Eligibility
Eligibility Requirements
Outlined below are eligibility requirements for both rental and homeownership projects.
Eligibility for Rental Projects
- Funds must be used for the purchase, construction or rehabilitation of affordable housing
- At least 20% of the households must be at or below 50% of the Area Median Income (AMI)
- Projects must demonstrate the need for subsidy
- Projects must have received disbursement of award within 12 months
- Projects must be completed within 36 months of receiving the award
- Projects must be in compliance with fair housing, anti-predatory and accessibility regulations
- Projects must maintain its deed restriction for 15 years
- Repayment may be required if sale or refinance of awarded units occurs within 15 years
Eligibility for Homeownership Projects
- Funds must be used for the purchase, construction or rehabilitation of affordable housing
- Eligible homeowners must be at or below 80% of the Area Median Income (AMI)
- Projects must demonstrate the need for subsidy
- Projects must demonstrate progress toward completion within 12 months of receiving award
- Projects must be completed within 36 months of receiving the award
- Projects must be in compliance with fair housing, anti-predatory and accessibility regulations
- Owner occupied projects require the homeowner(s) signature on FHLB Des Moines AHP/Owner Occupied Rehabilitation Acknowledgement of Receipt of Subsidy
- Projects that include the purchase of a home must maintain its Deed Restriction for five years and the sponsor or member must ensure an FHLB Des Moines Deed Restriction is signed and filed of record
- Repayment may be required if sale or refinance of awarded units occurs within 5 years