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 HPS IDEA WISH Product Profile Grant Recipients FAQ AHEAD



	Credit Programs



	Initiatives



	Applications



	Procedures

WISH Program: Frequently Asked Questions

Who can submit an application for WISH Program funds?
What are the basic eligibility requirements for households receiving WISH Program funds?
How may WISH Program funds be used?
When can WISH Program funds be disbursed to a qualifying household?
How many WISH Program dollars are available to a qualifying household?
Can WISH Program funds be used together with other Affordable Housing Program (AHP) subsidy for owner-occupied units?
When are applications for WISH Program funds due to the Bank?
What is the allocation of funds for the program?
What will happen if the demand for WISH funds exceeds the amount of funds available?

Who can submit an application for WISH Program funds?
Members of the Bank may submit applications for WISH Program funds.

Top

What are the basic eligibility requirements for households receiving WISH Program funds?

Household income at the time of enrollment in the WISH Program was 80% or less of the area median income
Eligible households have participated in a mortgage assistance program administered by a public or private entity. View the mortgage assistance programs that have participated in the WISH Program. (Mortgage assistance programs that do not appear on this list may be added throughout the year.) View members that received a WISH reservation this year.
The homebuyer has paid at least 1% of the purchase price of the home from their own resources (including sweat equity).
Homebuyers have successfully completed a homebuyer counseling program.
The homebuyer must be a first-time homebuyer, according to the definition of first-time homebuyer provided by the member.

Top

How may WISH Program funds be used?
WISH funds must be used only toward downpayment or closing costs in connection with the purchase of a housing unit to be used as the homebuyer's primary residence.

Top

When can WISH Program funds be disbursed to a qualifying household?
The Bank will reimburse the member after receipt of the closing statement showing that the amount of subsidy requested was passed on to the homebuyer. In the event there is cash back to the homebuyer in an amount greater than $250, the subsidy will be reduced unless the member and the homebuyer provide sufficient documentation showing that the cash back was used to pay down the mortgage principal or for downpayment or reasonable and customary closing costs or as a credit toward the household's monthly payments on the mortgage loan. In addition, the following certifications and documentation need to be submitted by the member prior to the disbursement of funds:

Certification that the households and units funded satisfy WISH Program guidelines and that the units are subject to deed restriction or other legally enforceable retention mechanism that meets the requirements of applicable regulations and policies of the Finance Board.
A copy of the retention mechanism securing the WISH funds.
Documentation verifying that the homebuyer is income eligible.
See AHP Implementation Plan (PDF) and AHP Household Income Qualification Workbook (.xls).
Certification of completion of homebuyer counseling program.
IDEA and WISH Program Enrollment (.doc)
Certification that the homebuyer is a first-time homebuyer, as defined by the member.

Top

How many WISH Program dollars are available to a qualifying household?
The Bank will provide up to $15,000 per household, matching up to $3 for every dollar contributed by the homebuyer toward the purchase of the home.

Top

Can WISH Program funds be used together with other Affordable Housing Program (AHP) subsidy for owner-occupied units?
No, WISH subsidies cannot be used in conjunction with AHP projects or units receiving other subsidies from the Bank through the competitive AHP or the Individual Empowerment and Development Account (IDEA) Program, the Bank’s other set-aside program.

Top

When are applications for WISH Program funds due to the Bank?
The application window for the 2008 WISH Program is now closed.

Top

What is the allocation of funds for the program?
Each year, the Bank expects to set aside up to 10% of its annual AHP contribution to fund the WISH Program.

Top

What will happen if the demand for WISH funds exceeds the amount of funds available?
For any funding year, if the Bank receives requests for WISH funds that exceed the amount set aside for the program for that year, the Bank will allocate available funds to eligible applicants in accordance with the Bank's AHP Implementation Plan.

Top