To Members and Interested Community Groups:
The Affordable Housing Program (AHP) is vital source of private funding for affordable housing and a valuable tool that our members use to make a difference in their communities. The AHP reflects the Bank’s commitment to providing resources for building strong, vibrant, and sustainable communities. I am pleased to announce the start of our 2012 Round A funding competition.
The deadline for Round A applications is Monday, April 2, 2012. Only members of the Bank may submit an AHP application. 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 Bank members in your area. In Round B of the Bank's 2011 AHP competition, we awarded $32.9 million to support 59 projects; information about projects that have been awarded subsidies in the past is available on our website along with this year’s application materials.
Funded each year with 10% of the Bank’s net income, the AHP is a proven, flexible source of gap financing for developing affordable housing that meets the unique needs of individual communities. Since 1990, the Bank has awarded over $700 million in AHP funding to help Bank members and project sponsors create more than 100,000 units of quality affordable housing targeted to low- and moderate-income households in Arizona, California, Nevada, and other regions served by our member financial institutions.
I hope you will participate in Round A of our 2012 competition. In addition to increasing the supply of affordable housing where it is most needed, AHP-funded projects can also give our communities an important economic boost.
For more information, please email the Community Investment Department or call (415) 616-2542.
President and Chief Executive Officer