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.
Read about the agency’s 2019 examinations of Fannie Mac, Freddie Mac and the Home Loan Bank System.
Submit comments and provide input on FHFA Rules Open for Comment by clicking on Rulemaking and Federal Register.
Implement critical reforms that will produce a stronger and more resilient housing finance system.
FOSTER competitive, liquid, efficient, and resilient (CLEAR) national housing finance markets that support sustainable homeownership and affordable rental housing; OPERATE in a safe and sound manner appropriate for entities in conservatorship; and PREPARE for eventual exits from the conservatorships.
2019 Conservatorships Strategic Plan
FHFA experts provide reliable data, including all states, about activity in the U.S. mortgage market through its House Price Index, Refinance Report, Foreclosure Prevention Report, and Performance Report.
FHFA economists and policy experts provide reliable research and policy analysis about critical topics impacting the nation’s housing finance sector. Meet the experts...
By law, each FHLBank must establish an Affordable Housing Program (AHP), and must contribute 10 percent of its earnings to its AHP.Under the 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:
FHFA has issued the
final rule amending the AHP regulation. To learn more, explore our
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.
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The FHLBank Act also requires each FHLBank to offer Community Investment Program 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).
The FHLBanks offer advances for targeted economic development under the Community Investment Cash Advance (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.
FHFA approval letter paves way for more businesses to get help through the FHLBanks’ Community Investment Cash Advance (CICA) programs. CICA eligibility will align with the Paycheck Protection Program at least through 12/31/20.
Have questions about the AHP, CIP, or CICA?
Affordable Housing and Community Investment page
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