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Affordable Housing Program

The 2008A AHP funding round is now closed.

The deadline for the 2008B funding round is Thursday, September 25, 2008.

In 2008, FHLBank will make a record amount of AHP funding available - approximately $20 million for affordable housing projects alone. This very substantial allocation is based on the Bank's 2007 earnings. Click here to learn more about this allocation in the context of the Bank's earnings.

View the detailed process and prepare for the next round here.

Each year, FHLBank Pittsburgh sets aside approximately 10 percent of its net income to fund the AHP. The AHP supports projects that provide affordable housing to individuals and families whose incomes are defined as low (51 to 80 percent of area median) or very low (50 percent and below of area median).

The AHP provides grants and loans that can be used for:

  • Single- and multi-family housing
  • New construction and rehabilitation
  • Rental and owner-occupied homes
  • Scattered-site housing development projects
  • Transitional and single-room-occupancy housing

Low income is just one of many common denominators AHP-eligible individuals and families share. As a result, AHP funds are increasingly being channeled toward projects that provide special-needs populations — such as the mentally/physically disabled, frail elderly, persons with HIV/AIDS, persons recovering from drug/alcohol addiction or victims of domestic violence — with counseling, vocational and educational services, medical support and other forms of assistance, in addition to housing.

AHP scoring priorities are set annually by the Bank's Board of Directors, in consultation with the Affordable Housing Advisory Council. In 2008, priority will be given to projects that meet the following criteria:
 

Criterion

Maximum
Points

Is sponsored by nonprofit, local government, local authority

5

Exhibits low subsidy per unit

5

Provides housing for the homeless

5

Uses donated properties

5

Generates empowerment

10

Promotes community stability

25

Offers operating cost-efficiency

8

Targets to the very-low-income

20

Addresses special needs/economic diversity/rural

17

TOTAL

100

Projects must meet FHLBank's feasibility guidelines
Maximum subsidy amount of $650,000 may be allocated to each project

Subsidized loans of greater than $650,000 may be requested

Retention requirements:

  • For owner-occupied projects, five years from closing date
  • For rental projects, 15 years from project completion date
  • Demonstrated need for AHP subsidy
  • Use of funds must be timely (within twelve months of approval)
  • Sponsor must be adequately qualified based on development experience
  • Compliance with Fair Housing laws required
  • Market demand must be demonstrated

To read or download a detailed summary of FHLBank's feasibility guidelines and scoring criteria, click on 2008 AHP Implementation Plan (pdf).

Application

The Community Investment Department reviews applications for feasibility and scoring, and the Bank's Board of Directors approves award recipients. Once notified of funding approval, awardees must draw down funds within twelve months of the approval date. All funded projects are then monitored periodically. more>

Monitoring Requirements

Approved AHP projects are required to be monitored in accordance with AHP regulations. Approved AHP projects will be subject to the following monitoring requirements: more>

If you have any questions regarding AHP or any Community Investment program, please feel free to contact us at 1-800-288-3400 or e-mail us.

 

 

Real Life Stories

Ever since the 1960 documentary “Harvest of Shame” pricked America’s consciousness regarding the living conditions of migrant laborers, progressive community groups have fought even harder to make life better for those who break their backs daily, helping to feed their neighbors.

Resources

Related Documents

AHP Recipients

Special Recognition

Pillars of the Community and Council's Awards honor extraordinary achievement in community investment..

View Recipient List

Serving our members in Delaware, Pennsylvania
& West Virginia


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