The Federal Housing Finance Agency (FHFA) today issued a Request for Input (RFI) on opportunities to improve the Federal Home Loan Banks’ (FHLBanks) processes for members and project sponsors to apply for Affordable Housing Program (AHP) funding.
“FHFA’s efforts to streamline the AHP application process should improve the FHLBanks’ ability to provide much needed funding for addressing the shortage of affordable housing,” said Director Sandra L. Thompson. “Today’s RFI seeks feedback from the public as FHFA develops proposals to make AHP funding more accessible to nonprofits, community organizations, and tribal entities.”
For more than three decades, AHP has played an important role in the FHLBanks’ support for their members’ efforts to address affordable housing needs in their communities by awarding approximately $8 billion in grants to assist the financing of over 1 million single-family and rental housing units. AHP grants have been particularly effective in leveraging additional public and private resources for funding affordable housing projects that present underwriting challenges, such as projects for homeless households and special needs populations.
During FHFA’s FHLBank System at 100: Focusing on the Future review, many stakeholders encouraged FHFA to improve the efficiency of the application process. FHFA is seeking input on potential opportunities to improve the application process for the AHP competitive application programs.
Each FHLBank develops user or reference guides and resources to assist FHLBank members and project sponsors apply for AHP competitive application funding. FHFA is providing these resources to assist stakeholders in providing feedback on the FHLBanks’ AHP competitive applications.
FHFA invites interested parties to provide written input, feedback, and information on all aspects of this RFI, no later than August 19, 2024. Public input may be submitted electronically using the response form at FHFA’s website: https://www.fhfa.gov/public-input/FHLBank-Affordable-Housing-Program-Competitive-Application-Process, or via mail to the Federal Housing Finance Agency, Division of Housing Mission & Goals, 400 7th Street SW, 9th Floor, Washington, D.C. 20219.