Technical Assistance:Eligibility and Feasibility

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 24 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