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
Below are some important dates to consider for the 2022 AHP:
- The online application period opens on Monday, June 6, 2022.
- All applications and supporting documentation must be electronically submitted by 3:00 p.m. on Thursday, July 28, 2022.
- Members will have until 3:00 p.m. on Thursday, August 4, 2022 to complete the online application review.
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.