In response to the hurricane damage in the Southeast, the Federal Home Loan Banks (FHLBanks) have donated more than $1 million to help with immediate relief efforts. This brings the total FHLBank contribution to more than $21 million in special financial assistance and long-term housing and community development programs. Those contributions respond to the needs of the member institutions and the displaced persons in the FHLBanks’ districts.
The FHLBanks have also allowed temporary suspension of income limits that permit vacant Affordable Housing Program (AHP)-assisted rental units to be leased to households, regardless of income, who were displaced by the storms.
Below is a roundup of AHP funding by the banks in 2005 and some of their plans for 2006.
The FHLBank of Atlanta awarded $20.1 million in AHP grants to 72 projects, which will create 3,406 units. “Seniors housing for low-income residents continues to increase,” said Lynn Brazen, first vice president of community investment services. “[There’s] also more urban development, reversing the trend for rural development in the Southeast.”
The AHP deadline is March 15. Revisions in the scoring criteria include reducing points for rural projects from 15 to 10 and two new district priorities: first-time homebuyers and disaster areas.
The FHLBank of Boston provided $7.3 million in AHP direct grants to create or preserve 21 rental and homeownership projects. The deadline for the first round of 2006 is April 28.
One of the bank’s largest 2005 awards went to Green Mountain Development Group, Inc., and Rutland Area Visiting Nurse Association and Hospice. They received a $598,395 AHP grant with $4.7 million in advance subsidy for the construction of the third phase of Maples Senior Living Community.
The FHLBank of Chicago awarded more than $40.7 million in AHP subsidies to assist 135 projects. Much of the funding in the second round went to assist lower-income homebuyers, said Eldridge Edgecombe, senior vice president and community investment officer.
Applications for 2006 AHP grants are due March 15 and Sept. 15.
The FHLBank of Cincinnati granted $19.1 million in AHP funds. The largest direct grant, $950,000, went to the 52-unit Emerald Commons in Cleveland. The 2006 deadlines are March 31 and Sept. 1.
The FHLBank of Dallas made $14.1 million in AHP awards to 104 projects, totaling 2,825 units. Applications in 2006 are due March 15 and Sept. 15.
The revised scoring criteria elevates special-needs housing to a first district priority and added disaster relief as the second district priority.
The FHLBank of Des Moines awarded $9.4 million in AHP grants to 48 projects. The deadline for 2006 applications is May 1.
In 2006, the bank will score up to 20 points for each income target and the use of the least amount of AHP subsidy per AHP-targeted unit. They are the highest point categories in the scoring criteria.
The FHLBank of Indianapolis granted $8.4 million in AHP funds to 34 housing developments, totaling 1,019 units. In 2006, it will have approximately $9 million in AHP grants available. Deadlines are April 20 and Oct. 6.
“Due to our scoring, our projects are predominantly special needs,” said Patricia Gamble-Moore, vice president and community investment officer.
The FHLBank of New York made $19.8 million in AHP subsidies available to 71 projects throughout New Jersey, New York and Puerto Rico. The 75-unit Haven House at St. John of God project in North Cape May, N.J., received one of the largest AHP subsidies from the bank, $770,000. Deadlines in 2006 are April 3 and Oct. 2.
The FHLBank of Pittsburgh funded 40 housing projects with $10.4 million in AHP grants. They included developments in Delaware, Pennsylvania and West Virginia (with additional out-of-district projects in Florida, New Jersey and Ohio) that will help create 1,401 units of housing.
Applications in 2006 are due March 30 and Sept. 28.
The FHLBank of San Francisco awarded $42 million in AHP funding to 102 projects, totaling 5,994 units. Trends exhibited by winning projects include “increasing focus on service-enriched community service elements,” said James Yacenda, vice president and community investment officer. “We [also] continue to value projects that involve ‘smart growth’ and transit-based initiatives.”
Deadlines for 2006 applications are April 1 and Oct. 1. At press time, scoring changes to nonprofit sponsor and financial feasibility benchmarks were planned for the first round, said Yacenda.
At press time, the FHLBank of Seattle was scoring the AHP applications received for its 2005 fall funding round. It plans to announce the awards for this round by February.
In the 2005 spring round, the bank awarded 18 projects $2.9 million in AHP grants. 2006 deadlines were undetermined at press time.
The FHLBank of Topeka reserved $8.5 million in AHP grants to 37 projects, which would help create 1,796 units of housing.
In 2006, the bank will award approximately $10 million in AHP funding, said Chris Imming, first vice president and director of housing and community development. Deadlines are April 1 and Oct. 1. No significant changes to the scoring are proposed, he said.