Federal Home Loan Bank (FHLBank) of Des Moines: Competitive Affordable Housing Program (AHP) - FY 2024
| Agency: | US Other |
|---|---|
| Office: | Federal Home Loan Bank (FHLBank) of Des Moines |
| Multipart Grant: | No |
| Next Due: | 05/01/2024 (Application) |
|---|---|
| Solicitation Date: | Unknown |
| Match Required: | Yes |
| Match Type: | Cash |
| Actual Funds: | Unspecified |
| Award Range: | $3,000,000 (Max) |
Summary:
The purpose of this program is to support the purchase, construction, or rehabilitation of affordable homeownership or rental housing. Funding will support partnerships between FHLBank of Des Moines members and eligible sponsors that have an ownership interest in a rental project or are integrally involved in an owner-occupied project.
Funding is available to support the following project types:
- Homeownership: acquisition, construction, or rehabilitation of an owner-occupied unit by or for very low-income or low- or moderate-income households
- Rental housing: purchase, construction, or rehabilitation of a rental project, where at least 20 percent of the units in the project are occupied by and affordable for very low-income households at or below 50 percent of the area median income (AMI)
Points will be awarded in the application evaluation process for projects that:
- Use donated or conveyed government-owned or other properties
- Are sponsored by a nonprofit organization or government entity
- Target low-income households
- Create economic opportunity/empowerment
- Target underserved communities
- Promote community stability, including affordable housing preservation
- Address district priorities, as detailed on pages 55-57 of the NOFA file
An optional question-and-answer (Q&A) webinar is scheduled for this program. Refer to the Application section for additional information.
Last Updated: March 08, 2024
Eligibility Notes:
Eligible project sponsors are:
- Nonprofit organizations
- States or political subdivisions of states
- State housing agencies
- Local housing authorities
- Native American tribes
- Alaskan Native Villages
- Government entities for Native Hawaiian Home Lands
- For-profit organizations
Project sponsors must apply jointly with an FHLBank of Des Moines member institution, a directory of which can be found online at www.fhlbdm.com/member-support/member-directory.
Points will be awarded in the application evaluation process for projects that:
- Use donated or conveyed government-owned or other properties
- Are sponsored by a nonprofit organization or government entity
- Target low-income households
- Create economic opportunity/empowerment
- Target underserved communities
- Promote community stability, including affordable housing preservation
- Address district priorities, as detailed on pages 55-57 of the NOFA file
Applicants may submit more than one application; however, each application must be for a different project. Applications from the same project sponsor may be characterized as different projects if they are for different project types, have distinctly different features, or serve different geographies.
Previous award recipients include:
- Cook Inlet Housing Authority (AK)
- Homes for Good Housing Agency (OR)
- Red Lake Reservation Housing Authority (MN)
- Housing Authority of the City of West Plains (MO)
- Low Income Housing Institute (WA)
Refer to the Award file for additional information regarding previous award recipients.
Eligible Applicants:
Local GovernmentConsortia
Native American Tribe
Non Profits
Private Sector
State Government
Application Notes:
Applications will be accepted beginning on April 1, 2024, and must be received by 4:30 p.m. CT on May 1, 2024.
Applications must be submitted online at ahp.fhlbdm.com.
The contents of the application will become available upon initiation of the online application process.
An optional question-and-answer (Q&A) webinar will be held for this program as follows:
February 28, 2024
3:00 p.m. - 4:00 p.m. CT
Registration: www.fhlbdm.com
A recording of the Q&A webinar can be found online at www.fhlbdm.com. In addition, recordings of on-demand webinars for this program can be viewed online at www.fhlbdm.com.
Applications will be evaluated according to the following criteria:
- Use of donated or conveyed government-owned or other properties (5 points)
- Sponsorship by a nonprofit organization or government entity (10 points)
- Income targeting (20 points)
- Economic opportunity/empowerment (5 points)
- Underserved communities (25 points)
- Community stability, including affordable housing preservation (12 points)
- District priority (23 points)
Refer to the NOFA file for additional application information.
| Match Required: | Yes |
|---|---|
| Match Type: | Cash |
| Actual Funds: | Unspecified |
| Award Range: | $3,000,000 (Max) |
|---|
Match Notes:
There are no specific matching requirements for this program; however, a project's estimated sources of funds must equal its estimated uses of funds, as reflected in the project's development budget.
