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.



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

Transformational Moment That Could Help Lift The Entire Community
Foundation: Lancaster County Community Foundation

"We've been serving Lancaster for 30 years by providing access to credit to entrepreneurs who want to make a positive change in the community," says Daniel Betancourt, CEO of Community First Fund, a...more

Community Foundation Launches 'TogetherATL' To Tackle Equity Issues
Foundation: Community Foundation for Greater Atlanta

"We are a region of contrasts," Frank Fernandez, president and CEO of the Community Foundation for Greater Atlanta, tells the Atlanta Journal-Constitution. "A region that has a lot of great...more

Nuveen Real Estate Launches Global Impact Investing Sector

Nuveen Real Estate, one of the world's largest real estate investment managers, is aiming to change the world. The company, a subsidiary of TIAA, plans to invest up to $15 billion in real estate...more

Baltimore City Doubles Incentive For First-Time Homebuyers To $10000

"To continue to grow our city and strengthen our economy, we must do everything in our power to prevent potential Baltimore homeowners from being squeezed out of the marketplace." So says...more

Grants And Funding Opportunities From Strategic Grants

If you're in need of a helping hand, there's no better time than now. The Australian government is offering up to $1 million over the next five years for community projects that help those in...more

Detroit Program Awards $2.5M In Grants To 35 Community Groups

Detroit's Housing and Urban Development Department has awarded nearly $2.5 million in grants to 35 community groups to boost nonprofits and services for low- and moderate-income residents in the...more

Vista To Expand Outreach At Homeless Encampments Near Watershed

Homeless people who live in out-of-sight encampments in Vista, Calif., may soon find new homes thanks to a $1.8 million state grant. The Vista City Council this month accepted a $1.8 million...more

A New Exhibit Explores Florida's Affordable Housing Crisis Through A Different Lens
Foundation: Gulf Coast Community Foundation

A new photography exhibit in Sarasota, Fla., offers a look into the lives of people who are struggling to make ends meet. "I feel so honored to have been given the gift of spending time with these...more

Momentum Behind Hartford's Ambitious Parkville Arts & Innovation District

Once a hub for typewriters, bicycles, and automobiles, Hartford's Parkville neighborhood is about to undergo a major transformation. The city is seeking $50 million from the state to develop 12...more




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