To Members and Interested Community Groups:
The Affordable Housing Program (AHP) is a 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 AHP Round B funding competition.
The deadline for Round B applications is Monday, October 1, 2012. 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 Bank members in your area. In Round A of the Bank's 2012 AHP competition, we awarded $16.5 million to support 34 projects; information about projects that have been awarded subsidies in the past is available on our website along with this year’s application materials.
The AHP is funded each year with 10% of the Bank’s net income from the prior year. Since 1990, the Bank has awarded over $725 million in AHP grants to help Bank members and project sponsors create more than 105,000 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 encourage you to participate in Round B of our 2012 competition. In addition to increasing the supply of affordable housing in communities served by our members, AHP projects help boost local economies by creating jobs, increasing construction and consumer spending, and generating new tax revenues.
For more information, please email the Community Investment Department or call (415) 616-2542.
President and Chief Executive Officer