Federal Home Loan Bank Affordable Housing Program (AHP)
Type
Capital, Pre-development/Acquisition
Source
Private
Procurement Agency
Private
Total Annual Award
Amounts vary. AHP made awards totaling $32 million in New York State in 2010; $3.9 million of that amount was awarded to supportive housing developments.
Eligible Populations
At least 20% of the units in the project must be below 50% of the area median income (AMI). Any affordable housing population is eligible. Priority is given to homeless individuals and families.
Eligible Projects
Mixed affordable housing, SROs and congregate residences.
Funding Award Details
In 2010, a total of $32 million was awarded. Total award amount equals 10% of the Federal Home Loan Bank (FHLB) earnings for the year (See Network Notes). In December 2010, in New York State, AHP made awards totaling $3.9 million to four supportive housing projects (out of 33 affordable projects funded). No more than 10% of the overall funds available in the application cycle may be requested. Therefore, the maximum award available in December was $3.2 million.
In order to access AHP, a nonprofit agency must partner with a bank that is currently a FHLB shareholder. A current list is available here.
Rate Details
Up to $20,000 per unit.
Term of Service/Length of Grant
Units must remain in service for a minimum of 15 years.
Limitations
May pay for acquisition and operating reserves. At least 20% of available units must be affordable to 50% and below of the area median income (AMI).
Network Notes
FHLB commits 10% of its earnings to AHP; in December 2010, over $32 million was made available in the New York region, which includes New York, New Jersey and Pennsylvania. This represents a six-month total award. AHP often supplements other capital funding and typically takes a subordinate position to other capital and loan programs. It has funded over 50 supportive housing projects in all parts of New York State.
For More Information
Read the grant application here.
Contact
(212) 441-6850
ahp@fhlbny.com
Last updated: 09/16/2011
Did you know…
Supportive housing in San Francisco helped formerly homeless people reduce their use of emergency rooms by 58%.