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. I am pleased to announce the start of our 2013 AHP application period.
Beginning this year, the Bank will hold one AHP funding competition instead of two. The deadline for 2013 applications is Monday, April 1, 2013. Only members of the Bank may submit AHP applications, and 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 AHP reflects the Bank’s commitment to providing resources for building strong, vibrant, and sustainable communities. In the Bank's 2012 AHP competitions, we awarded $35 million to support 72 projects; information about projects that have been awarded subsidies in the past is available on our website along with this year’s application materials.
Each year, we fund our AHP with 10% of the Bank’s net income from the prior year. Since 1990, the Bank has awarded $690 million in AHP grants to help Bank members and project sponsors create over 102,000 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 our 2013 competition. In addition to increasing the supply of affordable housing, AHP projects can boost the economies of communities served by our members 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