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AFFORDABLE HOUSING PROGRAM - APPLY

How To Apply

The 2015 round of the Affordable Housing Program will open on July 27. Applications will be due on September 15 and awards will be announced in December. For more details on the 2015 AHP Round, please see the 2015 AHP Round Announcement and 2015 Notice of Changes.

Rates and Terms
Subsidized loans (advances) and direct subsidies (grants) are available. The actual terms are determined by the member financial-institution applicant, based on the specific needs of the development.

Conditions of Funding
Member institutions and housing sponsors must report to the Federal Home Loan Bank of Boston on the use of funds. Unused or improperly used subsidies 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. The Bank has developed several standard documents (See Forms and Applications).

Technical Assistance
Underwriting is the responsibility of the member institutions. The staff of the Federal Home Loan Bank of Boston is available to assist members and project sponsors in the development of plans for the use of AHP funds. Members and sponsors are encouraged to contact the community investment manager or relationship manager serving your area to discuss the program in detail.

 

 

 

 
 
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