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Community Development Advance – Terms of Funding

To apply for a Community Development advance, members must submit an online application.

Program Limits

Each member has access to a combined maximum of $50 million in funds for the CDA program. Each member can disburse no more than $15 million in CDA Extra and $35 million in CDA during any calendar year, and each member's CDA Extra and CDA limits and approvals will be managed based on the following calculation:

CDA Extra: $15 million Member Disbursement Limit

  • Less any unexpired approvals with an available-for-disbursement balance greater than $0

  • Less CDA Extra disbursements during current calendar year

  • Less the total amount requested of any submitted (unapproved) CDA Extra application(s)

CDA: $35 million Member Disbursement Limit

  • Less any unexpired approvals with an available-for-disbursement balance greater than $0

  • Less CDA disbursements during current calendar year

  • Less the total amount requested of any submitted (unapproved) CDA application(s)

The Federal Home Loan Bank of Boston may at any time further limit the total amount of CDA program advances available or limit the amount of CDA program advances available per member.


Disbursement

Members must take down a Community Development advance within six months of the date of approval, unless the application included an approved request for a longer take-down period.


Take Down

Taking down a Community Development advance is simple. Once a member's application is approved, the member calls our Money Desk Office Phone icon 1-800-357-3452 to take down the advance.


Forward Rate Commitment

To guard against rising interest rates, members may purchase a forward rate commitment to lock in the current rate for disbursement on a future date. Members may call our Money Desk at Office Phone icon 1-800-357-3452 for pricing information on forward rate commitments.


Available Products and Maturities

Community Development Advance program advances are available with maturities of one year and longer. Three kinds of Community Development advances are always available: Classic, Member-Option, and Amortizing.

  • Classic advances are fixed-rate advances with interest due monthly and principal due at maturity.

  • Member-Option advances are fixed-rate advances that are repayable without fee on specified cancellation dates.

  • Amortizing advances are fixed-rate advances with monthly payments of interest and principal.

Other Community Development advances may be available upon request.


Expirations

Approvals under the Community Development Advance program expire six months from the date of approval, unless a longer take-down period is approved. If a member is unable to take down the advance within the specified take-down period, the member may submit a new application, provided that the funds requested are within the member's respective CDA Extra or CDA limit availability.


Spread

When making a loan using the funds from CDA Extra, the member's spread on the loan may not exceed its standard spread on similar loans.


Reporting

Applications approved under the CDA programs are subject to the Federal Home Loan Bank of Boston's Beneficiary Eligibility reporting requirement. Members can provide documentation supporting program eligibility at the time of application or after disbursement. Documentation is subject to review and confirmation of compliance by the Federal Home Loan Bank of Boston.

Data provided after disbursement must be loans originated no more than 90 days prior to the date CDA Extra/CDA funds were disbursed and up to the date of report submission.

Please note: Loans submitted with an origination date that is"after" the report submission date will not be considered for reporting eligibility.


Application types and required reporting data

CDA Extra Required Data

Single/Multifamily Owner

  • Borrower Last Name
  • Origination Date
  • Loan Amount
  • Street Address
  • City
  • State
  • Zip
  • County
  • Census Tract
  • Household Income
  • # of Ownership Units
  • # of Rental Units
  • Total Units

Single/Multifamily Rental

  • Origination Date
  • Loan Amount
  • Street Address
  • City
  • State
  • Zip
  • County
  • Census Tract
  • Unit ID
  • Rents Charged/Household Income

Economic Development —
Creates/Retains Jobs

  • Origination Date
  • Loan Amount
  • Street Address
  • City
  • State
  • Zip
  • County
  • Census Tract
  • Total Employees Retained
  • Total Employees Created

 

CDA Required Data

Economic Development —
Creates/Retains Jobs

  • Origination Date
  • Loan Amount
  • Street Address
  • City
  • State
  • Zip
  • County
  • Census Tract
  • Total Employees Retained
  • Total Employees Created
 
 
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