Updated Down Payment Agreement

posted on Monday, November 9, 2020 in Business News

In order to access FHLB Des Moines Down Payment Products in 2021, all members must sign an updated Affordable Housing Program Subsidy Agreement for Homeownership Down Payment Products. 

Your current agreement will allow you to maintain access to reservation and disbursement requests made prior to to December 31, 2020. It is important to submit your new signed agreement before the new year in order to ensure immediate access to 2021 Down Payment Program funds when they become available.

DOWNLOAD AND SIGN AGREEMENT

Once you've signed the new agreement, please send the file to dponline@fhlbdm.com

The Affordable Housing Program Subsidy Agreement for Homeownership Down Payment Products is reviewed each year and adjusted periodically to meet compliance needs for the program. The changes to the agreement can be found here: 

  • Added eligible use of subsidy, including counseling costs
  • Added progress towards the use of subsidy and time limits
  • Added the use of proxies to determine forgiveness of subsidy upon subsequent to sale to low and moderate-income buyers

If you have any questions, please contact the Community Investment team for the Down Payment Assistance Program.