2016 AHP Implementation Plan Amended
The Affordable Housing Committee of the Bank’s Board of Directors approved an amendment to the 2016 Affordable Housing Program Implementation Plan.
 
Specifically, the amendment:
  • Referenced disbursement policy for acceptable timeframes of owner-occupied household income documentation in the competitive program
  • Added enrollment date definition for the Downpayment Plus® (DPP®) program referencing the DPP Income Calculation Guidelines and DPP Program Guide for household income eligibility determination
  • Eliminated the requirement to secure the Affordable Housing Program (AHP) subsidy via a mortgage or other appropriate real property security instrument in owner-occupied transactions; a recorded retention agreement remains required
  • Clarified retention period inception for owner-occupied projects
  • Added final adjusted development cost-per-unit guidelines for the competitive AHP program
  • Clarified the criteria for the Rehabilitation of Existing Occupied Housing scoring category in the competitive AHP program
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Federal Home Loan Bank of Chicago
200 East Randolph Drive
Chicago, IL 60601
www.fhlbc.com
This newsletter contains forward-looking statements which are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as "anticipates," "believes," "expects," "could," "plans," "estimates," "may," "should," "will" or their negatives or other variations on these terms. We caution that, by their nature, forward-looking statements involve risk or uncertainty, that actual results could differ materially from those expressed or implied in these forward-looking statements, and that actual events could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, the risk factors set forth in our periodic filings with the Securities and Exchange Commission, which are available on our website at www.fhlbc.com.

Copyright © 2016, Federal Home Loan Bank of Chicago. "Downpayment Plus," "DPP," "Downpayment Plus Advantage," and "DPP Advantage" are registered trademarks of the Federal Home Loan Bank of Chicago. "Community First" is a registered trademark of the Federal Home Loan Bank of Chicago.
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