This annual report describes FHFA's accomplishments, as well as challenges, the agency faced in meeting the strategic goals and objectives during the past fiscal year.
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FHFA is responsible for the regulation and oversight of the Federal Home Loan Banks' (FHLBank) housing and community investment programs. These programs include:
FHFA also monitors
Community Development Financial Institutions' (CDFI) membership in the FHLBank System.
FHFA publishes an annual summary of the FHLBanks' housing and community investment programs in the
Low-Income Housing and Community Development Activities of the FHLBanks Report.
Each FHLBank also develops or updates a
Targeted Community Lending Plan each year detailing housing and community investment needs in its district.
FHFA has issued the final amendments to the AHP regulation. FHFA will hold a webinar on December 13, 2018 at 2 p.m. ET on the final rule. Questions may be submitted to DHMG.HCI@fhfa.gov. Register here for the webinar.
AHP Proposed Rule Webinar Recording (3/27/2018)AHP Proposed Rule Webinar Slides (3/27/2018)AHP Proposed Rule Webinar Transcript (3/27/2018)
By law, each FHLBank must establish an Affordable Housing Program, and must contribute 10 percent of its earnings to its AHP.
Federal Home Loan Bank Act (FHLBank Act), the specified uses of AHP funds are to finance the purchase, construction, or rehabilitation of owner-occupied housing for low- or moderate-income households (with incomes at 80 percent or less of the area median income), and the purchase, construction, or rehabilitation of rental housing where at least 20 percent of the units are affordable for and occupied by very low-income households (with incomes at 50 percent or less of the area median income). The AHP leverages other types of financing, and supports affordable housing for special needs and homeless families, among other groups.
The FHLBanks are authorized to operate two programs:
Competitive Application Program - A financial institution member of a FHLBank submits an application for AHP funds to the FHLBank on behalf of a non-profit or for-profit sponsor and is evaluated in comparison to other applications under the FHLBank's scoring system. The FHLBank approves the applications in descending ranking order starting with the highest scoring application.
Homeownership Set-Aside Program - FHLBanks make grants available to their financial institution members, who provide the funds as down payment, closing cost, or counseling assistance to homebuyers, or as rehabilitation assistance to homeowners. Establishment of homeownership set-aside programs is elective for each FHLBank. FHFA's regulation limits the amount of funds that a FHLBank may allocate annually to its set-aside program.
Each FHLBank develops or updates an
AHP Implementation Plan every year describing how the FHLBank operates its AHP.
Additional AHP and regulatory documents can be found
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* Individual FHLBank statutory contributions are based on individual FHLBank earnings from the previous year.
Have questions about the AHP? Email us.
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The FHLBank Act also requires each FHLBank to offer Community Investment Program (CIP) advances (i.e., loans) to their member financial institutions. The FHLBanks' CIP advances finance housing for households with incomes up to 115 percent of the area median income or commercial and economic development activities that benefit low- and moderate-income families (defined as 80 percent or less of area median income) or activities located in low- and moderate-income neighborhoods (where 51 percent or more of the households are low- or moderate-income).
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The FHLBanks offer advances for targeted economic development under the Community Investment Cash Advances (CICA) program, which is authorized by FHFA regulation. CICA programs offer funding for FHLBank members to provide financing for projects that are targeted to certain economic development activities. CICA lending is targeted to specific beneficiaries, including small businesses and certain geographic areas. CICA funding in urban areas is for targeted beneficiaries with incomes at or below 100 percent of the area median income and CICA funding in rural areas is for targeted beneficiaries with incomes at or below 115 percent of the area median income.
The FHLBank Act requires FHFA to establish standards of community investment or service for members of the FHLBanks to maintain continued access to long-term FHLBank advances. The CSP requires each FHLBank member (except for non-depository CDFIs) to submit a Community Support Statement to FHFA once every two years. The Community Support Statement serves to document a FHLBank member's Community Reinvestment Act of 1977 (CRA) performance and support of first-time homebuyers.
CDFIs are specially designated financial institutions that serve markets underserved by traditional financial institutions.
As of December 31, 2017, 48 non-depository CDFIs were FHLBank members.
FHLBank members can be found
© 2018 Federal Housing Finance Agency