really targeted to assist people of color who have historically been locked out of the housing market to provide them with down-payment assistance so that we get into their first home. There were 51 home owners last year that were supported through this program. It's very important to me personally and very important to the Bank, as well.
2:23
I'm really proud of the housing council's work on the Lift Up program. It's one of the first programs in the United States like this, and I'm just delighted for the home buyers that are now homeowners as a result of that effort. It’s very real people benefiting from the work that we did collectively with the housing council, the staff and the board of the Federal Home Loan Bank.
2:44
I’m going to remember ‘23 as hitting our stride with our members and responding effectively to a liquidity crisis that unfortunately impacted some banks pretty severely. We have under 200 people here in Boston, and the most proud I am is when we encounter challenges from our members because of challenges that they are seeing the same small group rises to the occasion and the service level that we showed in March and the clear headedness we showed in March, it was beyond remarkable. We're going to continue to innovate, and we're going to continue to provide programs that will help the New England communities that we serve.