Announcement: AHP and WISH Homeownership Program Implementation Plan Updates
The following Affordable Housing Program Implementation Plan (IP) changes will go into effect on January 1, 2023.
WISH Homeownership Set-Aside Program
The Bank will adjust the maximum subsidy limit upward on an annual basis in accordance with the Federal Housing Finance Agency’s Housing Price Index and set the maximum subsidy limit prior to each annual reservation. (Section IV. B. 2. d.)
Additionally, references to the now obsolete IDEA Homeownership program have been removed.
Affordable Housing Program Nevada Targeted Fund
The Bank has established the Nevada Targeted Fund, including outlining the policies, requirements, and parameters of the Nevada Targeted Fund’s Application, Disbursement of Subsidy, Compliance Monitoring, Time Limits on Use of Subsidy, Modification, and Subsidy Recovery processes. Additionally, the Bank has established the 2023 Nevada Targeted Fund’s Application eligibility, scoring, and financial benchmark guidelines. (Section III)
Nevada Targeted Fund Eligibility requirements include (Section III. B.):
- Projects must be located in the state of Nevada.
- Maximum subsidy is $1 million per project.
- Member maximum subsidy per round is $15 million.
- Project sponsors must have one year of relevant experience to apply.
Scoring categories included in the Nevada Targeted Fund will total 100 points and consist of the following (Attachment D):
- Use of Donated or Conveyed Government-owned or Other Properties (5 points)
- Sponsorship by a Not-for-profit Organization or Government Entity (5 points)
- Home Purchase by Low- or Moderate-Income Household (7 points)
- Targeting to Lower-Income Households (20 points)
- Housing for Homeless Households (6 points)
- Housing for Special Needs Populations (5 points)
- Housing for Households Requiring Large Units (3 points)
- Housing in Rural Areas (8 points)
- Community Stability, including Affordable Housing Preservation (17 points)
- Project Readiness (5 points)
- Native Housing (5 points)
- Small Rental Projects (7 points)
- Subsidy per Unit (7 points)
Affordable Housing Program General Fund
The Bank has revised the Management Fee benchmark limit so that it will now be tied more closely with the project's location. (Attachment A - Exhibit 1)
The revised IP is available on the Resources page of our website. A redline version of the IP outlining the changes is also available for your reference. The January 1, 2022 IP that remains in effect through 2022 is also available.
For questions about the Implementation Plan, please email firstname.lastname@example.org.