Federal Home Loan Bank (FHLB) Affordable Housing Program (AHP)

About the Program

This program offers up to $9,998 in gap funding for eligible homebuyers at or below 80% AMI purchasing newly constructed homes.  This funding is secured in the form of a 5-year forgivable Deed Restriction on the property.  Income verification and construction cost documentation are both essential to this program; a checklist of documents needed prior to and after closing may be found on our website.  While funding is available on a first come, first-served basis, preference will be given to projects serving persons with special needs (elderly persons 62 years or older; or persons with mental or physical disabilities).  Funding is available on a first-come, first-served basis.  Once funding is approved, Habitat Iowa will charge a service fee calculated at 10% of the award amount.

 

Important notes about this program:

  • Only new construction projects qualify for this grant

  • Funds are used to cover the gap in development resources, this includes the present-day value of the mortgage, gifts-in-kind, donations, and other grants and loans. 

  • 20% of the projects must serve persons with special needs; these projects will take precedence.  A special needs voluntary self-disclosure form will be made available to the homebuyers to complete.

  • Homebuyers are required to complete a minimum of 8 hours of pre-purchase financial planning, credit counseling or budgeting.

 

How to use the funds:

Contact our Christine Hall at 515-266-6886

Important Documents: 

Habitat for Humanity of Iowa

Email: info@iowahabitat.org

Phone: 515-266-6886

Address: 809 8th Street SW Suite F Altoona, Iowa 50009

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