To Members and Interested Community Groups:
Over the last 20 years, the Affordable Housing Program (AHP) has become one of the largest sources of private funding for the construction and preservation of affordable housing in the country. One of the keys to the program’s success is its ability to foster productive partnerships among our member financial institutions and community development organizations. As we celebrate the 20th anniversary of the AHP, we encourage you to participate in Round A of the 2010 funding competition.
Only members of the Bank may submit AHP applications; we recommend that interested community groups contact a Bank member early in their planning process about sponsoring an application. Our Community Investment staff is available to help identify local members. In Round B of the 2009 AHP competition, the Bank awarded $35 million to support 49 projects; information about the projects that were awarded subsidies is available on our website along with this year’s application materials.
The deadline for submitting an application for Round A is Thursday, April 1, 2010.
Funded each year with 10% of the Bank’s annual income, our AHP is a proven, flexible source of gap financing for the development of affordable housing that meets the unique needs of individual communities. Since 1990, the Bank has awarded $579 million in AHP competitive program funds to generate over 92,000 units of quality affordable housing targeted to low- and moderate-income households in Arizona, California, and Nevada, as well as other regions served by our member financial institutions.
I hope you will participate in Round A of our 2010 AHP. In addition to making more affordable housing available where it is most needed, AHP-funded projects can also give our communities an important economic boost.
For more information about this year’s AHP Round A competition, please contact the Community Investment Department.
President and Chief Executive Officer