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. � <br /> ' �Fede�al <br /> Home Loan Banit, <br /> ;Of�Cdg'0 "Hel��i�ig to House A»i�rica" <br /> FACT Affordable Housing Program (AHP) <br /> SHEET <br /> WHAT IS THE AFF'URDAI3LE HOUSING PROGRAM'! � <br /> Created as part ol'the Financial Institutions Refurm,Rrcovery•,andFnforcrment Act of 1989(FIRRFA), ' <br /> the AHP is a subsid��fund designed to assist in the dr��elupment uf aft'urdable housing for IuH�-and <br /> moderate-income huuseholds. Buth oH�ner'occupied and rental projects are eligible for funding. <br /> HU�'�'Ml'CH hfONFY IS AVAILARLF'! <br /> The Federal Hume Luan Iiank of Chica�o will cuntribute a percentage of the pre��ious yeat's net incomr to <br /> the AHP each year: <br /> • S percent for 1990, 1991,1992,and 1993 <br /> • 6 percent tor 1994 <br /> • l0 percent Por 1995 and subsequent years <br /> During 1991,the I3ank w�ill have approximatel��$2.1 million in subsid�•funds available. <br /> V1'HO HAS ACCESS TO THE FUNDS? <br /> Financial institutions in lllinois and VYisconsin th•at hoW stock in the Frderal Home Loan I3ank uf Chicago. <br /> Eligible applicants are encouraged to H•ork e�ith nunprufit organications and public agencies in dr�eluping <br /> applications fur AHP funds. . <br /> HU1'4` !19AY THE FUNUS BF USED? <br /> Tu finance home u��•nership for households N�ith incomes at ur brluw•80 percent ol'the median income fur <br /> the area. Tu finance the purcl►ase,construction,or rehabilitation of renWl housing in�rhich at Irast 20 <br /> prrcent of the units���ill be occupied b��and affurdeble tor��er��lu��•-income residents(e.g.,50 percent ot <br /> median incume)for the remaining useful lite uf such huusing or ll►e murtgage term. <br /> «'1LL CERTAII� PRUJECTS RFCEIVE PRIURITI'' <br /> Projecu that meet at Irast three of the follo��•ing critrria a�ill be gi��en priority consideratiun: <br /> • Finance the purchase,cunstruction and/or rehabilitation oto.�•ner occupied huusing for�erJ•lu�c-,luw••, <br /> and moderate-income housrholds,in that priorit��order. • <br /> • Finance tl�e purchase,constructiun and/ur rel�abilitatiun uf rental huusing,at least 2A percent of <br /> v►hich�+•ill be occupied b�•and affurdable for very�IuN•-income huusrholds. <br /> • Fnance tlie purchase andlor rehabilitation of housing uH�ned or held by the L'nited States including <br /> properties held b��HUD,RTC,FHA,VA,FmHA,FNMA,and the FHLMC. <br /> • Finance the purchase,construction andlor rel�abilitation of I�uusing that is sponsored by any <br /> nonprofit urgani-r.atiun,state or political subdi��isiun,ur statr/local huusing authority. <br /> • Empo���er the urban and rural poor througl�residrnt management,humrsteading,self-help housing or <br /> similar prugrams that meet critical urban or rural housing needs. <br /> • Pro��ide permanrnt huusing for the homeless. <br /> • Prujects that mrrt the dislrict bank priority�ot minorit�•participation(see summary uf regulatiun changrs <br /> for a further explanatiun uf the district priorit}•). <br /> (n��er) <br />