Affordable Housing Program Application + Reporting Process
Members can access subsidized loans and grants through the Affordable Housing Program (AHP). Read about the rates, terms, and conditions of funding.
Application Period and Rates + Terms
The online application period opens June 7, 2021. Applications are due by 3:00 p.m. on Thursday, July 29, 2021. Member financial institutions will have a separate extended online application review period and must submit each AHP application by 3:00 p.m. on Thursday, August 5, 2021. Please review the AHP Notice of Changes for additional details. Members and sponsors can apply here.
FHLBank Boston can assist members use AHP subsidized advances that were awarded during the 2020 funding round. However, please note FHLBank Boston will not offer AHP subsidized advances in the 2021 AHP application and funding round.
Conditions of Funding + Reporting
Members and housing sponsors must report periodically on the use of funds to FHLBank Boston to help track the housing initiative’s progress and meet Affordable Housing Program regulatory requirements. Any subsidies unused by the project or deemed improperly used by FHLBank Boston 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, serve as standard retention mechanisms. FHLBank Boston has several standard documents, such as legal notes, mortgages, and other legal documents, which can be found in Forms + Applications.
Initiatives funded through the AHP are subject to the following reporting requirements. Reports are available through the Community Lending Login.
- Semiannual Progress Reports: Semiannual Progress Reports are required until the project is complete. Upon completion of an initiative, our staff compare the completed project with that which was proposed in the application to determine whether the project remains in compliance with the AHP regulation.
- Annual Compliance Certification: Members and project sponsors must submit an Annual Compliance Certification every year for 15 years for rental developments.
- Periodic Monitoring Reports*: FHLBank Boston requires risk-based, long-term monitoring and reporting from both project sponsors/owners and members on a periodic basis. The reporting requirements and timeline are detailed in the current AHP Implementation Plan.