Community Development Lending
We offer financing for the construction, renovation and preservation of affordable housing. These loans are available to investors and
developers of affordable housing in the low- and moderate-income neighborhoods where we do business.
- Construction Financing - We provide construction and permanent financing projects that target affordable housing to those who earn
80% or less of the area median income.
- Tax credit projects: Construction, interim, permanent, bridge financing and equity investments for development of tax
credit-eligible housing.
- Federal Home Loan Bank Affordable Housing Program Subsidy - The Federal Home Loan Banks' Affordable Housing Programs (AHPs)
provide developers and their non-profit/public agency partners with gap financing (in the form of direct subsidies or subsidized advances)
for affordable multi-family and single-family projects.
Program Requirements:
- AHP funds are awarded through two highly-competitive applications rounds during the year. A project sponsor may receive a subsidy
from a Federal Home Loan Bank if the project:
- Targets low- and very-low-income households (minimum 20% of units at or below 50% AMI; preferably 60% at 50%)
- Is financially feasible and demonstrates a need for the AHP subsidy
- Enhances the community
- Includes economic-empowerment services
- Not-for-profit lending - We provide financing for community-based not-for-profit organizations in human and social
services and special needs populations, as well as houses of worship.
We offer the following types of financing:
- Project finance: Finance acquisition, construction and commercial mortgages, program facilities, special needs housing and other projects.
- Houses of worship: A program to finance improvements to sacred space of existing congregations in low- or moderate-income areas.
Credit is subject to approval. Normal credit standards apply. Programs, rates, terms and conditions are subject to change without notice.
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