AHP Proposed Rule: MAKING YOUR VOICE HEARD

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The Federal Housing Finance Agency (FHFA) released a Notice of Proposed Rulemaking to amend the Affordable Housing Program (AHP) regulation. The proposed amendments will affect how the Federal Home Loan Bank of New York (FHLBNY) members, its housing partners, and other community stakeholders use the AHP program and how affordable housing is funded across our region.

We have prepared a summary of the proposed amendments and provided additional information about the proposals that we believe will most affect members' and housing providers' strategies for meeting community needs.

Creating affordable housing is the work of many hands,
and it takes many voices to ensure the sustainable success of the AHP. 

The comment period closed on June 12, 2018. You may view comment letters on the FHFA website.

 OVERVIEW


The proposed rule to amend the AHP regulation offers some benefits, but it also poses a number of challenges. The primary challenge is the proposed "outcomes" framework —  it requires that a significant proportion of the program’s funds go toward projects that meet priorities established by the FHFA. The outcomes framework increases the complexity of the AHP and limits the Federal Home Loan Banks' ability to respond to local affordable housing needs.

Read the proposed rule in its entirety or view a summary of the proposal.

› CHANGE TO THE CORE OF THE AHP

 IMPACT ON HOUSING PROVIDERS

 IMPACT ON FINANCIAL INSTITUTIONS


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