In the case of homeownership projects where the sponsor extends permanent financing to the homebuyer, the sponsor’s cash contribution must include the required cash down payment from the buyer, plus the present value of any purchase note the sponsor holds on the unit. If the note carries a market interest rate commensurate with the credit quality of the buyer, the present value of the note equals the face value of the note. If the note carries an interest rate below the market rate, the present value of the note will be determined using the market rate to discount the cash flows.
Sources and uses of funds may not include the estimated market value of in-kind donations, voluntary professional labor or services, or sweat equity.
Funding Notes:
An unspecified amount of funding is available to support subsidies of up to $3 million per project and up to $150,000 per unit through this program.
Within 12 months of application approval, projects must have received a disbursement of all or a portion of the subsidy or must be using the subsidy to procure other financing. The funding agency may extend the 12-month time limit for disbursement of funds provided that reasonable progress is being made toward obtaining other funding or toward project completion. Within 36 months of application approval, projects are expected to be complete.
Funds may not be used for:
- Prepayment fees imposed by the funding agency on a member institution for a subsidized advance that is prepaid, unless the project meets the criteria detailed on page 7 of the NOFA file
- Cancellation fees and penalties imposed by the funding agency on a member institution for a subsidized advance commitment that is canceled
- Processing fees charged by member institutions for providing direct subsidies to a project
- Capitalized reserves, periodic deposits to reserve accounts, operating expenses, or supportive service expenses
For FY 2023, more than $46 million was distributed via 60 awards ranging from $160,000 to $1 million through this program. For FY 2022, more than $25 million was distributed via 42 awards ranging from $177,360 to $750,000. For FY 2021, more than $40 million was distributed via 67 awards ranging from $149,400 to $750,000. Refer to the Award file for details.
Contacts:
Program Staff
(800) 544-3452 x2400
Fax: (515) 699-1270
CommunityInvestment@fhlbdm.com
Agency Address
Federal Home Loan Bank of Des Moines
909 Locust Street
Des Moines, IA 50309
Contact Notes:
Questions should be directed to the program staff, or to the appropriate program contact listed in the Contact file. Questions may also be submitted to the funding agency using the contact form available online at www.fhlbdm.com/contact-us.
Applications must be submitted online at ahp.fhlbdm.com.
The agency address provided is for reference purposes only.
Files:
NOFA File: US14621_NOFA_FY2024.pdf (1.4 Mb)Other Pre-Award File: US14621_Contact_FY2024.pdf (44.2 Kb)
Award File: US14621_Award_FY2024.pdf (18.1 Mb)
Other Pre-Award File: US14621_Webinar_FY2024.pdf (99.6 Kb)
Other Pre-Award File: US14621_FAQ_FY2024.pdf (106.9 Kb)
File Notes:
The NOFA file contains detailed program information and application guidelines. The Contact file contains contact information for this program. The Webinar file contains information regarding a question and answer webinar scheduled for this program. The FAQ file contains a list of answers to frequently asked questions regarding this program. The Award file contains information on previous award recipients. Additional program resources can be found online at www.fhlbdm.com/products-services/affordable-housing.
March 8, 2024
A list of answers to frequently asked questions regarding this program has been released and attached as the FAQ file. In addition, a recording of the webinar for this program has been released, and a link to the presentation is available in the Application section.
February 13, 2024
Information regarding a questions and answer webinar for this program has been released and attached as the Webinar file. Recordings of on-demand webinars have also been released, and the Application section has been updated accordingly. In addition, information regarding awards through this program has been released and appended to the Award file. A brief summary of the awards has been added to the Financial section, and a sample of award recipients has been added to the Eligibility section.
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Community DevelopmentHousing
Human Services