| Federal Housing Finance Board |
NEWS |
| For Release June 25, 1997 FHFB 97-31 |
Contact: Naomi Salus
202/408-2957 Bill Glavin 202/408-2546 |
FEDERAL HOUSING FINANCE BOARD APPROVES
$53.9 MILLION FOR AFFORDABLE HOUSING PROJECTS
Washington, D.C. -- The Federal Housing Finance Board today approved $53.9 million in 1997 Affordable Housing Program (AHP) awards to help finance 13,281 housing units, primarily for very-low income families. Today's approvals complete the 1997 first funding round cycle for the AHP, which will provide approximately $119.7 million in Federal Home Loan Bank System funds this year.
The Finance Board approved 358 applications for a wide range of projects that will receive AHP funds through the Federal Home Loan Banks (FHLBanks) of Boston, New York, Atlanta, Cincinnati, Chicago, Des Moines, Dallas, Topeka, San Francisco and Seattle. Seventy-four percent of the 13,281 housing units to be created are earmarked for very low-income households. The $53.9 million in AHP funds will leverage $942.1 million in total development costs for a leverage ratio of more than 17 to 1.
The next AHP funding round is in September, when applications from the FHLBanks of Pittsburgh and Indianapolis will be approved.
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(Contact the Federal Home Loan Bank in your District for a list of approved projects)
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