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Support for Affordable Housing Programs
The Federal Housing Finance Agency (FHFA) was established by the Housing and Economic Recovery Act of 2008 (HERA) and is responsible for the supervision, regulation, and housing mission oversight of the 11 Federal Home Loan Banks (FHLBanks, FHL Bank System), the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac). FHFA's mission is to ensure that these regulated entities operate in a safe and sound manner so that they serve as a reliable source of liquidity and funding for housing finance. Since 2008, FHFA has also served as conservator of Fannie Mae and Freddie Mac.
The FHLBanks awarded approximately $322 million in total AHP funds in 2015, helping over 36,000 low - or moderate - income households including about 20,000 very low-income households. Through the CIP, the FHLBanks also funded approximately $3.2 billion in targeted housing and economic development advances in 2015, an increase of over 33 percent from 2014. The program assisted almost 39,000 housing units. The FHLBank's CICA funding, which supports targeted economic development, was about $4 billion in 2015, approximately 48 percent higher than in 2014.
At the end of 2015, 41 non-depository CDFIs were FHLBank members, and they had outstanding advances of approximately $114.5 million. Additionally, each FHLBank is subject to housing goals if its Acquired Member Assets (AMA) purchases exceed an annual volume threshold of $2.5 billion. While one FHLB ank exceeded this level in 2015 and FHFA is evaluating whether that FHLBank met the housing goals for 2015, regardless of that FHLBank's performance against the goals, FHFA will not require it to take any remedial steps because FHFA is in the process of reviewing and possibly updating the regulation.
Source: Federal Housing Finance Agency
Foundation and philanthropic support for affordable housing and community investment from around the Web.
Foundation: Barr Foundation, Rasmuson Foundation, Surdna Foundation, Ford Foundation, James Irvine Foundation, Rockefeller Foundation, William Penn Foundation, Irvine Foundation, Bloomberg Philanthropies
When Detroit's historic North End was being ravaged by blight, Patrick Bouchain and Jean Louis Farges decided to turn a abandoned warehouse into a community library. But instead of accepting a...more
Foundation: Lilly Endowment
"It makes a difference for communities statewide." That's what Andy East, executive director of the Indiana Economic Development Corp., has to say about the state's Regional Economic Acceleration...more
A new campaign in Australia is urging the country's $122 billion super fund industry to invest in projects that make a positive social and environmental impact. The #5by25 campaign, led by Wealth...more
The town of Sedona, Ariz., is in the middle of a debate over what to do with a rundown theater that's been there for 20 years. The town wants to tear down the Sedona Performing Arts Center and...more
Foundation: Austin Community Foundation
"There is an urgent need for affordable housing throughout Central Texas, and the demand far exceeds the supply," Mike Nellis, CEO of the Austin Community Foundation, tells the Austin...more
If you're 55 and up in Danville, Va., you'll soon have a new place to call home. The Virginia Department of Housing and Community Development announced last week that the state is providing $11.5...more
"With the heaviest of hearts," Pyramid Mountain Lumber's board of directors voted Thursday to close its Seeley Lake, Mont., mill, which employs around 100 people and was the town's largest employer...more
The University of Vermont's health system is facing what it calls "unprecedented challenges"including severe staffing shortages and rising costsand it's taking steps to address those issues, the...more
Foundation: Cleveland Foundation, George Gund Foundation
If you're in Cleveland and can't afford to live near the Cleveland Clinic, you may want to consider moving to Aura at Innovation Square, a new $26 million apartment complex that's set to open in...more
"The city of Spokane is a leading example for how communities can respond to the housing crisis," says Washington Gov. Jay Inslee in praising the city for its efforts to create more affordable...more
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Community Foundation for Greater Atlanta
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Ganesh Natarajan is the Founder and Chairman of 5FWorld, a new platform for funding and developing start-ups, social enterprises and the skills eco-system in India. In the past two decades, he has built two of India’s high-growth software services companies – Aptech and Zensar – almost from scratch to global success.
