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.



Innovative Path To Homeownership Creates New Opportunities to Build Wealth
Foundation: Bush Foundation

A community center in Minneapolis that serves the Phillips area, Hope Community provides a place of refuge for those in need. Following the success of the nonprofit's homeownership pilot program,...more

Groups Eliminate Medical Debts for 24,000 Arkansans
Foundation: Arkansas Community Foundation, Rockefeller Foundation, Winthrop Rockefeller Foundation

Several organizations revealed Thursday morning that generous donors and organizations paid off almost 24,000 Arkansans' medical debts. The $35.2 million award announced January 27, 2022 would aid...more

Vermont Introduces Better Places Grants To Enhance Public Spaces
Foundation: Vermont Community Foundation

A new statewide initiative called Better Places encourages Vermonters to design and build thriving and inclusive public spaces in their communities. In addition, the Better Places pilot program...more

Bank To Invest $75 Million Into Underserved Communities in the D.C. Area
Foundation: Venture Philanthropy Partners

JPMorgan Chase has pledged $5 billion in "philanthropic capital and flexible low-cost loans" over the next five years. Wards 7 and 8 in Washington, D.C., will receive about $20 million of that....more

Prisoner-built Home Arrives In Muscatine To Increase Affordable Housing
Foundation: Community Foundation of Greater Muscatine

The last week of September saw the first prisoner-built home arrive at Muscatine County. Homes for Iowa is a program in which Iowa State Penitentiary prisoners in Newton learn to build homes and...more

'Preserving Dignity' - a Day of Giving in Orange County
Foundation: Orange County Community Foundation

The Orange County Community Foundation hosted the \"Protect Dignity\" event, a cooperative donation day that aims to raise $100,000 for seven non-profit organizations throughout Orange County that...more

$4 Million Contributions to House Marin County Homeless Vets
Foundation: Marin Community Foundation

After receiving $4 million in funding from the state budget, the construction of the first priority housing project for homeless veterans in Marin County will break ground next year. This funding...more

Motel to Shelter Housing Insecure Gresham Residents with $7M grant
Foundation: Oregon Community Foundation

The Oregon Community Foundation announced that it will provide Rockwood Community Development Corporation (Rockwood CDC) with nearly $7 million in funding to acquire and renovate a 75-room motel in...more

Well CDC to Complete its 60th Restored Home in Akron
Foundation: Akron Community Foundation

The Well Community Development Corporation (CDC), a nonprofit that aims to improve communities through housing restoration and economic development initiatives, has restored 57 homes in Akron's...more

Oregon Community Foundation Completes Record Funding Cycle
Foundation: Oregon Community Foundation

Juliette's House, YCAP and Reach Northwest received grants totaling $66,000 from the Oregon Community Foundation. The grants are part of a record funding cycle by the Oregon Community Foundation...more




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