2023 Affordable Housing Program Information Now Available

last updated on Wednesday, December 21, 2022 in Business News

Full details for the Federal Home Loan Bank of Des Moines Down Payment Products are now available in the 2023 Implementation Plan

Homeowners looking for information about down payment programs can view details on how to apply and eligibility requirements in our resource guide for homebuyers

Below is an overview of key program details for 2023. 

2023 Down Payment (DP) Programs Overview:

2023 Total Program Allocations* Member Cap*
Home$tart® $6,000,000 $80,000
NAHI $400,000


*Please note: Member cap is not a guarantee of program funds. Funds are available for eligible homebuyers on a first-come, first-served basis.

Quarterly Release of 2023 Down Payment Program Funds

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

Date of Funds Home$tart Amount* NAHI Amount*
Tuesday, January 3, 2023 $1,500,000 $100,000
Monday, April 3, 2023 $1,500,000 $100,000
Monday, July 3, 2023 $1,500,000 $100,000
Monday, October 2, 2023 $1,500,000 $100,000

*Please note: Funds are subject to availability.

Important Updates to DP Documentation and Eligibility Clarifications:

Below are key updates to the 2023 DP programs. Complete details and information is available in our 2023 Implementation Plan. 

New Subsidy Agreement

Announced in November, all members must sign an updated Affordable Housing Program Subsidy Agreement for Homeownership Down Payment Products in order to access FHLB Des Moines Down Payment Products in 2023,

New Deed Restrictions

FHLB Des Moines has made changes to the Deed Restriction. Closings scheduled after January 1, 2023, need to use the new Deed Restriction.

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. The Bank will allow a grace period for closings through January 31, 2023 who use the 2022 versions of the Deed Restriction. 

Simplification of First-Time Homebuyer Education Requirement

A single first-time homebuyer on the mortgage loan may meet the homebuyer education requirements for the household by completing a Financial Literacy Program prior to reservation approval. This is a change from previous guidelines requiring a Financial Literacy Program certificate for all first-time homebuyers on title.

Exclusion of Rehabilitation

Rehabilitation is no longer an eligible use of grant funds for the down payment program.

Streamlining the Certificate of Borrower Eligibility 

The Certificate of Borrower Eligibility form is now completed in the system rather than as an uploaded document for the 2023 funding year onward. 

"Enrollment Date" Definition Clarification 

Enrollment date for the Homeownership Down Payment Program is defined as; the date the reservation is initiated by the member in DP Online where the date is visible on the “Request Timeline” screen under “Reservation Date (Funds Reserved).”

Only Reservations Submitted Prior to Closing are Eligible

Reservations must be submitted prior to closing. Purchases that have already closed prior to submission of the Reservation are not eligible for the Homeownership Down Payment Programs

Members are Responsible for Understanding and Complying with DP Requirements.

A member shall be solely liable for any financial shortfall that arises from non-disbursement of DP funds due to the members’ non-compliance with DP program requirements (including FHFA regulations) and shall not, under any circumstances, charge an eligible homebuyer for any such shortfall. In addition, if it should be determined after the approval of a DP award that the homebuyer was not eligible, and such ineligibility results in the DP award not being disbursed, the member shall not require the homebuyer to remedy the shortfall due to the non-disbursement if the inaccurate eligibility determination was the fault of the member.

2023 Competitive Affordable Housing Program (AHP) Details

2023 Project Limits
Subsidy Per Project $1,000,000
Subsidy Per Unit $50,000

Key AHP Program Dates 

Date Description
March 2023 Technical Assistance Available
May 1, 2023 Application Period Opens
June 2, 2023 Application Period Closes
December 2023 2023 Awards Announced

  1. Affordable Housing Program
  2. Home$tart
  3. NAHI