Federal Home Loan Bank of
Des Moines
Affordable Housing Program
Stacy Snyder
Rental Housing Manager
August 2013
Federal Home Loan Bank System
• Authorized by Congress in 1932, the Home Loan Bank System is
a government sponsored enterp...
What does the Federal Home Loan
Bank of Des Moines do?
• Provides Advances to Member institutions
(banks, insurance compan...
Who does FHLB Des Moines serve?
• The Bank’s
5 state district
includes:
– Iowa
– Minnesota
– Missouri
– North Dakota
– Sou...
FHLB Des Moines Members
• More than 1,200 members which include:
– Commercial Banks
– Credit Unions
– Thrifts
– Insurance ...
Community Investment Programs
• Affordable Housing Program (AHP)
• Set Aside Programs
– Homebuyer Fund
– Native American H...
Affordable Housing Program (AHP)
• Competitive award program
• Receive 100-120 applications annually. Fund 25-40%.
• Funds...
Project Types
Homeownership
• Development Projects - New Construction and Acquisition/Rehab
• Development – Habitat for Hu...
AHP Projects Funded 1990 - 2011
• Minnesota = $69.5 million (381 projects)
• Missouri = $48.9 million (235 projects)
• Iow...
AHP Scoring Criteria
• Priority 1 – Donated property
• Priority 2 – Non-profit or Government Entity Sponsorship
• Priority...
AHP Implementation Plan
The AHP Implementation Plan is updated annually.
Training materials can also be found on the websi...
NOTE: The AHP online application will be accessible Monday through
Sunday from 7:00 a.m. through 10:00 p.m Central Time.
N...
Member & Sponsor Roles /Responsibilities
• Sponsor must request support from a Member
• Sponsor registers with FHLB Des Mo...
Leasburg Rehabilitation – USDA - MO
USDA
projects
have
received
more than
$10 million
in AHP
funds to
rehabilitate
elderly...
Leasburg Rehab – USDA - MO
Hamilton Housing – USDA – MO
White Earth Reservation
White Earth
White Earth
White Earth
Community Investment Department Contacts
• Stacy Snyder, Rental Housing Manager
• Brandon Wiltgen, Rental Housing Analyst
...
Thank You!
Stacy Snyder
Rental Housing Manager
Federal Home Loan Bank of Des Moines
(515) 281-1042
ssnyder@fhlbdm.com
www....
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The Affordable Housing Program - Stacy Snyder

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Stacy Snyder of the Federal Home Loan Bank of Des Moines goes over the FHLB Affordable Housing Program. Presentation from the Housing Assistance Councils symposium "Housing Seniors & Veterans in Rural America: Preservation, Development and Services" in Council Bluffs, IA on August 28-29, 2013

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The Affordable Housing Program - Stacy Snyder

