Federal Home Loan Bank Affordable Housing Program (AHP)
Total Annual Award
Amounts vary. AHP made awards totaling $12.1 million in New York State in 2017; $4.7 million of that amount was awarded to developments with supportive housing. The next award announcement is due in Fall of 2018.
Tenant Eligibility Criteria
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 housing for homeless individuals and families in the scoring and additional priority given to nonprofit owned projects. Projects will receive additional points in the competitive application process if they contain 20% or more supportive units. Populations eligible for supportive units include:
–Physically and/or mentally disabled
–Persons recovering from domestic abuse (physical or emotional abuse)
–Persons recovering from chemical dependency
–Persons with HIV/AIDS
Mixed affordable housing, SROs and congregate residences.
Funding Award Details
In 2017, a total of $12.1 million was awarded to programs in New York State. Total award amount equals 10% of the Federal Home Loan Bank (FHLB) earnings for the year (See Network Notes). No more than 10% of the overall funds available in the application cycle may be requested. 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. Larger multistate banks are also members, so check with the banks in our area to see if they are FHLB members.
Up to $40,000 per unit.
Units must remain in service for a minimum of 15 years.
May be used for acquisition, construction, or rehabilitation. At least 20% of available units must be affordable to 50% and below of the area median income (AMI). Projects must demonstrate site control. No more than 10% of the overall funds available in the application cycle may be requested.
These funds are most often used to complete capital funding packages in supportive housing projects in conjunction with other state capital grants. Funds originate from local banks that participate, and are incentivized by the Community Reinvestment Act.
Applications must be submitted via FHLBNY’s Secure File Transfer Protocol (SFTP) by Member Institutions that have been issued User IDs prior to this communication. If you have not been issued a User ID, email FHBNY at firstname.lastname@example.org.
For More Information
Read the grant application here.
New York Main Office
Federal Home Loan Bank of New York
101 Park Avenue
New York, NY 10178-0599
Telephone: (212) 681-6000
Fax Number: (212) 441-6890
Last updated: 06/04/2018
Did you know…
Supportive housing for youth aging out of foster care can generate a lifetime net savings of $90,000 in public sector money for every young adult.