FHLBB: 2021 Affordable Housing Program

2021 Affordable Housing Program

Dear Members and Community Partners,

During this very challenging economic environment and difficult period of the pandemic, FHLBank Boston continues to support affordable housing production and preservation, including creating homeownership opportunities for low-income households. We are optimistic about recovery from both the economic and healthcare challenges and want to do our part to support our members and their constituents during this time. Through the leadership of our Board of Directors, FHLBank Boston has expanded our commitment beyond our required annual 10% of earnings to provide $15 million to the Affordable Housing Fund, which is further subdivided between the Affordable Housing and Equity Builder Programs.

We will allocate $2.25 million to the Equity Builder Program and $12.75 million to the Affordable Housing Program (AHP). Additionally, any AHP funding for previously awarded initiatives which are not able to proceed will be added and available for the 2021 application and funding round.

In 2021, the individual AHP application limit will be $650,000 in total direct subsidy grants. FHLBank Boston will not accept applications for AHP subsidized advances in this round given the low interest-rate environment. We have also made significant updates to the AHP, modernizing the program priorities and streamlining our monitoring requirements as part of the full implementation of the new AHP Regulation.

The online AHP application will be available through our Community Lending portal beginning on June 7. Please note that all applications and supporting documentation must be electronically submitted by 3:00 p.m. on Thursday, July 29, 2021. To facilitate our members' application review, we have a separate period for members to complete their application review and analysis. Members will have until 3:00 p.m. on Thursday, August 5, 2021 to complete this online application review.

FHLBank Boston will host multiple online training sessions to help you understand the application process. The 2021 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.

We encourage members and sponsors to establish working relationships that will extend through the application submission process and beyond. Our partnerships together will build and preserve critically needed housing, stimulate community development investment, and ensure our communities are more inclusive and resilient. Thank you for your commitment to addressing affordable housing needs across New England and the communities you serve.

Sincerely,

Edward A. Hjerpe, III
President and Chief Executive Officer

Courtesy of Federal Home Loan Bank of Boston