2013 Community Investment News

Federal Home Loan Bank of Seattle Announces 2013 Affordable Housing Program Funding Round

May 15, 2013

Dear Seattle Bank Members and Community Partners,

The Federal Home Loan Bank of Seattle (Seattle Bank) is pleased to announce the opening of the 2013 Affordable Housing Program (AHP) funding round and the availability of the AHP online application. As previously announced, the Seattle Bank will offer approximately $5.9 million for AHP in 2013. Seattle Bank members may request up to a total of $1.5 million in AHP subsidy. Each project may request up to $700,000, with the exception of projects located in Alaska or Hawaii, which may request up to $1.0 million.

AHP funds will be awarded through a competitive application process. AHP applications are due by August 1, 2013, at 4:00 p.m. Pacific Time. The 2013 AHP Implementation Plan details the 2013 AHP scoring criteria and other 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 to the standard they would use 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 2013 AHP Funding Round page on the Seattle Bank’s website. In addition, we encourage you to register to attend The 2013 AHP Application Process, a series of web seminars designed to help you learn more about the 2013 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, the AHP has provided more than $149.06 million to help finance more than 28,000 affordable homes.

Please contact DeAnna Poling in our Community Investment Department with any questions you may have regarding the AHP.

DeAnna Poling, AVP/Community Investment Operations Manager