Federal Home Loan Bank of New York (FHLBNY): Affordable Housing Program (AHP) General Fund: Owner-Occupied Housing - FY 2024
| Agency: | US Other |
|---|---|
| Office: | Federal Home Loan Bank of New York (FHLBNY) |
| Multipart Grant: | No |
| Next Due: | 05/31/2024 (Application) |
|---|---|
| Solicitation Date: | Unknown |
| Match Required: | Recommended |
| Match Type: | Unspecified |
| Actual Funds: | Unspecified |
| Award Range: | $2,000,000 (Max) |
Summary:
The purpose of this program is to support the purchase, construction, or rehabilitation of owner-occupied housing for lower-income households earning 80 percent or less of the area median income, and to help households maintain or purchase their home. Subsidized advances and awards will be issued to the funding agency's member financial institutions that submit applications on behalf of project sponsors planning to purchase, construct, or rehabilitate one-to-four-family owner-occupied dwellings, condominiums, cooperative units, or manufactured housing. Limited funding may also be used to finance homebuyer counseling costs.
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 lower-income households
- Target underserved communities and populations, with additional points awarded for the financing of housing located in a permanently inhabited U.S. territory
- Create economic opportunity
- Promote community stability, including affordable housing preservation
- Address district priorities, as detailed on pages 21-26 of the ImplementationPlan file
Optional virtual and in-person training sessions are scheduled for this program. Refer to the Application section for details.
Last Updated: March 26, 2024
Eligibility Notes:
Eligible project sponsors are:
- Private, nonprofit corporations
- 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 FHLBNY member institution, a directory of which can be found online at www.fhlbny.com/members.
At the time of application, the project sponsor, or ownership entity in which the sponsor has an ownership interest, must demonstrate satisfactory site control of 100 percent of the site(s) through the methods listed on pages 6-7 of the ImplementationPlan file.
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 lower-income households
- Target underserved communities and populations, with additional points awarded for the financing of housing located in a permanently inhabited U.S. territory
- Create economic opportunity
- Promote community stability, including affordable housing preservation
- Address district priorities, as detailed on pages 21-26 of the ImplementationPlan file
The funding agency may prohibit a project sponsor from qualifying for any new subsidies if the project sponsor has committed program funds to other projects that are not fully drawn down.
Eligible Applicants:
Local GovernmentConsortia
Native American Tribe
Non Profits
Private Sector
State Government
Application Notes:
Applications will be accepted beginning on April 22, 2024, and must be received by 5:00 p.m. ET on May 31, 2024.
Applications must be submitted online at access.fhlbny.com.
The contents of the application will become available upon initiation of the online application process.
Optional virtual training sessions will be held for this program as follows:
February 14, 2024
10:00 a.m. - noon ET
Registration: us06web.zoom.us
February 22, 2024
10:00 a.m. - noon ET
Registration: us06web.zoom.us
March 26, 2024
10:00 a.m. - noon ET
Registration: us06web.zoom.us
A recording of the virtual training sessions can be found online at www.youtube.com.
In addition, optional in-person training sessions will be held for this program as follows:
March 12, 2024
St. Thomas, U.S. Virgin Islands
Registration: forms.office.com
March 13, 2024
9:00 a.m. - 11:00 a.m. AST
Banco Popular Center
San Juan, Puerto Rico
Registration: go.fhlbny.com/2024-AHP-Training
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 (7 points)
- Targeting to lower-income households (20 points)
- Underserved communities and populations:
- Homeless households (6 points)
- Supportive housing (6 points)
- Rental housing for extremely low-income households (6 points)
- Affordable housing in U.S. territories (6 points)
- Creating economic opportunity:
- High-opportunity (5 points)
- Mixed-income housing (5 points)
- Community stability (10 points)
- District priorities:
- Project readiness (10 points)
- Owner-occupied projects (5 points)
- Small projects (5 points)
- In-district (5 points)
- Green building innovation (5 points)
- Member financial participation (6 points)
- Subsidy per unit (5 points)
Refer to the NOFA and ImplementationPlan files for additional application information.
| Match Required: | Recommended |
|---|---|
| Match Type: | Unspecified |
| Actual Funds: | Unspecified |
| Award Range: | $2,000,000 (Max) |
|---|
Match Notes:
There are no stated matching requirements for this program; however, project sponsors that have procured at least 75 percent of a project's proposed permanent funding sources will receive additional points in the application evaluation process.
Funding Notes:
A total of $70.8 million is available to support subsidized advances and grants through this program and the AHP General Fund: Rental Housing program, known in eCivis Grants Network as US15080.
Awards are limited to a maximum of $60,000 in subsidy per dwelling, or $2 million per project.
Funds will be provided on a reimbursement basis.
Awards will be announced in the fourth quarter of 2024.
Project sponsors must use the subsidy to procure other financing commitments within 12 months of the commitment date and draw down within 36 months of the commitment date. The commitment period is 36 months with 6-month progress reporting intervals. The total duration for progress reporting will be 48 months.
In certain cases, a maximum of $500 in subsidy per household may be used to finance homebuyer counseling costs. Refer to page 8 of the ImplementationPlan file for details.
Rates of interest, points, fees, and any other charges for all loans that are made for the project in conjunction with the subsidy must not exceed a reasonable market rate of interest, points, fees, and other charges for loans of similar maturity, terms, and risk.
Project sponsors may not reuse repaid subsidies. Any repaid subsidies must be returned to the funding agency.
Funds may not be used for:
- Processing fees charged by members for providing direct subsidies to a project
- Capitalized reserves, period deposits to reserve accounts, operating expenses, or supportive services expenses
Contacts:
Program Staff
AHP@fhlbny.com
Agency Address
Federal Home Loan Bank of New York
101 Park Avenue
New York, NY 10178-0601
Contact Notes:
Questions should be directed to the program staff.
Applications must be submitted online at access.fhlbny.com.
The agency address provided is for reference purposes only.
Files:
Other Pre-Award File: US15079_ImplementationPlan_FY2024.pdf (1.0 Mb)Award File: US15079_Award_FY2024.pdf (2.4 Mb)
NOFA File: US15079_NOFA_FY2024.pdf (171.0 Kb)
Other Pre-Award File: US15079_TrainingSessions_FY2024.pdf (103.5 Kb)
Other Pre-Award File: US15079_TrainingPresentation_FY2024.pdf (1.8 Mb)
File Notes:
The NOFA file contains the solicitation for this program. The ImplementationPlan file contains the implementation plan for this program. The TrainingSessions file contains information regarding training sessions scheduled for this program. The TrainingPresentation file contains the presentation slides from training sessions held for this program. The Award file contains information on previous award recipients for this program, as well as for the funding agency's AHP General Fund: Rental Housing program, known in eCivis Grants Network as US15080. Additional program resources can be found online at www.fhlbny.com/community/housing-programs/ahp.
March 26, 2024
The solicitation for this program has been released and attached as the NOFA file. The Application and Financial sections have been updated accordingly. In addition, the presentation slides from the training sessions held for this program have been released and attached as the TrainingPresentation file. A recording of the training sessions has also been released, and a link to the presentation is available in the Application section.
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