FLBB: 2020 Affordable Housing Program Announcement
TO: All Members and Housing Organizations
We are operating in a rapidly changing business environment and continuing to monitor the COVID-19 situation. Despite the challenges that we are all encountering, I am pleased to share that we are continuing to offer the programs and services that our members depend on, including our Affordable Housing Program and Equity Builder Program.
Federal Home Loan Bank of Boston will contribute a total of $21.3 million to the 2020 Affordable Housing Program (AHP) and Equity Builder Program (EBP). Of this, $18.1 million will be allocated to the AHP and $3.2 million will be allocated to the EBP.
In 2020, the individual AHP application limits will continue to be $650,000 in direct subsidy and $1 million in total subsidy, including the AHP advance interest-rate subsidy.
The online AHP application will be available on our website beginning on June 8 through July 30. Please note that all applications and supporting documentation must be electronically submitted by 3:00 p.m. on Thursday, July 30, 2020. To facilitate our members' application review, we have added a separate period for members to complete their application review and analysis. Members will have until 3:00 p.m. on Thursday, August 6, 2020 to complete this online application review.
While we acknowledge that it may be difficult to do so at this time, we encourage members and sponsors to start discussions to establish a working relationship that will extend through the application submission process and beyond, should the initiative be awarded funding. FHLBank Boston will host multiple training sessions via webinar to help you understand the application process and ask that you register online at fhlbboston.com/events.
The 2020 AHP Implementation Plan and the Notice of Changes, including application instructions, scoring criteria, and required application documents, are available on our website. Our Housing and Community Investment team is happy to answer your questions and provide technical assistance and can be reached at 1-888-424-3863. Thank you for your commitment to addressing affordable housing needs across New England and the communities you serve.
Edward A. Hjerpe III President and CEO
Courtesy of Federal Home Loan Bank of Boston