To Members and Interested Community Groups:
I am pleased to announce the start of our 2009 Affordable Housing Program (AHP) Round B competition, which is designed to promote your participation in developing affordable housing for your community.
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 you identify local members. In Round A of the 2009 AHP competition, the Bank awarded $30 million to support 42 projects. Information about the projects and sponsors that were awarded subsidies is available on our website along with this year’s application materials.
The deadline for submitting an application for Round B is Thursday, October 1, 2009.
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, $550 million in AHP competitive program funds have been used to generate nearly 90,000 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 encourage you to participate in our 2009 AHP Round B funding competition. In addition to making more affordable housing available where it is most needed, AHP-funded projects can also provide an important economic boost to our communities.
For more information about this year’s AHP Round B competition, please contact the Community Investment Department.
President and Chief Executive Officer