2020 AHP Announced
The FHLBank Chicago’s Board of Directors approved the 2020 Affordable Housing Program (AHP) Implementation Plan (Plan). The Plan outlines requirements and guidelines applicable to the Downpayment Plus programs and the competitive AHP.

Significant changes in the 2020 Plan are summarized below. Please review the 2020 Plan, which includes a redlined version, for all changes.

Downpayment Plus Programs
  • Repayment requirements have eased in the event of a sale, transfer, assignment of title or deed, or refinancing of a unit during the retention period. For more details, read our recent advisory.
  • The maximum education and counseling cost reimbursed by Downpayment Plus funds has been reduced from $700 to $500 per household.
Competitive AHP
  • Owner-occupied units approved for rehabilitation- only will no longer be subject to a retention agreement.
  • Repayment requirements have eased in the event of a sale, transfer, assignment of title or deed, or refinancing of a unit during the retention period. For more details, read our recent advisory.
  • A tie breaker methodology will be used in the event that two or more applications have identical scores in the same funding round and there is insufficient AHP subsidy to approve all of the tied applications.
  • Scoring commitment thresholds in the categories of Homeless, Special Needs, Rural, In-District, Rehabilitation of Existing Occupied Housing, Elimination of Blighting Influences, Permanent Supportive Housing, Mixed-Income Locations, and Large Family Units will be calculated as a percentage of total project units rather than AHP-assisted units.
  • The maximum education and counseling cost reimbursed by competitive AHP funds has been reduced from $700 to $500.
  • For rental projects utilizing the 9% Federal Low Income Housing Tax Credit (LIHTC), the member/sponsor must provide evidence of the LIHTC award and a letter of interest or intent for the LIHTC equity. If these items are not available as of the June 12 application deadline, then they must be submitted by June 26, 2020.
  • Changes have been made to the annual cumulative cash flow per-unit and operating cost per-unit feasibility guidelines.
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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.

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