December 20, 2016
Federal Home Loan Bank of Boston today announced that 45 initiatives will receive $56.4 million in grants, loans, and interest-rate subsidies through its 2016 Affordable Housing Program (AHP) allocation. These funds will be used to finance 1,100 units of affordable rental and ownership housing for households earning at or below 80 percent of area median income in seven states.
"We are pleased to serve as a vital link, through our members, to critical financing that connects local residents and families to decent, affordable housing," said Edward A. Hjerpe III, the Bank?s president and chief executive officer. "AHP financing increases access to housing and also contributes to the creation of new jobs and economic growth in our communities."
AHP funds were awarded through member financial institutions to projects that will create or preserve affordable rental and ownership housing. In total, $29.5 million dollars were awarded as grants and subsidies, with the balance coming as subsidized advances or loans. AHP funds are used to create or preserve affordable housing and help pay construction, acquisition, or rehabilitation costs. Member financial institutions work with local developers to apply for AHP funding, which is awarded through a competitive scoring process.
Since its inception in 1990, the AHP has funded more than $506 million to create or preserve more than 28,900 affordable housing units in total throughout New England.
"For more than 25 years, AHP financing has expanded its impact and reach to help more families and communities thrive. As a result, our most vulnerable citizens-seniors, veterans, homeless and families-are using the stability of new housing to rebuild and improve their lives in countless ways," said Kenneth A. Willis, first vice president/director, housing and community investment.
The mission of the Federal Home Loan Bank of Boston is to provide highly reliable wholesale liquidity and funding to member financial institutions in New England, which enables the Bank to deliver competitively priced financial products, services, and expertise that support housing finance and community economic growth, including programs targeted to lower-income households.
Detailed project information on the awards is available here.