The Seattle Bank is pleased to provide approximately $4.9 million for the 2014 AHP funding round. The 2014 AHP application will be available on or around May 15, 2014, and applications must be submitted to the Seattle Bank no later than 4:00 p.m. Pacific Time on August 1, 2014.
We encourage our members and housing partners to review the 2014 AHP Implementation Plan for detailed information, including AHP scoring criteria and program changes, related to our 2014 program. The 2014 AHP Implementation Plan becomes effective April 1, 2014, and should be referenced when preparing to submit an application for the 2014 AHP funding round.
Please note that the Seattle Bank has revised the 2014 AHP Implementation Plan to better describe the conditions under which the bank will consider performing an AHP project site visit. We encourage you to review the updated Implementation Plan to better understand this change.
Look for our invitation to register for the webinar series, the 2014 AHP Application Process. Registration will open in early May, and the events will be held in June.
AHP subsidy may be used in a variety of ways, including to:
Reduce mortgage principal
- Provide gap financing
- Cover downpayment and closing costs
- Lower the interest rate on a loan
- Acquire and/or preserve affordable housing
The Affordable Housing Program is funded on an annual basis with 10 percent of the Seattle Bank’s previous year’s profits. AHP funds are awarded on a competitive basis. To prepare for each funding round, the Seattle Bank’s Affordable Housing Advisory Council reviews affordable housing needs across the Seattle Bank’s district and recommends AHP priorities and policies for the Board of Directors’ approval.
To apply for AHP subsidy, project sponsors must partner with a Seattle Bank member. Members and sponsors both play a role in preparing and submitting an AHP application. Prior to applying, members and sponsors are encouraged to read the
AHP Implementation Plan for information regarding scoring criteria, member and project caps, and additional compliance and program requirements.
Since 1990, the Seattle Bank’s AHP has provided more than $149.06 million of subsidy to support the acquisition, development, or rehabilitation of more than 28,000 units of affordable rental and owner-occupied housing for very low-, low-, and moderate-income households.
See the impact of our Affordable Housing Program.