2016 Competitive AHP Applications: By the Numbers

July 7, 2016

For 26 years, members of the Federal Home Loan Bank of Chicago (FHLBC) have partnered with community developers and public agencies to apply for Affordable Housing Program (AHP) subsidies. These grants are awarded to the highest-scoring projects through a competitive process until the funds are exhausted. The 2016 competitive round closed on June 17.

Some member and sponsor applicants will receive a request for clarification during one of the following weeks:
August 8, August 29, or September 19. The date on which a clarification request is sent is not an indication of competitiveness, nor will all applicants receive a request for clarification.

Highlights
  1. 65 members and 82 sponsors jointly submitted 126 applications.
  2. More than $68 million in AHP subsidies was requested to support the construction, acquisition, and/or rehabilitation of 6,224 housing units.
  3. The FHLBC expects to award $25.5 million this year.
  4. The applications by project location were distributed between Illinois (52) and Wisconsin (70), plus 4 from
    outside the district.
  5. 97 of the applications submitted were for rental projects and 29 were for homeownership projects.
  6. The total development cost for the 126 projects is $1.17 billion.
  7. The average subsidy requested was $542,274.
  8. All applicants will be notified of the status of their application in early December.
  9. In 2015, 146 applications were submitted, requesting approximately $77 million, and approximately
    $29 million was awarded.
  10. Since 1989, the FHLBC has awarded almost $375 million in competitive AHP subsidies.

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. We assume no obligation to update any forward-looking statements made in this newsletter.