To Members and Interested Community Groups:
The Affordable Housing Program (AHP) is one of the largest sources of private funding for the construction and preservation of affordable housing in the country, and a valuable tool that members can use to make a difference in their communities. I am pleased to announce the start of our 2011 AHP Round A funding competition.
Only members of the Bank may submit AHP applications. We recommend that interested community groups contact a Bank member early in their planning process about sponsoring an application; our Community Investment staff is available to help identify Bank members in your area. In Round B of the 2010 AHP competition, the Bank awarded $36.6 million to support 60 projects; information about the projects that were awarded subsidies is available on our website along with this year’s application materials.
The deadline for submitting an application for Round A is Friday, April 1, 2011.
Funded each year with 10% of the Bank’s net income, our AHP is a proven, flexible source of gap financing for the development of affordable housing that meets the unique needs of individual communities. Since 1990, the Bank has awarded more than $660 million in AHP competitive program funds to generate over 99,000 units of quality affordable housing targeted to low- and moderate-income households in Arizona, California, and Nevada, as well as other regions served by our member financial institutions.
In addition to making more affordable housing available where it is most needed, AHP-funded projects can also give our communities an important economic boost. I hope you will participate in Round A of our 2011 AHP.
For more information about this year’s AHP Round A competition, please contact the Community Investment Department.
President and Chief Executive Officer