2021 Affordable Housing Program Information Now Available

last updated on Wednesday, December 16, 2020 in Business News

Full details for the Federal Home Loan Bank of Des Moines Down Payment Products and the Competitive Affordable Housing Program are now available in the 2021 Implementation Plan

Below is an overview of key program details for 2021. 

2021 Down Payment (DP) Programs:

2021 Total Program Allocations Member Cap*
Home$tart® $7,000,000 $90,000
NAHI $450,000


*Member cap is not a guarantee of program funds. Funds are available on a first-come, first-served basis.

Quarterly Release of 2021 Down Payment Program Funds

Down Payment Program funds will be released quarterly on the following schedule:

Date of Funds Home$tart Amount NAHI Amount
Monday, January 4, 2021 $1,750,000 $112,500
Thursday, April 1, 2021 $1,750,000 $112,500
Thursday, July 1, 2021 $1,750,000 $112,500
Friday, October 1, 2021 $1,750,000 $112,500

Additional 2021 Program Changes

New Down Payment Subsidy Agreement

There's a new subsidy agreement for Down Payment Programs. All members who plan to utilize 2021 DP program funds will need to have a new subsidy agreement with FHLB Des Moines. Ensure immediate access to 2021 program funds on January 4th, by having your agreement signed and returned to the Bank by December 31, 2020. Download the new agreement and find details on the changes by following the link below.


New Deed Restrictions 

FHLB Des Moines has made changes to the Deed Restriction. Closings scheduled after January 1, 2021, need to use the new Deed Restriction.

Previous versions of the Deed Restriction executed after January 1, 2021, will be sent back to the member institution for release of the old Deed Restriction. A new version of the Deed Restriction will need to be executed and recorded prior to disbursement. To avoid delays in processing your disbursements, please ensure you are using the updated Deed Restriction which is available on our Forms and Resources and disbursements page.

Addition of time limits for Disbursements

All disbursements submitted after 1/1/2021 will have 120 cumulative days following an initial review by FHLB Des Moines to provide any requested documentation necessary to complete the disbursement. We've enhanced the Member Dashboard within DP Online to display expiration dates under the status of "Disbursement Request Clarification Pending." Full details can be found on our Disbursement/Reimbursement pages for Home$tart and NAHI.

Addition of the use of proxies to determine subsidy forgiveness (owner-occupied units)

Effective January 1, 2021, FHLB Des Moines will update its processes to include the use of proxy to determine forgiveness of subsidy upon subsequent to sale to low and moderate-income buyers. Our Lien Release or Subordination page will be updated with the details of this addition including changes to:

  • Repayment Calculator and Instructions
  • Request for Forgiveness of Repayment Form

2021 Competitive Affordable Housing Program (AHP) Details

2021 Project Limits
Subsidy Per Project $750,000
Subsidy Per Unit $40,000

Key AHP Program Dates 

Date Description
March 1, 2021 Technical Assistance Available
May 1, 2021 Application Period Opens
June 1, 2021 Application Period Closes
December 2021 2021 Awards Announced