Federal Home Loan Bank Affordable Housing Program (FHLB AHP)
Down Payment Assistance
Location Served: Texas
Provider: Federal Home Loan Bank of Dallas
Approved Lender: New American Funding – (512) 524-8077
The Affordable Housing Program (AHP) was created to assist member institutions in providing very-low to moderate-income families and individuals with affordable, owner-occupied and rental housing. AHP supplies direct grants and subsidized loans to help their members meet their community’s affordable housing needs. The program has been assisting household since 1990 and has contributed more than $213 million in grants for nearly 40,000 households.
Members of the Affordable Housing Program collaborate with local housing organizations to design new AHP projects. All member institutions including savings and loans, banks, credit unions and insurance companies, located in Arkansas, Louisiana, Mississippi, New Mexico, and Texas are permitted to access the AHP funds for their individual programs as well as the projects developed with nonprofit organizations, state or local governments or for-profit developers, subject to the terms and conditions of AHP. The funds generated by the Affordable Housing Program are intended for gap financing; therefore, we suggest the creative use of other funds to leverage AHP financial assistance.
Other things AHP funds are allowed to be used for include:
- Financing closing costs or down payments
- Refinancing an existing mortgage
- Purchasing down principal amounts or interest rates
- Assisting with rehabilitation or construction costs
If you have any additional questions regarding home mortgages, please contact a mortgage expert by filling out the form on the right or calling (512) 524-8077. You can also email Team@CandyBuzan.com.