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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.
A new report from the National Committee for Responsive Philanthropy finds that many foundations in the Washington, DC, area profited from anti-black racism and need to do more to right the wrongs...more
The first national park in the US will soon have more affordable housing thanks to a $40 million donation from anonymous donors. The National Park Foundation and the National Park Service...more
When it comes to their retirement funds, many workers and retirees are looking for ways to give back to the communities in which they live. Now, a new report from the Global Impact Investing...more
When the city of St. Thomas, Ontario, needed a new child care center, it turned to an old parking lotand a Canadian firm. Stationview YMCA Child Care Center, built by CGS Architects and funded...more
The city of Pasadena, Calif., is seeking $787,500 from the state to extend and enhance a program that has helped 91 families stay in their homes since June 2022, the Pasadena Star-News...more
The upstate New York town of Lake George has been given $10 million from the state to spend on "high-impact" community improvement projects, including housing, reports the Post-Star. The town and...more
An affordable-housing program in Vermont is getting a big boost from a major bank. M&T Charitable Foundation, the philanthropic arm of M&T Bank, has awarded $450,000 to Cathedral Square in...more
America's housing shortage is a major source of greenhouse-gas emissions, and the only way to reduce that is to encourage more home-building in less-car-dependent areas, researchers say. A new...more
"We're going to have a lot more droughts, a lot more flooding, a lot more storms, and it's going to be more intense, and it's going to be more dangerous, and it's going to be more intense and it's...more
"It will change lives." That's what a government official in Canada is saying about a project that will see a building in St. Labrador renovated to help at-risk youth find work, the CBC...more
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