COMMUNITY INVESTMENT PROGRAM

Program Summary

The Community Investment Program (CIP)is a targeted housing and economic development loan program. The CIP was authorized by Section 721 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA)(12 U.S.C. 1430(i)). The purpose of the CIP is to provide funding for community-oriented mortgage lending, which means providing loans:

• to finance home purchases by families whose incomes do not exceed 115 percent of the area median income;
• to finance the purchase or rehabilitation of housing for occupancy by families whose incomes do not exceed 115 percent of the area median income;
• to finance commercial and economic development activities that benefit low- and moderate-income (defined as 80 percent of the area median income) households, or activities that are located in low- and moderate-income neighborhoods (defined as a neighborhood in which 51 percent or more of the households are low- to moderate-income households); and
• to finance projects that include a combination of these activities.

CIP funds are available as advances, or loans, to members of the FHLBanks. CIP advances generally are priced slightly below the FHLBank's regular advance rate. FHLBanks also may issue AAA-rated letters of credit under the CIP.

CIP is a flexible program that members have used to finance a wide range of targeted housing and economic development projects, including:

• Day care centers
• Manufacturing facilities
• Small business loans
• Special needs housing
• Grocery stores
• Educational facilities
• Community services such as fire stations and trucks
• Health care facilities
• Infrastructure projects
• Office buildings
• Single-family housing
• Multi-family housing

Each FHLBank has a Community Investment Officer (CIO) who implements the FHLBank’s Community Investment and Affordable Housing programs and provides technical assistance and outreach to promote such programs. FHLBank staff is available to assist members in the development of plans to use CIP funds.

CIP applications can be obtained from the FHLBanks. For additional specific information regarding the submission or preparation of CIP applications, please contact the CIOs (names and phone numbers are listed below). A list of the FHLBank's addresses and phone numbers is available elsewhere on this site.

Jennifer Riedy
Compliance Assistance Division
Office of Policy
(202) 408-2974

FHLBank of Boston (CT, MA, ME, NH, RI, VT)

David Parish (617) 330-9872

FHLBank of New York (NJ, NY, PR, VI)

Joseph Gallo (212) 441-6824

FHLBank of Pittsburgh (DE, PA, WV)

James Chaney (412) 288-3407

FHLBank of Atlanta (AL, DC, FL, GA, MD, NC, SC, VA)

Robert Warwick (404) 888-8435

FHLBank of Cincinnati (KY, OH, TN)

Carol Peterson (513) 852-7615

FHLBank of Indianapolis (IN, MI)

Frederick Hash (317) 465-0428

FHLBank of Chicago (IL, WI)

Charles Hill, Sr. (312) 565-5705

FHLBank of Des Moines (IA, MN, MO, ND, SD)

Curt Heidt (515) 281-1175

FHLBank of Dallas (AR, LA, MS, NM, TX)

Clark Cain (214) 944-8652

FHLBank of Topeka (CO, KS, NE, OK)

Christopher Imming (913) 233-0507

FHLBank of San Francisco (AZ, CA, NV)

James Yacenda (714) 633-1271

FHLBank of Seattle (AK, GU, HI, ID, MT, OR, UT, WA, WY)

Judith Dailey (206) 340-8708

CIP Statistical Summary
Community Investment Cash Advances

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