To Members and Interested Community Groups:
The Affordable Housing Program (AHP) is one of the largest sources of private funding for the construction and preservation of affordable housing in the country. One of the keys to our 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 B of our 2010 funding competition.
Only financial institutions that are 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, and our Community Investment staff is available to help identify local members. The Bank awarded $32.5 million to support 60 projects in Round A of the 2010 AHP competition; information about the projects that were awarded subsidies is available on our website along with Round B application materials.
The deadline for submitting an application for Round B is Friday, October 1, 2010.
Funded each year with 10% of the Bank’s income, our AHP is a proven, flexible source of financing for the development of quality affordable housing that meets the unique needs of individual communities. Since 1990, $602 million in AHP subsidies have created new affordable rental and homeownership opportunities for more than 94,000 low- to moderate-income households in Arizona, California, Nevada, and other regions served by our member financial institutions.
In addition to making more affordable housing available where it is most needed, AHP-funded projects can also give our communities a vital economic boost. I hope you will participate in 2010 Round B.
For more information about this year’s AHP Round B competition, please email Community Investment.
President and Chief Executive Officer