Company Info
Corporate Governance
Investor Relations
Events/Calendar
Newsroom
Washington Update
Publications
Careers
Resources

Benefits
Eligibilty
Becoming a Member
Capital Plan
Member Profiles
Member Directory
FAQ

Credit Products
Securities Services

Grant Programs
Credit Programs
Initiatives
Applications
Procedures

Monthly
Semiannual
History
FAQ
Disclosure

Search


	Grant Programs AHP Product Profile Grant Recipients FAQ IDEA WISH AHEAD



	Credit Programs



	Initiatives



	Applications



	Procedures

AHP: Frequently Asked Questions

Who can submit an application for AHP funds?
What is the maximum amount of subsidy available to a project?
What are the basic project eligibility requirements?
How can a housing developer access AHP funds?
How may AHP funds be used?
How are applications reviewed?

Who can submit an application for AHP funds?
Only members of the Bank may submit applications for AHP funds.

Top

What is the maximum amount of subsidy available to a project?
The maximum amount of subsidy that may be requested for any one project is $1 million.

Top

What are the basic project eligibility requirements?
For rental projects, at least 20% of the total units in the project (income-restricted and non-income-restricted) must be set aside for very low-income households, i.e., those with incomes at or below 50% of area median income (AMI).

For owner-occupied projects, all proposed units must be targeted to households with incomes at or below 80% of AMI.

The project must be subject to a legally enforceable retention mechanism that:

incorporates the income eligibility and affordability restrictions committed to in the AHP application for 15 years after project completion for rental projects and 5 years for owner-occupied projects (the "Retention Period"), and
satisfies the other retention and repayment requirements set forth in the AHP regulations.

The subsidy must be likely to be drawn down by the project or be used to procure other funds for the project within 12 months of AHP approval.

The project must demonstrate financial feasibility and the need for subsidy.

The project must comply with fair housing laws, and the sponsor must actively market the project as defined by fair housing laws.

Top

How can a housing developer access AHP funds?
AHP funds may be available to a developer through one of the Bank's members. The developer may present its project to a Bank member to determine if the member will sponsor the project and submit the application.

Top

How may AHP funds be used?
AHP subsidies may be used for nearly all customary costs associated with project predevelopment, development, and lease-up. Some costs for which AHP cannot be used include:

Capitalized operating reserves
Processing fees charged by members for providing direct subsidies to the project
Homebuyer counseling costs for homebuyers who do not purchase an AHP-assisted unit or if homebuyer counseling costs were covered by another funding source, including the member
Costs associated with non-residential portions of a development project, such as support services for tenants (e.g., daycare, counseling, etc.)
Refinancing if new affordable units are not created

Top

How are applications reviewed?
The Bank evaluates each application based on the extent to which the project meets the 11th District priorities and regulatory objectives of the AHP relative to the other applications submitted in that round. The Bank scores applications on the basis of pre-established criteria. The Bank ranks applications based on this scoring process, and awards funds starting with the highest scoring project until it has awarded all funds available in the round.

Top