The Federal Home Loan
Bank of Chicago (FHLB Chicago) will hold one competitive application
round in 2008. The application deadline is April 1, 2008.
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The AHP application materials, including
an Instruction and Scoring Guide, will be available on the
FHLB Chicago's web site approximately 60 days prior to the
application deadline.
Please use updated materials
for the current year and review download notes below.
• Clear your browser's cache to be
sure that documents from 2008 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 2008 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 FHLB Chicago 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. |
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 AHP is available? |
| The FHLB Chicago will allocates approximately
65% of the total program funds to the AHP competitive application
program. The remaining 35% will be allocated to the Downpayment
Plus®
Program. |
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.
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When will I be notified if my application
has received an award? |
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Awards will be announced during the
third quarter.
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If I am awarded funds, when will they
become available? |
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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? |
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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