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Affordable Housing Program (AHP)
applications are accepted during two competitive funding
rounds each year.
How To Apply
The second round of the 2008 AHP
closed on September 12. Information on round one 2009 will be
available in January 2009.
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. |
