Affordable Housing Program Application + Reporting Process
Members can access subsidized loans and grants through the Affordable Housing Program (AHP). Below is some information about the 2024 application period. All other documents pertaining to the 2024 funding round will be updated in the first quarter of 2024.
Application Period
Below are some important dates to consider for the 2024 AHP:
- The online application period opens on Monday, June 3, 2024.
- All applications and supporting documentation must be electronically submitted by 3:00 p.m. on Thursday, July 18, 2024.
- Members will have until 3:00 p.m. on Thursday, August 1, 2024 to complete the online application review.
Conditions of Funding + Reporting
Members and housing sponsors must report periodically on the use of funds to FHLBank Boston to help track the housing initiative’s progress and meet Affordable Housing Program regulatory requirements. Any subsidies unused by the project or deemed improperly used by FHLBank Boston will be recaptured.
Initiatives must be retained as affordable for prescribed periods through a legally enforceable retention mechanism. Generally, a subordinate mortgage in the case of a direct-subsidy award, and a first mortgage in the case of a subsidized-advance award, serve as standard retention mechanisms. FHLBank Boston has several standard documents, such as legal notes, mortgages, and other legal documents, which can be found in Forms + Applications.
Initiatives funded through the AHP are subject to the following reporting requirements. Reports are available through the Community Lending Login.
- Semiannual Progress Reports: Semiannual Progress Reports are required until the project is complete. Upon completion of an initiative, our staff compare the completed project with that which was proposed in the application to determine whether the project remains in compliance with the AHP regulation.
- Annual Compliance Certification: Members and project sponsors must submit an Annual Compliance Certification every year for 15 years for rental developments.
- Periodic Monitoring Reports*: FHLBank Boston requires risk-based, long-term monitoring and reporting from both project sponsors/owners and members on a periodic basis. The reporting requirements and timeline are detailed in the AHP Implementation Plan.
Ready to apply?
Log in and apply here:
Eligibility + Scoring
Find details about scoring criteria, eligible uses of funding, and the AHP Implementation Plan in this section.
Forms + Applications
Locate the AHP form or application you need here.
Training Materials
Missed an AHP training? You can view all presentations on your own time.
AHP Notice of Changes
The most recent program updates and key deadlines are noted in the Notice of Changes.
Approved Initiatives
Want to see which initiatives were awarded AHP funds in your state?
* The Periodic Monitoring Report has been combined with the Annual Compliance Certification (ACCPMR). For more information or to review the training presentation, please contact Theo Noell.