To Members and Interested Community Groups:
The Affordable Housing Program (AHP), one of largest sources of private funding for the construction and preservation of affordable housing in the country, is a valuable tool that our members can use to make a difference in their communities. I am pleased to announce the start of our 2011 AHP Round B funding competition and encourage your participation.
Funded each year with 10% of the Bank’s net 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 $683 million in AHP funding to help Bank members and project sponsors create over 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.
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.
The deadline for submitting an application for Round B is Monday, October 3, 2011. In Round A of the Bank's 2011 AHP competition, we awarded $28.4 million to support 45 projects; information about projects that have been awarded subsidies in the past is available on our website along with this year’s application materials.
Effective immediately, members and sponsors of projects with existing AHP awards may submit new applications for these projects to request additional subsidy. However, if a member and sponsor want to resubmit an application for a project with an existing AHP award for another purpose and no additional subsidy is needed, the original subsidy must first be deobligated and the member or sponsor must repay any subsidy amount that has already been disbursed before submitting the new application in the current round.
Our AHP reflects the Bank's continuing commitment to providing resources that help build strong, stable, sustainable communities. In addition to making more affordable housing available where it is most needed, AHP-funded projects can also help give local economies an important boost. I hope you will participate in this round of our AHP competition.
For more information about the 2011 AHP Round B competition, please email the Community Investment Department or call (415) 616-2542.
President and Chief Executive Officer