2012 Community Investment News

Federal Home Loan Bank of Seattle Announces 2012 Affordable Housing Program Funding Round

May 15, 2012

Dear Seattle Bank Members and Community Partners,

The Seattle Bank is pleased to announce the opening of the 2012 Affordable Housing Program (AHP) funding round and the availability of the AHP online application. As previously announced, the Seattle Bank will offer at least $5.3 million for AHP in 2012. Seattle Bank members may request up to $1.5 million in AHP subsidy. There will be no limit on individual project requests.

AHP funds will be awarded through a competitive application process. AHP Applications are due no later than August 1, 2012 at 4:00 p.m. Pacific Time. The 2012 AHP Implementation Plan details the 2012 AHP scoring criteria and program requirements.

Project sponsors must partner with a Seattle Bank member to submit an application for AHP funding, and Seattle Bank members must underwrite the application as they would if they were providing a loan for the project. As such, we strongly recommend that project sponsors contact the Seattle Bank member they wish to work with to solicit their support as early in the process as possible. For more information regarding member and sponsor roles and responsibilities and how to access the AHP Application, please visit the 2012 AHP Funding Round page on the Seattle Bank’s website. In addition, we encourage you to register to attend The 2012 AHP Application Process, a series of web seminars designed to help you learn more about the 2012 AHP Application and scoring criteria, and how to avoid common mistakes that may hinder a project’s competitiveness.

Every year, the Seattle Bank contributes 10 percent of its net income from the previous year to fund affordable housing under its AHP. Since the program’s inception in1990, AHP has provided more than $142.6 million to help finance more than 27,300 affordable homes.

Please contact Steve Johnson or Jennifer Ernst in our Community Investment Department with any questions.

Jennifer Ernst, VP/Community Investment Officer

Steve Johnson, AVP/AHP Project Manager