Jump to main content.


Federal Housing Finance Board

Program Description

Mission

The Federal Housing Finance Board (FHFB) is divided into 12 Federal Home Loan Banks (FHLBanks), which are government-chartered, member-owned corporations. These FHLBanks provide long-term loans to its member financial institutions, which then advance these loans to individuals or entities in the community for residential mortgages or economic development activities, including brownfields redevelopment projects.

Brownfields Connections

Resources

Financial Assistance

Community Investment Program (CIP)

This loan program provides funding for housing and economic development activities in distressed neighborhoods. The CIP supports community-oriented mortgage lending that can be used to target commercial and economic development projects in low- and moderate-income neighborhoods that include brownfield sites. Since 1990, the Federal Home Loan Banks have advanced more than $5 billion for such commercial and economic development projects.

Uses/Applications:

Community Investment Cash Advance (CICA) Program

The CICA programs of the 12 FHLBanks offer funding for projects targeted to certain economic development activities, including brownfields redevelopment. CICA programs used for economic development: Rural Development Advance (RDA) Program; Urban Development Advance (UDA) Program; and the Community Investment Program (CIP).

Eligibility Requirements: For a list of projects that qualify, see the CICA Web site.

Limitations: CICA program criteria and eligibility requirements vary among FHLBanks, but all CICA projects must meet FHFB CICA regulations.

Availability: Each FHLBank has a Community Lending Plan, in which it describes its program objectives and funding availability.

Uses/Applications: Economic development projects include: commercial, industrial, manufacturing, social service, infrastructure projects and public facilities.

Website: http://www.fhfa.gov/PolicyProgramsResearch/Programs/AffordableHousing

Federal Home Loan Bank Standby Letters of Credit (LOC)

The LOC regulation provides the FHLBanks with additional flexibility to use letters of credit for housing or economic development projects including those for brownfields redevelopment.

Uses/Applications:

Website: http://www.fhfa.gov/Default.aspx?Page=102

Affordable Housing Program (AHP)

The AHP subsidizes the interest rates for advances (loans) and provides direct subsidies (grants) to member institutions of the FHLBanks for long-term, very-low, low and moderate-income, owner-occupied and affordable rental housing.

Website: http://www.fhfa.gov/Default.aspx?Page=102

SNAPSHOT
Palm Beach, Broward,
and Miami-Dade Counties, Florida

A 115-mile corridor in the Florida counties of Palm Beach, Broward and Miami-Dade contains more than 2,100 known contaminated sites. The Eastward Ho! Brownfields Partnership seeks to alleviate growth pressure on the Everglades by encouraging sustainable brownfields reuse. The corridor — developed along two railroad tracks — is the location of numerous brownfields which vary widely in size, degree and type of contamination. The Federal Housing Finance Board (FHFB) was one of 16 federal agencies that partnered with this pilot program. The FHFB provides information and technical assistance on accessing the Federal Home Loan banking system. This gives credibility to the Eastward Ho! Partnership and increases access to loans from local banks. FHFB also provides information and technical assistance on how to access the Federal Home Loan banking system.

Additional Information

Charles McLean
Office of Supervision
Community Development and Affordable Housing
Federal Housing Finance Board
1625 Eye Street, NW
4th Floor
Washington, DC 20006-4001
202-408-2537
mcleanc@fhfb.gov

Main Website: http://www.fhfa.gov/

Region 3 | Mid-Atlantic Cleanup | Mid-Atlantic Brownfields & Land Revitalization


Local Navigation



Jump to main content.