2009 Rural Homeownership Fund

2009 Recipients
Grants totaling $1.0 million have been awarded to 23 member financial institutions to help individuals and families achieve the dream of owning their own home. The grants support efforts to provide permanent housing to families and individuals in rural communities by assisting them with down payment, closing cost, counseling or home rehabilitation.

For a summary of Rural Homeownership Fund awards by state, click here.

For a complete list of 2009 Rural Homeownership Fund recipients, click here.

2009 Program Guidelines
Changes were made to our 2009 program guidelines and include:

• Financing concessions, such as discounted origination fees, are no longer required.

• There are additional requirements for compliance with anti-predatory lending laws and regulations. The final signed HUD-1 and TIL will be required for each disbursement.

• Acquisition cost of all properties purchased by eligible households must be at or below the maximum purchase price limit for the locality established by the applicable State Housing Finance Agency.

• An eligible household may receive up to $10,000 under this set-aside program if the home being purchased meets the Bank’s definition of foreclosed property and the foreclosure occurred after January 1, 2007. FHLB Des Moines will request and review documentation on any applicable disbursement.

• If real estate property owned by a member providing an AHP subsidy is sold to a household by the member, or the member holds a mortgage or lien on real estate property sold to the household, the property should be sold at fair market value, as evidenced by an appraisal. The Bank will request and review documentation on any applicable disbursement.

Important: These changes apply only to subsidies that will be awarded in 2009. They do not apply to subsidies awarded in 2007 and 2008. Any member funding a 2007or 2008 RHF commitment in 2009 must utilize the program guidelines and forms applicable to those years, which can be found in the charts below.

For further information or questions please contact Evelyn Bengtson at 800.544.3452, ext. 1064 or ebengtson@fhlbdm.com.

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2008 Rural Homeownership Fund

FHLB Des Moines awarded a total of $1.0 million to 42 members through the 2008 Rural Homeownership Fund.

• For a summary of RHF awards by state….

• For a complete list of 2008 RHF recipients…

See our AHP Homeownership Forms section for additional resources, documents and forms for this program. This includes sample retention documents and forms for recapture of subsidy.

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2007 Rural Homeownership Fund

FHLB Des Moines awarded a total of $1.0 million to 44 members through the 2007 Rural Homeownership Fund.

• For a summary of RHF awards by state...

• For a complete list of 2007 RHF recipients...

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2009 HUD Income Guidelines
Effective March 19, 2009
Income Guidelines for AHP Rental or Homeownership projects. All documents are PDFs. "Very low income" is defined as 50% AMI and "low-income" is defined as 80% AMI.

• Iowa
• Minnesota
• Missouri
• North Dakota
• South Dakota

2009 MRB Income Levels
Effective May 1, 2009
Only for owner-occupied units. All documents are PDFs.

• Iowa
• Minnesota
• Missouri
• North Dakota
• South Dakota

2009 Maximum Purchase Price Limits
Effective May 1, 2009
Maximum Purchase Price Limits for AHP Homeownership projects only. All documents are PDFs.

• Iowa
• Minnesota
• Missouri
• North Dakota
• South Dakota

2009 Native American Housing Assistance and Self-Determination Act (NAHASDA) Income Limits
Updated May 27, 2009
Only for households that are eligible for assistance from a Tribally Designated Housing Agency

• PDF

Native American Homeownership Initiative

Urban First-time Homebuyer Fund

IFA AHP Rural Down Payment Assistance