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 support a range of low-income housing and community development activities through three programs: the Affordable Housing Program (AHP), the Community Investment Program (CIP), and the Community Investme nt Cash Advance Program (CICA). Under these programs, the FHLBanks provide loans (referred to as advances) and grants to their members, and their members then use these funds to benefit very low - and low - or moderate - income households and communities.

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.

The FHL Banks also support low-income housing and community development through other activities, including their non-depository Community Development Financial Institution (CDFI) memberships

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.



Black Philanthropy Circle Awards $250K To 10 Baltimore Organizations
Foundation: Baltimore Community Foundation

"We want to be a bridge, not a chasm, extending our networks and our resources," says Savonne Ferguson, a co-founder of the Black Philanthropy Circle fund, which last week awarded a total of $250,000...more

Relocation Team Has Found Apartments For Remaining Forest Cove Residents
Foundation: Community Foundation for Greater Atlanta

In December, an Atlanta judge condemned the Forest Cove apartment complex, ordering its 210 tenants to evacuate by March 1 and for the complex's owner, Millennia Housing Management, to tear it down...more

Can Crypto Actually Help Puerto Rico After Hurricane Fiona?
Foundation: Puerto Rico Community Foundation

"An official emergency has been declared, which means in the tax program, your physical presence time is suspended," cryptocurrency investor Hayden Bowles says in a video posted to TikTok this...more

Battle Creek Public Schools looking to attract educators with financial housing incentives
Foundation: Kellogg Foundation

"Everyone benefits when teachers and administrators live in a community where they serve," Battle Creek Public Schools Director of Transformation Dr. Anita Harvey tells Fox 17. That's why the...more

$7.5 Million Wells Fargo Grant Helps Increase Home Ownership For People Of Color

"For black people, there is a double standard," Monica Montgomery Steppe says. "We, as a city and as a nation, are facing it for what it is." The San Diego Housing Commission on Wednesday...more

Pope Revamps Fund For Rural Communities In Latin America, Caribbean

In September, the Vatican announced it was shutting down the St. Paul II-inspired Populorum Progressio Foundation for Latin America and the Caribbean, which had given more than $40 million to...more

MacKenzie Scott Donates Beverly Hills Mansions For Affordable Housing
Foundation: California Community Foundation

MacKenzie Scott is giving away two Beverly Hills mansions worth a combined $55 million, CNBC reports. Scott, whose net worth is $38.2 billion, donated both homes to the California Community...more

It Can Impact Anyone: Experts, Community Members Discuss Need For Affordable Housing
Foundation: Arizona Community Foundation

"This is not an aberration. Until we deal with these, we are always going to have this problem." That from Rashad Shabazz, an Arizona State University professor, and housing expert who spoke...more

$353,000 In Grants Available Through Comox Valley Community Foundation
Foundation: Comox Valley Community Foundation

"We are thankful for the honest and candid advice we received from individuals who are witnessing first-hand the complex challenges facing our community." That from Christine Helpard, president...more

Monterey County Homelessness Summit Examines Root Of Problem
Foundation: Community Foundation for Monterey County

"All manner of life events can push someone into homelessness or put them at risk of homelessness," says Dan Baldwin, president and CEO of the Community Foundation for Monterey County. "We have to...more




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