FHLBNY’S Affordable Housing Program 2017
The Federal Home Loan Bank of New York (“FHLBNY”) is pleased to announce that approximately $33.2 million in housing grants will be available for the upcoming Affordable Housing Program (“AHP”) 2017 Competitive Round. The application package will be available the week of April 24th and the competitive round deadline date will be in early June. The exact date of the deadline of the competitive round will be provided in the near future and posted on our website.
AHP funds are awarded to members who submit applications on behalf of project sponsors who are planning to purchase, rehabilitate, or construct affordable homes or apartments (owner-occupied or rental units). Funds are awarded through an annual competitive process, with final award announcements being made by year end. While the details of the competitive process can be found here (updated in March 2019), the following are key changes made to the AHP scoring categories for the 2017 Round:
Empowerment Activities – Activities are no longer required to be offered on-site; rather they must be project specific and offered to all of the tenants.
Preservation of Existing Units – In instances where there is a proposed decrease to the housing stock of an occupied building, there must be a clear demonstration that the rehabilitation of the project will help stabilize the physical and financial condition of the property and very-low, low-, and moderate-income tenants will not be permanently displaced.
Homeless Household – The AHP’s definition for “homeless household” has been updated to address various scenarios whereby an individual or family may be subject to an inadequate nighttime residence.
We look forward to working with you to address the diverse affordable housing needs of your communities.
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