Affordable Housing Program (AHP)

Important Announcement

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 and required attachments must be received by the Seattle Bank no later than 4:00 p.m. Pacific Time on August 1, 2014.

For detailed information on AHP scoring criteria and program changes related to our 2014 program, we encourage members and sponsors to review the 2014 AHP Implementation Plan, which was updated on February 27, 2014, to better describe the conditions prompting consideration of an AHP project site visit.

For more information on program changes for 2014, review our December 9, 2013 Community Investment News. Additionally, we encourage you to register for our upcoming web seminar series, The 2014 AHP Application Process. These web seminars will provide an opportunity for Seattle Bank members and project sponsors to learn more about the 2014 AHP application, scoring criteria, and how to avoid common mistakes that may hinder your project’s scoring.

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 2014 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.