Regarding the requirement of not having more than 50 percent of the project complete before money from FHLB Des Moines is awarded. Does the 50 percent apply to funds spent or project tasks?

This year, our AHP awards will be announced in December. As we review 2024 applications, we'll be looking that projects cannot be more than 50 percent complete in December of 2024. What this means and how this applies varies by our different types of projects.

For homeownership projects, it depends whether it's an owner-occupied rehab or a new construction project. An owner-occupied rehab project cannot be started before AHP awards are announced in December. A homeownership new construction project cannot be more than 50 percent complete in December.

Rental projects are all treated the same and they cannot be more than 50 percent complete at the time FHLB Des Moines announces awards in December.

How does that 50 percent complete apply to fund spent or project tasks? Each project is going to be individual and we'll be looking both at the timeline for financial expenditures as well as the overall timeline of the project. Our recommendation is if you have a project that is going to be started before AHP awards are announced in December to contact us.