The Federal Home Loan Bank of Chicago (FHLB Chicago) will hold one competitive application round in 2010, with an application deadline of September 1, 2010. Applications must be received at the FHLB Chicago by 5:00 p.m. on the deadline date. The AHP application materials, including an Instruction Guide, will be available on the FHLB Chicago's web site approximately 60 days prior to the application deadline. Methodology for application scoring is published in the annual AHP Implementation Plan. 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 and registration information. Who is eligible to apply? Member institutions that hold stock in the FHLB Chicago 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 FHLB Chicago member. We strongly recommend that sponsoring organizations contact a member as early as possible and work with the member in developing the application. How much can I apply for? The FHLB Chicago has limited the amount of subsidy per project to $300,000. The FHLB Chicago has also limited the amount of subsidy a member may be awarded to 25% of the available funds for the round. What type of project is eligible? 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, 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. When will I be notified if my application has received an award? Awards for the 2010 offering will be announced in late November. If I am awarded funds, when will they become available? Prior to disbursement of funds by the FHLB Chicago, a Subsidy Agreement between the member, sponsor and the FHLB Chicago must be executed, all conditional award requirements must be met, and a funding request and all required documentation must be submitted to the FHLB Chicago. The funding process and required documentation are outlined in the AHP Funding section. What are my responsibilities as an AHP recipient? Per the AHP regulations, members, sponsors and the FHLB Chicago 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. Can I reapply if my application does not receive an AHP award? 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.