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FEDERAL HOUSING FINANCE BOARD APPROVES $20.4 MILLION FOR AFFORDABLE HOUSING PROJECTS

 WASHINGTON, Dec. 16 /PRNewswire/ -- The Federal Housing Finance Board approved $20.4 million in 1992 Affordable Housing Program (AHP) subsidies that will finance 5,124 units of housing. These subsidies will be granted to 123 housing proposals in 28 states through the Federal Home Loan Banks of Boston; New York; Chicago; Des Moines, Iowa; Dallas; Topeka, Kan.; San Francisco and Seattle. The funds will leverage $304.4 million in total development costs for a leverage ratio of 14.9 to 1.
 These AHP approvals reflect the 1992 second round competitions for these eight Federal Home Loan Banks. The Federal Home Loan Banks of Pittsburgh, Atlanta, Cincinnati and Indianapolis held their second round AHP funding competitions in September of this year.
 "The strength of the Affordable Housing Program is that it addresses local, community needs. The projects approved today range from providing single-room occupancy housing for homeless adults in the Harlem area of New York to constructing 34 homes in areas affected by the Los Angeles riots," said Daniel F. Evans Jr., Finance Board chairman.
 Of the 5,124 housing units, 70 percent will be used for very low- income housing. Of the total units, 21 percent will be ownership housing units, while 79 percent will be rental units.
 The applications approved include 23 in rural areas, 38 that have units for the homeless and seven single-room occupancy projects.
 The Affordable Housing Program provides direct subsidies or loans at subsidized rates to institutions which in turn finance the purchase, construction, and/or rehabilitation of affordable housing for very low-, low- and moderate-income households.
 The Affordable Housing Program operates as a series of 12 district-wide competitions. The banks evaluate applications on the basis of a number of criteria and objectives, using a 100-point scoring system described in the AHP regulations. These applications are then forwarded to the Finance Board for final funding consideration.
 Through the Affordable Housing Program, the Federal Home Loan Bank System contributes the greater of 5 percent of net income or $50 million annually in the years 1990 to 1993. The contribution will increase to the greater of 6 percent of net income or $75 million in 1994, and 10 percent of net income or $100 million, whichever is greater, in 1995 and subsequent years.
 -0- 12/16/92
 /CONTACT: Beth L. Climo of the Federal Housing Finance Board, 202-408-2986/


CO: Federal Housing Finance Board ST: District of Columbia IN: SU:

MH -- DC014 -- 7718 12/16/92 12:42 EST
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Publication:PR Newswire
Date:Dec 16, 1992
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