Application Notes:

Applications will be accepted beginning on April 1, 2025, and must be received by 4:30 p.m. CT on May 1, 2025.

Applications must be submitted online at ahp.fhlbdm.com.

The contents of the application will become available upon initiation of the online application process.

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)

An optional webinar for this program is scheduled as follows:

February 25, 2025
3:00 p.m. CT
Registration: www.fhlbdm.com

A recording of the webinar can be found online at www.fhlbdm.com.

Recordings of on-demand webinars for this program are available online at www.fhlbdm.com.

Refer to the NOFA file for additional application information.

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.

Projects are expected to be complete within 36 months of application approval.

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 8 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 2024, more than $100 million was distributed via 55 awards through this program. For FY 2023, more than $46 million was distributed via 60 awards ranging from $160,000 to $1 million For FY 2022, more than $25 million was distributed via 42 awards ranging from $177,360 to $750,000. Refer to the Award file for details.

March 5, 2025
A recording of the webinar for this program has been released, and a link to the presentation is available in the Application section.

February 12, 2025
Information regarding an optional webinar scheduled for this program has been released and attached as the Webinar file. The Application section has been updated accordingly.

February 6, 2025
Recordings of on-demand webinars for this program have been released, and a link to the presentations has been added to the Application section.