To assist individuals and households displaced by severe storms, straight-line winds, flooding, and tornados in the areas designated by the Federal Emergency Management Agency as a Disaster Area, the Federal Housing Finance Agency has issued a Non-Objection Letter allowing vacant Affordable Housing Program (AHP)-assisted rental units to be temporarily leased to displaced individuals/households, regardless of income. Eligible individuals/households must have resided in a county designated on or after December 11, 2021 for Individual Assistance by the Federal Emergency Management Agency or in another government-designated area as a result of these severe weather events.

Temporary suspension of household income limits for AHP-assisted rental projects is allowable pursuant to the following requirements:

• Project owners or sponsors must obtain written approval from the Federal Home Loan Bank that approved their AHP project to temporarily suspend household income limits for disaster-displaced individuals/households;
• The time period for suspension of household income limits will not extend beyond April 30, 2023;
• Project owners or sponsors must obtain, maintain, and certify certain information about the displaced individual/household, including name and former address, and a statement, signed under penalty of perjury by the individual/head of household, that the individual/household requires temporary housing because of damage to their home in an eligible county;
• Project owners or sponsors must maintain documentation of the date the individual/household began temporary occupancy of the AHP unit and the date the occupancy ends;
• Rents charged must not exceed the existing AHP rents for the units, except as permitted under other federal agency declarations for housing assistance for disaster-displaced households; and
• Existing AHP-eligible tenants cannot be evicted or otherwise have their tenancy terminated as a result of efforts to provide temporary housing for displaced individuals/households.

At this time, the temporary suspension of income limits only applies to individuals/households displaced by this specific Disaster Area. Additional guidance will be distributed should the scope of the suspension be broadened to include those displaced by other recent natural disasters.

Please contact Community Investment at 312-565-5824 or ci@fhlbc.com with any questions or to obtain written approval to participate in this opportunity.