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AFFORDABLE HOUSING PROGRAM - ELIGIBILITY

Both homeownership and rental initiatives can qualify for Affordable Housing Program (AHP) funding, so long as they meet the following criteria.

Income Limits
Wherever mentioned in this AHP information, area median income means the area median income as defined by the U.S. Department of Housing and Urban Development (HUD). Consult HUD's Web site for the latest median income guidelines.

HUD Multifamily Tax Subsidy Limits (MTSP)
For initiatives funded using housing tax credits, the income limits used for 50 and 60 percent of the area median income will be the HUD Multifamily Tax Subsidy Project limits as adjusted for household size. If your initiative is located outside of New England, please call the Housing and Community Investment department at the Federal Home Loan Bank of Boston so that we can work with you to apply the appropriate income limits for your initiative.

Eligible Homeownership Initiatives
AHP funding can be used to finance homeownership initiatives for households with incomes at or below 80 percent of the median income for the area. Examples of eligible uses include single-family houses, subdivisions, cooperatives, condominiums, down-payment and closing-cost assistance, and mobile-home parks.

Eligible Rental Initiatives
AHP funding can be used to finance rental housing in which at least 20 percent of the units are for households with incomes that do not exceed 50 percent of the median income for the area. Examples of eligible uses include multifamily rental housing, single-room-occupancy (SRO) housing, and mutual housing.

Eligible Uses of Funds
Program funds may be used only for the direct costs of producing or financing affordable housing. Uses include acquisition, construction, rehabilitation costs, related soft costs, interest-rate buy-downs, down-payment and closing-cost assistance, and matched-savings programs. Only those units that are affordable, as defined by AHP regulations, are eligible for funding.

Supportive services and commercial space associated with a development are ineligible for AHP funding.

The development sponsor must pass the benefits of the AHP funding through to the initiative and/or end user. The developer/sponsor cannot retain any portion of the AHP funds as profit or for the purpose of additional development (excluding approved development fees). AHP funds may not be "recycled," used for capitalized operating reserves, or for nonresidential space.

 

 
 
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