The Council of Federal Home Loan Banks, the public voice of the Federal Home Loan Bank (FHLBank) system, said it supports creating a simpler path for developers to access Affordable Housing Program (AHP) funds.
The statement came in response to the Federal Housing Finance Agency’s call for input on AHP applications.
“One of the biggest challenges facing community and affordable housing groups desperately seeking funding is how best to navigate the complexity of the AHP grant program application process,” said Ryan Donovan, president and CEO of the council. “The FHLBanks, along with our members who provide AHP grants directly to consumers and housing providers, provide tools and guidance to applicants to ensure compliance for their projects, and we fully support creating an easier path to for accessing AHP funding. We hope this is the beginning of a process to meaningfully streamline AHP regulations to enhance access use and, importantly, the impact of the program.”
Donovan noted that the FHLBanks are one of the largest sources of private funding for affordable housing, downpayment assistance, and community development in the country with an expected $1 billion available in 2024.
Each of the FHLBanks is required by law to contribute a minimum of 10% of income to its AHP. Last year, the banks voluntarily agreed to contribute a total of 15% of income to affordable housing and community development initiatives going forward.
