- FHLBank Atlanta Releases Three-Year Application Schedule for AHP Competitive
- November 5, 2013 | Authors: Alysse E. Hollis; Rick A. Lazio; John Weld Peck
- Law Firms: Jones Walker LLP - Cincinnati Office ; Jones Walker LLP - New York Office ; Jones Walker LLP - Cincinnati Office
The Federal Home Loan Bank of Atlanta (the "FHLBank Atlanta") has released the three-year application schedule for its Affordable Housing Program Competitive ("AHP").
The AHP is a competitive grant program that provides ea ch award recipient with up to $500,000 to subsidize the acquisition, construction, and rehabilitation of residential re ntal housing for individuals and families of moderate, low, and very low income. AHP funds can be used for construction financing, permanent financing, principal reduction, or interest rate buy-down. AHP funds can be used in combination with other programs such as the Low Income Housing Tax Credit and tax-exempt bonds.
Each Federal Home Loan Bank branch has an AHP, which is funded with 10 percent of that branch's annual earnings.