Final AHP Rule: Changes to the Downpayment Plus® Program
|For nearly 30 years, the Affordable Housing Program (AHP) has successfully helped Federal Home Loan Bank (FHLBank) members and their partners create affordable housing opportunities in the communities they serve. On November 28, 2018, the Federal Housing Finance Agency (FHFA) published its amended regulation (Final AHP Rule), giving the FHLBanks greater flexibility to identify and respond to the unique needs of their Districts. For an overview of the Final AHP Rule and comprehensive list of changes, visit our AHP Modernization webpage.
The Final AHP Rule necessitates three significant changes to the Set-aside Program(s), known within the FHLBank Chicago’s District as the Downpayment Plus® Program (DPP®). These changes are summarized below.
3. The retention agreement for properties located in Illinois and Wisconsin has been updated. This new retention agreement is required for all loan closings on or after January 1, 2020, even if the DPP grant is being funded out of the 2019 DPP program year. Since this retention agreement is for properties in Illinois or Wisconsin only, please review and update any retention agreement used for properties in other states.
Please contact Community Investment at 312-565-5824 or firstname.lastname@example.org with any questions.
Federal Home Loan Bank of Chicago
200 East Randolph Drive
Chicago, IL 60601
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