The Affordable Housing Program (AHP) is our largest and most impactful initiative – over $895 million awarded since 1990 toward more than 109,000 affordable housing units. AHP can be used to fund both ownership and rental projects. Grants are awarded on a competitive basis in one offering each year. Applications are typically accepted in the spring and summer with awards in November.

The following is only a brief summary of the AHP. Complete program details, including guidelines, limits, definitions, and requirements are provided in the current AHP Implementation Plan and related documents, which are available on this website.

Source of AHP funds

Each of the Federal Home Loan Banks sets aside 10 percent of net earnings annually to be used as subsidies to finance development of affordable housing. The funds are made available only through financial institutions that are members of the Federal Home Loan Banks. Non-profits, local governments, community development corporations, for-profits, and other organizations (known as sponsors) seeking AHP funding must submit an application through a financial institution that is a member of a Federal Home Loan Bank.

Use of funds

AHP funds can be used to assist with the funding of new construction, acquisition, rehabilitation or any combination thereof for ownership and rental housing serving very low-, low-, and moderate-income households. Very low-income households are those with annual incomes at or below 50 percent of area median income. Low- and moderate-income households are those with annual incomes at or below 80 percent of area median income. The area median income guidelines are defined annually by the U.S. Department of Housing and Urban Development (HUD).

Availability of funds

AHP funds are made available through a single competitive offering conducted annually. Interested members and sponsors have until the closing date for each offering to submit an application. For the FHLB’s 2025 offering, the online application will open on May 7. Applications must be submitted to the FHLB by 5:00 P.M. ET on July 7.

Information and technical assistance

The FHLB is a source of technical assistance in developing projects and can help connect sponsors to members, if requested. For more information or assistance, please contact Housing & Community Investment Department (HCI) toll-free at (888) 345-2246 or by email at AHPApplication@fhlbcin.com.