Since 1990*, the FHLBanks have awarded more than $5.8 billion which have assisted in the purchase, construction or rehabilitation of more than 865,000 units of affordable housing. Now in its 28th year, the FHLBanks' Affordable Housing Program (AHP) has become one of the most successful and valuable private sources of funding for the financing and building of affordable housing in the United States. In 2016, the FHLBanks made more than $324 million in AHP subsidies available to its members nationwide.  FHLBank members access these subsidies through the AHP Competitive Application Program and the AHP Homeownership set-aside Program.

The AHP was created by Congress in the Financial Institutions Reform, Recovery and Enforcement Act of 1989 and began operations in 1990. The AHP is designed to address local housing needs. It is administered regionally by each FHLBank, working through its financial institution members and those members' community-based partners. Such community-based partners are working at the grass roots and most closely understand the housing needs of their communities. To further ensure that AHP-funded projects serve local housing needs, each FHLBank is advised by an Advisory Council made up of community and nonprofit affordable housing and economic development organizations from within the FHLBank's district.

An AHP applicant must first coordinate through an FHLBank member financial institution to apply for the grant program. The AHP provides FHLBank member institutions the opportunity to partner with local developers and community organizations seeking to build and renovate housing for low- to moderate-income households. The AHP allows for funds to be used in combination with other programs and to support projects serving a wide range of community affordable housing needs. Many projects are designed for seniors, the disabled, homeless families, first-time homeowners and others with limited resources or special needs. In each funding round, grant applications are scored on a variety of factors intended to ensure that priority will be given to projects that will utilize the funding to create the greatest benefit. Each FHLBank designs its own competitive program, guided by federal regulatory parameters and input from its Advisory Council. Nationally, approximately one out of three applications is funded.


The Community Investment Program (CIP) and Community Investment Cash Advance (CICA) Program also support the FHLBanks core mission, by providing advances to members to assist in the financing of housing or other economic development initiatives to benefit low-and moderate-income households and neighborhoods.  Each FHLBank operates a CIP, designed to be a catalyst for economic development because it supports projects that create and preserve jobs and help build infrastructure to support further growth. Unlike the AHP, the CIP does not provide grants. Lenders have used the CIP to fund owner-occupied and rental housing; construct roads, bridges, retail stores and sewage treatment plants; and provide small business loans.

In 2016, the FHLBanks issued approximately $3.2 billion in CIP advances for housing projects and over $115 million for economic development projects.  Through the CICA program, nearly $3 billion was advanced for community development projects such as commercial, industrial and manufacturing projects, social services and public facilities.

Additionally, several of the FHLBanks operate other voluntary programs focused on addressing special needs, such as financial literacy, foreclosure prevention, home rehabilitation and small business lending.


The FHLBanks are cooperatives that finance housing and economic development for approximately 7,000 member financial institutions to grow their business and their communities. The FHLBanks have been one of the largest sources of funding for community lending in the United States for more than eight decades. Each FHLBank is independently owned by its members and regionally focused. Additionally, each Bank is governed by its own board of directors selected from its district.

Commercial banks, thrifts, credit unions, community development financial institutions and insurance companies are all eligible for membership in their district's FHLBank. Members range in size from some of the largest financial institutions in the world to community banks with just a single branch.

Each FHLBank is advised by an Advisory Council made up of community and nonprofit affordable housing and economic development organizations from within the FHLBank's district.

Additional information on all these programs is available from the Community Investment Officer of any FHLBank, or from the Federal Housing Finance Agency (FHFA), 400 7th Street, SW, Washington, DC 20024. Phone: (202) 649-3800. Email:


*Based on the latest available report by the Federal Housing Finance Agency (FHFA).



The FHLBanks' Affordable Housing Program (AHP) is the largest private source of grant funds for affordable housing in the United States. It is funded with 10 percent of the FHLBanks' net income each year.


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