OFN recently submitted comments to the Federal Housing Finance Agency (FHFA) on proposed changes to the regulations of the Federal Home Loan Bank’s (FHLB) Affordable Housing Program (AHP). AHP provides critical subsidy needed to finance the purchase, construction or rehabilitation of affordable housing. CDFIs are important partners in the implementation of AHP programs in their role as FHLB Bank members, project sponsors, and members of FHLB Boards and Advisory Councils.
To help inform our response, OFN hosted a Staying Connected call in April where more than 75 OFN members and allies offered advice on the proposed regulations. We also conferred with other affordable housing stakeholders. Our comments on the proposed rule advocate for AHP regulations that outline clear priorities but provide maximum flexibility and reduced complexity for FHLBs, their members, and project sponsors.
OFN looks forward to continuing to work with the FHFA and FHLBs to ensure continued CDFI participation in AHP programs. For more information on our comments or OFN’s advocacy related to the AHP program, contact me.