Each Federal Home Loan Bank administers its own Affordable Housing Programs, funded with 10 percent of the FHLB’s annual net income from the previous year’s earnings. Designed to address local housing needs, AHP programs provide funding for community and economic development options in addition to homeownership and rental housing opportunities.
The Affordable Housing Competitive Funding Program provides an opportunity for members to compete for funds that helps them partner with local housing providers to develop (purchase, construct, or rehabilitate) affordable owner-occupied or rental housing units in their communities.
The Homeownership Set-Aside Program uses a portion of an FHLB’s Affordable Housing Program funds for down payment and closing costs, and/or rehabilitation cost assistance to low- and moderate-income households purchasing a home. FHLBs can target their Homeownership Set-Aside Program funding toward special populations, such as first-time homebuyers or veterans.
The Community Investment Program offers discounted advances to members, which are priced below standard advance offerings for a wide variety of qualified community development activities, including but not limited to those enhancing access to mortgage credit.
Overview
Affordable Housing Competitive Funding Program
Homeownership Set-Aside Program
Homeownership Set-Aside Specialized Programs
Community Investment Program