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CIP: Frequently Asked Questions
Who may borrow CIP funds? Only members of the Bank may borrow CIP funds. Top
How may CIP funds be used? Community Investment Program funds may be used to finance the construction, acquisition, rehabilitation, and permanent or gap financing of rental or ownership housing for households with incomes up to 115% of area median income (AMI). CIP funds may also be used for commercial and economic development in areas where at least 51% of the population has an income below 80% of the AMI. Top
How can a community organization access CIP funds? CIP funds may be available to a community organization through one of the Bank's members. The community organization may present its project to a Bank member to determine if the member is interested in financing the project. Top
How long does it take to receive CIP funding? Once the CIP application is complete, the length of time required to fund a CIP advance depends on several variables, including the complexity of the advance. However, same-day funding is sometimes available. Top
What documentation is required? To request CIP credit, the member must complete the Application for CIP and ACE Credit. Within 12 months of receipt of the advance funds, the member institution must demonstrate its CIP-eligible lending activity in the full amount of the CIP credit by providing the Bank with documentation that shows:
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