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| Affordable Housing Program Application Process |
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The Chicago Federal Home Loan Bank (Chicago FHLB) holds two competitive
application rounds a year. In 2007, the application deadlines are:
- Round 1: March 15, 2007
- Round 2: September 14, 2007
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| The AHP application materials, including an Instruction and
Scoring Guide for each round, will be available on the Chicago FHLB's
website approximately 60 days prior to the application deadline.
The application
materials for 2007 Round A have been posted. Please
review download notes below.
- Clear your browser's cache to
be sure that documents from 2007 Round A are downloaded. Hold
down SHIFT and then click REFRESH in your browser's toolbar under
the menu.
- When File Download dialog box
appears with the option to open the file or save it to your computer,
click SAVE.
- All editing of documents should
be done in files saved to user's network or local computer.
The 2007 Round A application materials include the following documents:
We highly recommend that you review the
Application Instructions and Scoring Guide before you begin filling
out the application.
Community Investment Staff will hold workshops for members and sponsoring
organizations prior to each competitive round to provide applicants
with technical assistance. Please check the Community Investment Calendar
for dates, locations and registration information.
Applications must be received at the Chicago FHLB by 5:00 p.m. on
the deadline date. Applicants must submit an original and three copies.
Facsimile and e-mail applications will not be accepted. |
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| Who is eligible to apply? |
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Member institutions that hold stock in the Chicago FHLB and financial
institutions with a pending membership application are eligible to apply
for AHP funds. Non-profit organizations, for-profits and public agencies
that wish to access AHP funds must partner with a Chicago FHLB member or
pending member. We strongly recommend that sponsoring organizations
contact a member as early as possible and work with the member in
developing the application.
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| How much AHP is available? |
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| The Chicago FHLB allocates approximately 75% of the total program
funds to the AHP competitive application program, which is distributed
equally over two rounds. The remaining 25% is allocated to the Downpayment
Plus® Program. |
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| How much can I apply for? |
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| The Chicago FHLB has limited the amount of subsidy per project
to $500,000. Consortium and multi-member projects where the AHP funds
are broadly distributed over multiple government jurisdictions may
be exempt from this restriction. The Chicago FHLB has also limited
the amount of subsidy a member may be awarded to 25% of the available
funds for the round. |
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| What type of project is eligible? |
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AHP subsidies must be used for one of two broad purposes:
- To finance the purchase, construction and/or rehabilitation of owner-occupied housing for households with incomes at or below 80% of area median income; or
- To finance the purchase, construction and/or rehabilitation of rental housing. At least 20% of the units must be occupied by, and affordable to, households with incomes at or below 50% of area median income.
Eligible uses of funds under the competitive program are acquisition,
construction or rehabilitation costs, including related soft costs,
interest-rate buydowns, and downpayment and closing cost assistance.
AHP funds may not be used for capitalized operating reserves,
non-residential space, or to provide support services. The benefits of
the AHP subsidy must be passed through to the project or the end user.
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| When will I be notified if my application has received an award? |
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The review and approval processes take approximately 70 days. The Chicago
FHLB will send a notice shortly after the application deadline indicating
the application number assigned to your application and a date by which
we will notify you regarding funding awards.
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| If I am awarded funds, when will they become available? |
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AHP funds awarded in the first round of funding will be available on the
first business day of July. Funds awarded in the second round of funding
will be available the first business day of January.
Prior to disbursement of funds by the Chicago FHLB, a Subsidy Agreement
between the member, sponsor, and the Chicago FHLB must be executed. In addition, all
conditional award requirements must be met and a funding request as well as all
required documentation must be submitted to the Chicago FHLB. The funding
process and required documentation are outlined in the AHP Funding section.
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| What are my responsibilities as an AHP recipient? |
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Per the AHP regulations, members, sponsors and the Chicago FHLB have
certain responsibilities that must be conducted throughout the project's
affordability retention period, which is five years for an owner occupied project and
fifteen years for a rental project. These responsibilities are outlined
in the AHP Monitoring section.
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| Can I reapply if my application does not receive an AHP award? |
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If your application is not awarded AHP funds, you can reapply in any future
funding round. We strongly recommend that you contact Community
Investment staff prior to reapplying to discuss ways in which you may be
able to improve the application and increase your chance of receiving an
AHP award.
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