affordable housing program (ahp). ahp competitive grants fund the development of affordable...
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Affordable Housing Program (AHP)
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AHP Competitive GrantsFund the development of affordable owner-occupied and rental housing via project-specific grants through member institutions
The Bank contributes 10 percent of the previous year’s net income to the AHP and offers one application round annually
Grants up to $500,000 per project
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Highlights: Competitive Grants2016 AHP application is available online February 1, 2016
In 2015, the Bank approved 30 applications for $7.6 million in AHP grants. A total of 107 applications were submitted, requesting $26.5 million in AHP grants
More than $2.9 million was awarded in Texas to assist with 361 housing units
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Uses of Funds
Construction
Rehabilitation
Homebuyer Counseling
Acquisition Down Payment Closing Costs
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Eligibility Requirements Sponsor Capacity:Document experience and manpower to meet objectives outlined in project description – include resumes and organizational bios, previous projects, AHP track record, etc.
Evidence of Demand:Support documentation that will provide evidence that your project location has a need for this type of housing and this type of family/tenant (i.e. market study, appraisal, city consolidated plan).
Site Control/Zoning: Evidence of site control and proper zoning must be provided in the application.
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Owner-Occupied Feasibility Criteria Ranges/Limits
Income Targeting Less than 80% of AMI
Subsidy Pass-through Clearly demonstrated to homebuyer
Mortgage Term and Amortization Term
Not less than 5 years and 15 years respectively
Developer Fee and Profit Not to Exceed 15% of TDC net of Developers Fee
Cash Back Cash Back to Homebuyer at Closing is NOT Allowed
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Homebuyer Equity Leverage Partnership
(HELP)
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HELP Eligibility Requirements$1 million in grant funds available in 2015
Maximum grants per member capped at $50,000
First-come, first-served, and must be first-time homebuyer with household income less than 80 percent of AMI adjusted by family size
Homebuyer contribution is $500, and homebuyer education is required
Minimum loan term is not less than five years. Amortization Term is not less than 15 years
Grant is provided up to $4,000/homebuyer, and $6,000/homebuyer if member originates the first mortgage; $7,000 if member originates the first mortgage and contributes at least $350 toward fees and/or closing costs
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HELP Projects
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Special Needs Assistance Program (SNAP)
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SNAPFirst-come, first-served, and household must have a special-needs person in the home
Area Median Income 80 percent or less
No homeowner contribution; rehabilitation assistance up to $5,000.
Assistance up to $6,000 is available if the member or another lender contributes $350 toward the rehabilitation costs and/or inspection fees
Homes must be within Bank’s five-state District
Two funding cycles: $1.5 million offered for the year:• January 2, 2015: $750,000 offered• August 3, 2015: $750,000 offered
Member cap: initial member cap is $45,000 and will increase to $90,000 on August 3, 2015
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SNAP Eligibility Requirements Pre- and post-inspections are required. o Must be conducted by an independent third party selected by the
member
The combined inspection developer fees may not exceed 15 percent of the rehabilitation cost portion of the SNAP funds. o If the member conducts their own pre- and post-inspections of the
rehabilitation work at no cost, the developer fee to the intermediary may not exceed 10 percent of the rehabilitation cost portion of the SNAP funds
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SNAP
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Housing Assistance for Veterans (HAVEN) Program
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What is HAVEN? Owner-occupied modification grant program that targets households that have an occupant who is disabled as the result of his/her active military service since September 11, 2001
Grant recipients must have received one of the following medals: • Afghanistan Campaign, Iraq Campaign• Global War on Terrorism Expeditionary, Global War on Terrorism Service• Purple Heart or higher award and be qualified as disabled by the VA, branch of the
U.S. military
Dsigned to support necessary home modifications and is open to active-duty personnel in addition to veterans
$73,529 available for 2015 as of July 24, 2015.
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HAVEN Eligibility RequirementsFirst-come, first-served
Newly constructed home that needs to be adapted
Program designed to support necessary home modifications
Area Median Income of 120 percent or less for the household
Rehabilitation assistance up to $5,000. If member or lender contributes at least $350, the Bank will grant up to $7,500
Homes must be within Bank’s five-state District
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HAVEN
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Partnership Grant Program (PGP) $225,000 was available for the year 2015
Cover operating and administrative expenses. For example: providing financial literacy, budgeting, and homebuyer education classes
Nonprofit organization (involved in affordable housing or stimulating small business development)
Revenue of $550,000 or less
Multiple member contributions allowed
Bank match 3:1
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PGP
Mason, TX - Mason County Habitat for Humanity (MCHFH) received a $12,000 Partnership Grant Program award from Mason Bank and the Federal Home Loan Bank of Dallas. MCHFH will use the funds to offset operating expenses and purchase construction equipment.
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Questions?
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For More Information
Additional information is available online at fhlb.com/community
Contacts
Steven Matkovich 214.441.8774
Robert Crutchfield 214.441.8673
Mark Loya 214.441.8636
AHP Department 800.362.2944