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Affordable Housing Program Amendments Final Rule

Open Date:
Open for comment
Deadline:
All comments are due by
Type:
Final Rule
Number:
RIN-2590-AA83
Group:
 
FHLBanks
Document Number:
2018-25635
CFR:
12 CFR Parts 1290 and 1291
CFR Description:
COMMUNITY SUPPORT REQUIREMENTS; FEDERAL HOME LOAN BANKS’ AFFORDABLE HOUSING PROGRAM
Federal Register Publish Date:
View Document:
/SupervisionRegulation/Rules/RuleDocuments/FHLBank AHP Final Rule_Website.pdf|910.72 KB;
Contact Information:

FOR FURTHER INFORMATION CONTACT:  Ted Wartell, Manager, Office of Housing and Community Investment, 202-649-3157, ted.wartell@fhfa.gov; Marcea Barringer, Senior Policy Analyst, Office of Housing and Community Investment, 202-649-3275, marcea.barringer@fhfa.gov; Marshall Adam Pecsek, Senior Counsel, Office of General Counsel, 202-649-3380, marshall.pecsek@fhfa.gov; or Sharon Like, Managing Associate General Counsel, Office of General Counsel, 202-649-3057, sharon.like@fhfa.gov. These are not toll-free numbers. The mailing address is: Federal Housing Finance Agency, 400 Seventh Street SW., Washington, DC 20219. The telephone number for the Telecommunications Device for the Hearing Impaired is 800-877-8339.

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SUMMARY:  The Federal Housing Finance Agency is amending its regulation addressing requirements for the Federal Home Loan Banks’ (Banks) Affordable Housing Program (AHP or Program). The final rule amends the regulation to: provide the Banks additional authority to allocate their AHP funds; authorize the Banks to establish separate competitive funds that target specific affordable housing needs in their districts; provide the Banks additional flexibility in designing their project selection scoring systems to address affordable housing needs in their districts; remove the requirement for retention agreements for owner-occupied units where the AHP subsidy is used solely for rehabilitation; provide for a calculation of household subsidy repayment amount that prioritizes return of the household’s investment in the housing to the household; reduce administrative burdens related to calculating and obtaining household subsidy repayments based on net proceeds of the sale of a home; further align certain project monitoring requirements with those of other federal government funding programs; clarify the requirements for remediating AHP noncompliance; clarify certain operational requirements; and streamline and reorganize the regulation.

DATES:  The Rule will become effective December 28, 2018.

For more information, see the Affordable Housing and Community Investment page.

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