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Affordable Housing Program (AHP)
applications are generally accepted during two competitive funding
rounds each year.
The Bank is pleased to announce the 2010 round of the Affordable Housing Program. The online application may be accessed by members and sponsors from September 7 through October 1, 2010. All applications must be submitted electronically to the Bank by 5:00 p.m. on October 1, 2010.
From June through September 2010, the Bank will hold eight onsite training sessions and two
webinars to help members and sponsors understand the scoring process and how to use the
online application. You may enroll online for all sessions at www.fhlbboston.com/events.
How To Apply
Members and sponsors considering applying for AHP funds
should meet before the opening of the next round to review
the application process and scoring changes and to establish
their "submitting relationship." As they do
this, they should consider the following:
Rates and Terms
Subsidized loans (advances) and direct subsidies (grants)
are available. The actual terms are determined by the
member financial-institution applicant, based on the
specific needs of the development.
Conditions of Funding
Member institutions and housing sponsors must report
to the Federal Home Loan Bank of Boston on the use
of funds. Unused or improperly used subsidies will
be recaptured.
Initiatives must be retained as affordable for prescribed
periods through a legally enforceable retention mechanism,
generally a subordinate mortgage in the case of a
direct-subsidy award and a first mortgage in the case
of a subsidized-advance award. The Bank has developed
several standard documents (See
Forms and Applications).
Technical Assistance
Underwriting is the responsibility of the member institutions.
The staff of the Federal Home Loan Bank of Boston is
available to assist members and project sponsors in
the development of plans for the use of AHP funds. Members
and sponsors are encouraged to contact the community
investment manager or relationship
manager serving your area to discuss the program
in detail. |
