Applicants must be members of the Federal Home Loan Bank (FHLB) and must meet the Bank's normal credit criteria if requesting an advance.

To assist FHLB members in meeting the rising demand for decent, affordable rental or owner-occupied housing for persons whose incomes do not exceed 80% of the area median income.

Applications are evaluated according to the following criteria:

• Targeting for low-income households;

• AHP subsidy per unit requested;

• Donated property contributed to the project;

• Nonprofit sponsored projects;

• Homeless housing units reserved by the project;

• Community stability factors addressed; and

• Direct priorities –

• Special needs housing

• Member financial participation other than AHP funds requested;

• Rural units to be assisted;

• Member use of Bank Credit products other than AHP;

• Community participation and financial support;

• Support services, including social services offered to AHP-assisted households; and

• Homeownership projects

Funding: Ten (10) percent of the Bank's net income annually starting in 1995

Due Date: Semi-annual competitions. April 15 and October 15.

Noelle St. Clair, Community Investment Specialist
(785) 233-0507 Ext. 566

or

Christopher Imming, Community Investment Officer & Vice President
Federal Home Loan Bank of Topeka
P. O. Box 176
Topeka, KS 66601
(785) 233-0507 Ext. 565
Fax: (785) 234-1797
E-Mail: comminvl@fhlbtopeka.com

The Federal Home Loan Bank (FHLB) Community Investment Program (CIP) provides low-cost, long-term loan advances to member institutions to finance housing units for low/moderate-income families and commercial projects in disadvantaged communities. Interest rate savings attributable to the advance are "passed through" to borrowers. The program is available for families with incomes less than 115% of area median income. Eligible areas are those with at least 51% low/moderate-income households.

Purchase and rehabilitation of single-family and rental properties, including weatherization and energy conservation.

Participation in local, state and federal government-sponsored housing and economic development programs.

Commercial projects in low-moderate income communities.

Program/Loan Structure:

Maximum Program Benefits: Advances are based on lenders' asset size and other FHLB criteria. Loans from lenders to individual borrowers can vary with lenders' criteria.

Equity: Equity requirements vary among lenders. FHLB criteria for advances varies based on specific lender size, assets, etc.

Maturities: Up to 20 years with 30-year amortization.

Rates: Advances are priced at the FHLB cost of funds of comparable maturities, plus five (5) basis points.

Fees For Participation: Guaranteed rate commitments are available at one-half of regular FHLB fees.

Qualification Criteria/Comments:

Members must apply to FHLB for advances. Recipients report quarterly to FHLB.

The program is available only for financial institutions which are members of the FHLB System. Membership is open to thrifts, commercial banks, credit unions and insurance companies.

Members are required to own stock in the FHLB in proportion to their qualified mortgage assets and earn a market rate of return on investment.

Contact:

Noelle St. Clair
Federal Home Loan Bank
2 Townsite Plaza
P.O. Box 176
Topeka, KS 66601
(785) 233-0507
Fax: (785) 234-1797
E-Mail: comminvl@fhlbtopeka.com