FHLBank Chicago’s Board of Directors recently approved the 2022 AHP Implementation Plan (Plan). The Plan outlines requirements and guidelines applicable to the Downpayment Plus Programs and the AHP General Fund. Significant changes to the 2022 Plan are summarized below.

Downpayment Plus Programs

• Homebuyer education and counseling must be provided by a HUD Approved Counseling Agency, or an online platform approved by FHLBank Chicago.
• As a principle of equity, grant amount will no longer be linked to homebuyer contribution. The minimum homebuyer contribution of $1,000 remains a program requirement.

AHP General Fund

• Homebuyer education and counseling must be provided by a HUD Approved Counseling Agency, or an online platform approved by FHLBank Chicago.
• For rental projects utilizing the 9% Federal Low Income Housing Tax Credit (LIHTC), the member/sponsor must provide evidence of the LIHTC award and a letter of interest or intent for the LIHTC equity. If these items are not available as of the June 10 application deadline, then they must be submitted by August 1, 2022.
• Changes have been made to the operating cost per unit.
• The chart of numeric Adjusted Development Cost per Unit (ADCU) feasibility guidelines has been eliminated in favor of deference to the cost guidelines of the majority funder for in-district projects. For in-district projects where there is no majority funder (i.e., no single source is financing more than 50% of total project costs), FHLBank Chicago will assess the ADCU using its internal cost model.
• The Elimination of Blight scoring category is removed for 2022. These four points have been moved to a new scoring category called Projects Serving Low-Income Minority Areas.