  1. 1. Federal Home Loan Bank of Des Moines Affordable Housing Program Stacy Snyder Rental Housing Manager August 2013
  2. 2. Federal Home Loan Bank System • Authorized by Congress in 1932, the Home Loan Bank System is a government sponsored enterprise comprised of 12 regional, independent Banks. • Over 8,000 commercial banks, thrifts, insurance companies and credit unions are cooperative members of the Home Loan Banks. • The mission of the Banks is to provide liquidity and stability to the nation’s financial system, and to promote housing and economic development in communities. • Member financial institutions borrow funds from the Banks to finance housing, economic development, infrastructure and jobs. About 80 percent of U.S. lending institutions rely on the Federal Home Loan Banks. • As part of their mission, the Banks reserve 10% of Net Income each year for Affordable Housing Initiatives.
  3. 3. What does the Federal Home Loan Bank of Des Moines do? • Provides Advances to Member institutions (banks, insurance companies, & credit unions) • Government Sponsored Entity • As part of it’s mission, the Bank sets aside 10% of its Net Income each year for Affordable Housing initiatives
  4. 4. Who does FHLB Des Moines serve? • The Bank’s 5 state district includes: – Iowa – Minnesota – Missouri – North Dakota – South Dakota
  5. 5. FHLB Des Moines Members • More than 1,200 members which include: – Commercial Banks – Credit Unions – Thrifts – Insurance Companies – Housing Associates
  6. 6. Community Investment Programs • Affordable Housing Program (AHP) • Set Aside Programs – Homebuyer Fund – Native American Homeownership Initiative • Community Investment Advances • Questions
  7. 7. Affordable Housing Program (AHP) • Competitive award program • Receive 100-120 applications annually. Fund 25-40%. • Funds can be used for the purchase, construction, or rehabilitation of affordable housing units • Maximum award $300,000 (2012) / $500,000 (prior years) • Maximum subsidy of $30,000 per unit • Households must be at or below 80% of Area Median Income (AMI) ** NOTE: At least 20% of units must be targeted at 50% AMI or below on Rental projects • Retention Periods / Deed restrictions: • Rental = 15 years / Homeownership = 5 years
  8. 8. Project Types Homeownership • Development Projects - New Construction and Acquisition/Rehab • Development – Habitat for Humanity Projects • Owner Occupied Rehabilitation • Down Payment and Closing Cost Assistance
  9. 9. AHP Projects Funded 1990 - 2011 • Minnesota = $69.5 million (381 projects) • Missouri = $48.9 million (235 projects) • Iowa = $38.7 million (283 projects) • South Dakota = $27.0 million (134 projects) • North Dakota = $10.6 million (57 projects) • Out of District = $9.8 million (61 projects) Total development costs = $1.6 Billion Total AHP Funds Awarded = $205 million Total Projects = 1,151 Total Units created/rehabbed = 41,408
  10. 10. AHP Scoring Criteria • Priority 1 – Donated property • Priority 2 – Non-profit or Government Entity Sponsorship • Priority 3 – Income Targeting • Priority 4 – Homeless Households • Priority 5 – Promotion of Economic Empowerment • Priority 6 – First District Priority (in-district, special needs households) • Priority 7 – Second District Priority (Native American, acquisition-rehab) • Priority 8 – Subsidy Per Unit • Priority 9 – Community Stability (Vacant & Abandoned, Adaptive Re-Use, New Construction, & No Displacement) 5 10 20 5 5 18 17 10 10 Points Scoring priorities change from year-to-year. Keep up-to-date with the scoring criteria in the AHP Implementation Plan. . NOTE: Commitments made in the application must be met for the . entire retention period (Rental = 15 years / Homeownership = 5 years)
  11. 11. AHP Implementation Plan The AHP Implementation Plan is updated annually. Training materials can also be found on the website.
  12. 12. NOTE: The AHP online application will be accessible Monday through Sunday from 7:00 a.m. through 10:00 p.m Central Time. No applications will be accepted after the AHP deadline listed below. In addition, any applications with missing Exhibits at the time of the deadline will be considered incomplete. Pre-Application Start: 7:00 AM February 1, 2014 Pre-application End: 4:30 PM March 15, 2014 Registration Start: 7:00 AM March 15, 2014 Registration End: 4:30 PM April 15, 2014 Application Start: 7:00 AM April 1, 2014 Application End: 4:30 PM May 15, 2014 Member Bank Approval Start: 7:00 AM April 1, 2014 Member Bank Approval End: 4:30 PM May 15, 2014 AHP AWARDS ANNOUNCED November, 2014 ** All times are Central Time. ** * IMPORTANT DATES – 2014 AHP Applications *
  13. 13. Member & Sponsor Roles /Responsibilities • Sponsor must request support from a Member • Sponsor registers with FHLB Des Moines • Member provides Sponsor with User ID and Password • Sponsor completes AHP Application • Member “approves” AHP Application – During AHP Application Process NOTE: The AHP Application is not considered complete and . eligible to receive AHP funds until the Member approves it
  14. 14. Leasburg Rehabilitation – USDA - MO USDA projects have received more than $10 million in AHP funds to rehabilitate elderly rental units
  15. 15. Leasburg Rehab – USDA - MO
  16. 16. Hamilton Housing – USDA – MO
  17. 17. White Earth Reservation
  18. 18. White Earth
  19. 19. White Earth
  20. 20. White Earth
  21. 21. Community Investment Department Contacts • Stacy Snyder, Rental Housing Manager • Brandon Wiltgen, Rental Housing Analyst • Renee Marrs, Rental Housing Specialist • Rick Bloxham, Homeownership Manager • Mary Jo Vogl, Homeownership Analyst • Evelyn Bengtson, Set Aside Homeownership Analyst • Gary Dodge, Director Community Investment • Laura Newberry, Operations Manager • Cheryl McCollum, Community Investment Specialist Rental Housing Homeownership Administrative
  22. 22. Thank You! Stacy Snyder Rental Housing Manager Federal Home Loan Bank of Des Moines (515) 281-1042 ssnyder@fhlbdm.com www.fhlbdm.com
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