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Round One of the 2006 Affordable Housing
Program The online application for the first round of
the Federal Home Loan Bank of Boston's (the Bank) 2006 Affordable
Housing Program (AHP) may be accessed by members and sponsors from
March 1 through April 28, 2006. Application funding limits have
been raised to $1,450,000 per member and up to $800,000 per project
(with a maximum of $400,000 in direct subsidy).
All applications must be submitted electronically to the Bank by
5:00 p.m. on Friday, April 28, 2006. Supporting documentation must
be uploaded for each application or - if accompanied by the cover
sheet generated upon completion of the online application - faxed
to the Bank according to the instructions provided. All documentation
must be submitted no later than 5:00 p.m. on Friday, April 28, regardless
of whether materials are uploaded or faxed.
Changes to the AHP scoring criteria for 2006, detailed scoring
guidelines, instructions, subsidy limits, and the online application
are available at www.fhlbboston.com/communitydevelopment/fundingprograms/ahp.
New AHP Retention Documents
The Bank has implemented new standard mortgages, notes, and other
documents to ensure the retention of AHP-subsidized units in housing
initiatives. These documents replace the Bank's existing AHP covenants
and documents. To streamline the process further, the Bank has prepared
a rider for use with a member institution's mortgage for AHP-subsidized
advances. An interim mortgage is available for use with ownership
development initiatives funded with AHP subsidies during construction.
Also available are a rider for Department of Housing and Urban Development
(HUD) 202/811 initiative mortgages, and a collateral assignment
for use with deferred transactions.
After January 31, 2006, other documents or earlier forms of the
Bank's mortgage and note will no longer be accepted as security
for AHP funds without the prior approval of the Bank's Legal and
Housing and Community Investment departments. The new standardized
forms will enhance the usability of the AHP and streamline the processing
of transactions.
Three Appointed to Advisory Council
The Bank's board of directors has appointed three new
members to the Advisory Council. They are: Dale McCormick, executive
director of the Maine State Housing Authority; Joan Carty, executive
director of the Housing Development Fund of Stanford, Connecticut;
and Caprice B. Hover, executive director of the Rutland County Housing
Coalition.
2006 Equity Builder Program
Beginning March 1, Bank members may apply for Equity Builder Program
(EBP) funds to help households earning less than 80 percent of the
area median income purchase homes. Members may use EBP grants, up
to $15,000 per eligible household, to provide down-payment, closing-cost,
or rehabilitation assistance. Funds can also be used to match funds
for Individual Development Accounts or similar matched savings accounts.
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Noell (left), senior community investment manager at the Federal
Home Loan Bank of Boston; Calvin P. Vinal, vice president, Webster
Bank, N.A., and Rep. Christopher Shays (R-CT) at the groundbreaking
of the AHP-funded Olde School Commons in Bridgeport, Connecticut..
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Starting in 2006, member institutions may apply for a maximum of
$100,000. Funds will be available until they are fully reserved,
approved, and disbursed. Members will make enrollment requests of
up to $15,000 per household on a first-come, first-served basis.
They must work with recognized home-buyer-counseling organizations
to provide counseling for participating households. The counseling
curriculum must include financial literacy and alert borrowers to
the characteristics of predatory lending.
The Bank will accept online applications from members until March
31, 2006, at 5:00 p.m. The Bank's Housing and Community Investment
staff is available to answer questions and provide technical assistance.
They can be reached at 1-888-424-3863.
2006 Affordable Housing Design Competition
Well-designed housing that is affordable to families at every income
level is an essential component of strong, vibrant communities.
In response to this need, and to educate a new generation of innovative
community leaders, the Bank and Citizens' Housing and Planning Association
are sponsoring the Affordable Housing Development Competition for
the sixth consecutive year. Joining them as sponsors in 2006 are
the Greater Boston Chamber of Commerce and Kevin P. Martin &
Associates, P.C. The competition brings together graduate students
from area universities and affordable-housing developers to craft
innovative community-development proposals based on real-world sites.
The proposals encompass project financing, physical design, community
responsiveness, project feasibility,
environmental impacts, and high-performance housing. Teams will
compete for awards ranging from $2,500 to $10,000. The competition
will run from mid-February to mid-April 2006. Please visit the competition
web site
at www.fhlbboston.com/compete/ for more information.
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