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.

For-Profit Bank Becomes First Benefit Corporation Bank in U.S.
Foundation: Jessie Ball duPont Fund

In cooperation with B Lab Corporation, Virginia Community Capital ("VCC") announced that it is the nation's first regulated bank to become a Benefit Corporation. With offices throughout the...more

Local business turns investment into philanthopy
Foundation: Blue Mountain Community Foundation

Sheila Hager's article focuses on Lawson Knight one of a new breed of charitable investors who provide loans for equipment for rural communities rather than providing the usual charitable...more

St. Louis seeks to solve child-care worker shortage

The St. Louis Agency on Training and Employment has partnered with LUME Institute of University City to start a program that will allow residents of St. Louis to earn early childhood education...more

Housing Brings People, but Infrastructure Makes Neighborhoods

When pursuing new housing projects care must be taken to incorporate appropriate infrastructure into the area. New units for owner or renter occupation are good but they must fit into the broader...more

Home Depot Foundation Offers Grants to Support the Housing Needs of Military Veterans
Foundation: Home Depot Foundation

The Veteran's Housing Grants Program (VHGP), run by the Home Depot Foundation, has awarded over $80 million in grants to nonprofit organizations. The money goes to support development and repair of...more

Smith-Barbieri Progressive Fund: Focused on poverty, quality of life

The Smith-Barbieri Progressive Fund found its inception in the closing of Park Tower high rise in 1998. The foundations primarily goal was to support low-income housing. Twelve years later, Don...more

Eight projects get $2.9 million in Vermont Community Development Grants

Approximately 3 million dollars in grants have been approved for 8 projects throughout the state of Vermont for providing service to lower income areas and households. These services range from the...more

Successes of Philanthropy Series Sheds Light on Nonprofit Victories

Washington Monthy announced that it will begin to highlight successes in Philanthropies in a new series called, The Successes of Philanthropies. New stories, which will be added weekly, will...more

BizWorks receives startup grant award

North Chesterfield's Bizworks, an incubator for new businesses, is launching a new mentoring program for small startups thanks to a grant from the Governor's office, and run through the State of...more

Amherst Community Connections offers housing and job search support for homeless people

Amherst Community Connections is a much needed resource helping the homeless with getting housing. In addition to getting housing, they help people find work so that they can relieve the shelters and...more

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Social Entrepreneurship

Hexham Social Enterprise Launches Workshop to Provide Training for the Unemployed

Hexham Social Enterprise Launches Workshop to Provide Training for the Unemployed
A Gilesgate-based shop and community facility, Hexham’s Core Music, launches a separate workshop where up...

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Edited by: Michael Saunders

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