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Affordable Housing Program
2008 AHP Funding Round Information
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. |
What is AHP?
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).
What qualifies for AHP funding?
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.
What criteria are used?
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 |
Additional Requirements
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).
How do you apply?
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>
Contact Us
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.
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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
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AHP Recipients
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