FHLBank Assistance Now Expanded to Include Hurricanes Harvey, Irma, and Maria

October 16, 2017

To assist individuals and households displaced by Hurricanes Harvey, Irma, or Maria, the Federal Housing Finance Agency has issued a Non-Objection Letter allowing vacant Affordable Housing Program (AHP)-assisted rental units to be temporarily leased to displaced individuals/households, regardless of income. Eligible individuals/households must have resided in a county designated on or after August 25, 2017, September 4, 2017, or September 7, 2017 for Individual Assistance by the Federal Emergency Management Agency (FEMA) as a result of Hurricanes Harvey, Irma, or Maria, respectively.

Temporary suspension of household income limits for AHP-assisted rental projects is allowable pursuant to the following requirements:

Project owners or sponsors must obtain written approval from the Federal Home Loan Bank that approved their AHP project to temporarily suspend household income limits for hurricane-displaced individuals/households;
The time period for suspension of household income limits will not extend beyond 24 months after the date that FEMA designated the county for Individual Assistance;
Project owners or sponsors must obtain, maintain, and certify certain information about the displaced individual/household, including name and former address of each individual/household, and a statement, signed under penalty of perjury by the individual/head of household, that the individual/household requires temporary housing because of damage to their home in an eligible county;
Project owners or sponsors must maintain documentation of the date the individual/household began temporary occupancy of the AHP unit and the date the occupancy ends;
Rents charged must not exceed the existing AHP rents for the units, except as permitted under other federal agency declarations for housing assistance for individuals/households displaced by Hurricanes Harvey, Irma, or Maria; and
Existing AHP-eligible tenants cannot be evicted or otherwise have their tenancy terminated as a result of efforts to provide temporary housing for displaced individuals/households.

This advisory supersedes the previous FHLBank Chicago advisory issued on September 29, 2017, which pertained only to Hurricane Harvey. The advisory has been expanded to apply to Hurricanes Harvey, Irma and Maria, and suspends income limits for displaced individuals/households for up to 24 months rather than the original 12 months.

Please contact Community Investment at 312-565-5824 or ci@fhlbc.com with any questions or to obtain written approval to participate in this opportunity.

Federal Home Loan Bank of Chicago
200 East Randolph Drive Chicago, IL 60601 www.fhlbc.com	Copyright © 2017, 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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