Federal Housing Finance Board |
NEWS |
For Release December 17, 1997 FHFB 97-61 |
Contact: Naomi Salus
202/408-2957 Bill Glavin 202/408-2546 |
FEDERAL HOUSING FINANCE BOARD APPROVES
$58.6 MILLION FOR AFFORDABLE HOUSING PROJECTS
Washington, D.C. -- The Federal Housing Finance Board today approved $58.6 million in 1997 Affordable Housing Program (AHP) awards to help finance 15,025 housing units, primarily for very-low income families. Today's approvals complete the 1997 funding cycle for the AHP, which provided approximately $119.7 million in Federal Home Loan Bank System funds this year.
The Finance Board approved 348 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. Sixty-nine percent of the 15,025 housing units to be created are earmarked for very low-income households. The $58.6 million in AHP funds will leverage $1.04 billion in total development costs for a leverage ratio of more than 17 to 1.
Today marks the final time that AHP applications will be forwarded by the FHLBanks to the Board for approval. As part of its ongoing effort to shift governance functions to the FHLBanks, the Finance Board published a final rule August 4, 1997 which gives each FHLBank the authority to manage its own Affordable Housing Program. This action takes effect for the 1998 funding rounds, the first of which takes place in March.
# # # (Contact the Federal Home Loan Banks for a list of approved projects)
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