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, , � <br /> V�"HAT ARE THF RATFS AND TERMS? • <br /> AHP ad�ances are priced beloH the cost uf FHLB obiigatiuns uf cumparable maturities,H ith pricing <br /> speci�c tu each pruject. Terms are a�ailable from six months through 10�ears,though terms of 15 or 20 <br /> years���ill be cunsidered in special circumstancrs. Direct subsidies also are availabie. <br /> HOW ARE AHP FUNDS MADE AVAILABLE? <br /> The AHP is a District-wide competition among submitted pruject applicatiuns that qualify for funding. <br /> Applicalions are a��ailable from the Federal Home Loan Bank uf Chicago. Participating members must be <br /> able to cumply w•ith the Bank's most�ecent credit pulicy guidelines. Funding priority is determined by the <br /> scoring process and is contingent on final appro��al from the Feder•rl Housinb Finance[ivard (FHFB). <br /> � WHFN CAN APPLICATIONS BE SUBMITTED? <br /> For 1991,the dradline for the first round of applications is April 15. The deadline for the second round of <br /> applicatic�ns is October 15. <br /> HOW ARE THE APPLICATIONS SCURED'! <br /> Under regulations promulgated by the FHFB,each application is scored using a 100-pc�int scale. Points are <br /> aw�arded based on the fullo���ing criteria: <br /> Up to 25 points for meeting at least three of the seven AHP priuritirs de.ticribed rarlier. <br /> l�p to 15 points each for: <br /> Targeting households beloN�80 percent of inedian income. <br /> Long Term Retention—potential tor long term affurdabilit�•and occupancy. <br /> Effecti��e use of AHP subsidy funds. <br /> L'p to 10 points each for: <br /> Community In�ol��ement of local groups and nonpro�t organizations. <br /> Communit��Stability��hich preserves the communit��and minimires displacement. <br /> Inno�•ati��e financial and non(inancial techniyues that make the pruject successful. <br /> � N'HAT ARE THF PRUGRAhf REQUIREMENTS? <br /> • The��alur of the subsid��must be passed through to the end recipient. <br /> • Recipients must spend a minimum of 20 percent uf incume for their huusinb expense. <br /> • The project must comply with fair housing la�vs. <br /> • !19embcrs(stackhc►Iders)��•ill be reyuired ta filr periodic rrp��rt�on the usr of thr AHP funds. <br /> • Tl�r membrr's(stocklie►Ider's)Board of Dirrcturs must Clr an annual repurt��ith thr Bank <br /> certif��ing that the subsid}�funds ha�•e been pru��ided in full tu the end recipien� <br /> • l►nused or impruperly applied AHP funds��•ill be recaptured. <br /> • Projects must be ready for funding within 12 munths of appro��al. <br /> WH0;1f SHUULD I CONTACT FOR ADDITIONAL INFORMaTION? <br /> Charles M.Hill,Sr.(312)565-5705 Gregory A. Kedzior(312)565-5718 <br /> Scott A.Ste��art(3121565-5725 <br /> Federal Homr Luan iiank uf Chic•rgo <br /> Communit�� In��rstmrnt Drp•rrtmrnt <br /> l ll E.ast 11�•ackrr Dri��e <br /> Chicago. lllinuis G0601 <br />