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Federal Home Loan Bank Seattle

AFFORDABLE HOUSING PROGRAM (AHP)

Important Announcements

Congratulations to our 2009 AHP Award Recipients!

Our 2009 AHP Awards, announced on Thursday, December 17, will provide nearly $2.8 million of AHP subsidy to fund 10 affordable owner-occupied and rental projects. For more information, see the Community Investment News and 2009 AHP Awards page.

Please refer to our 2009 AHP Implementation Plan, 2009 AHP Scoring Criteria, and the Community Investment Program Guide for more information regarding our AHP.

Since 1990, the AHP has provided nearly $139.0 million in subsidy to help create more than 27,000 units of affordable rental and owner-occupied housing for low- and moderate-income households.

AHP subsidy may be used in a variety of ways, including to:

  • Reduce mortgage principal
  • Provide gap financing
  • Cover down payment and closing costs
  • Lower the interest rate on a loan

Member and Sponsor Responsibilities
Seattle Bank members and project sponsors both play a role in the AHP application process.

  • Project sponsors must partner with a Seattle Bank member to submit an AHP application. Sponsors should use the months before the AHP application due date to establish a relationship with the member to ensure a successful submission of the application. Find a member financial institution.
  • The member must underwrite the project proposed in the AHP application to the standard they would use if providing a loan to the project. Additionally, members must review the project's schedule to reasonably assure that it will be ready to draw AHP subsidy within one year of application approval and reasonably assume that the project will be complete and occupied within three years of application approval. The Seattle Bank fully supports a member's decision to decline an AHP application if the member has not had sufficient time to review, or questions the project's feasibility and/or ability to comply with all the commitments made in the application.


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