[Congressional Record Volume 156, Number 161 (Wednesday, December 8, 2010)]
[Extensions of Remarks]
[Pages E2086-E2087]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




  20TH ANNIVERSARY OF THE FEDERAL HOME LOAN BANKS' AFFORDABLE HOUSING 
                                PROGRAM

                                 ______
                                 

                           HON. DENNIS MOORE

                               of kansas

                    in the house of representatives

                      Wednesday, December 8, 2010

  Mr. MOORE of Kansas. Madam Speaker, I rise today to recognize the 
20th anniversary of a program that has truly served this Nation well: 
the Federal Home Loan Banks' Affordable Housing Program, AHP. The AHP 
is funded by contributions of 10 percent of the Federal Home Loan 
Banks' net income. The AHP represents the largest, single source of 
private sector grants for housing and community development in the 
country targeted at underserved segments of the market. The Federal 
Home Loan Banks have distributed nearly $4 billion in AHP funds since 
the program's initiation in 1990.
  The AHP is a flexible source of grants and loans designed to help 
community-based lending institutions and their community partners 
develop affordable owner-occupied and rental housing for very low- to 
moderate-income families and individuals. Applicants are encouraged to 
leverage their awards with other funding sources, including 
conventional loans, government-supported financing, tax-credit equity, 
foundation grants, and bond financing.
  The Federal Home Loan Banks' affordable housing funds are a 
significant driver of job growth, housing production, and expanded tax 
bases, according to a research study recently completed by The 
Hendrickson Company and The Shimberg Center for Housing Studies at the 
University of Florida. The study sought to quantify the ``ripple 
effect'' of AHP dollars in employment, broader development spending, 
and growth of municipal tax bases. By creating more jobs and building 
tax bases, as well as developing affordable housing, AHP funds are 
having a unique and very positive economic impact that goes far beyond 
the units AHP helps fund or the dollars AHP awards, researchers found.
  Created by Congress in 1932, the Federal Home Loan Banks are 12 
regional banks, cooperatively owned and used by financial institutions 
serving America's communities to finance housing and economic 
development. More than 8,000 lenders are members of the Federal Home 
Loan Bank System, representing approximately 80 percent of America's 
insured lending institutions. The Federal Home Loan Banks and their 
members have been the largest and most reliable source of funding for 
community lending for nearly eight decades.
  As Congress turns to housing finance reform next year, I strongly 
encourage returning and new Members of Congress to consider the 
successes of the Federal Home Loan Bank System and seek to only build 
upon them in crafting a stronger, more stable housing finance system in 
the United States for generations to come.

[[Page E2087]]



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