[Congressional Record Volume 160, Number 150 (Wednesday, December 10, 2014)]
[Extensions of Remarks]
[Page E1788]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                        FEDERAL HOME LOAN BANKS

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                             HON. LEE TERRY

                              of nebraska

                    in the house of representatives

                      Wednesday, December 10, 2014

  Mr. TERRY. Mr. Speaker, today I am proud to recognize the 25th 
anniversary of a grant program that has benefitted thousands of 
individuals and families across the country--the Federal Home Loan Bank 
(FHLBank) system's Affordable Housing Program (AHP). The AHP is a 
flexible source of grants designed to help community-based lenders and 
their partners develop affordable housing solutions for very low- to 
moderate-income individuals and families.
  The AHP receives its funding through annual contributions of 10 
percent of the FHLBanks' net income. The Federal Home Loan Banks have 
awarded over $5.1 billion in AHP funds since Congress created the 
program in 1990. These funds represent the largest single source of 
private grant dollars available for housing and community development 
in the country.
  By developing affordable housing--and creating stable communities in 
the process--AHP funds have a long-term, positive economic impact. Many 
projects are designed for seniors, the disabled, homeless families, 
first-time homeowners and others with limited resources. More than 
845,157 housing units have been built using AHP funds. And I'm happy to 
say that the Federal Home Loan Bank system is the largest single 
funding provider to Habitat for Humanity, an organization that I have 
strongly supported during my 16 years in Congress.
  Created by an act of Congress in 1932, the Federal Home Loan Banks 
are 12 regional cooperative banks that community-based financial 
institutions utilize to make home loans, small business loans and 
agriculture loans in every corner of America. Nearly 8,000 lenders are 
members of the Federal Home Loan Bank cooperative, representing 
approximately 80 percent of America's insured lending institutions. The 
FHLBanks and their members have been the largest and most reliable 
source of funding for community lending for over 80 years.
  The FHLBanks have repeatedly demonstrated their ability to serve 
their members and to meet the affordable housing and community 
development needs of individuals, families and local communities 
through the Affordable Housing Program. As Congress contemplates the 
future of housing finance, I encourage members of Congress and the 
Administration to look to the Federal Home Loan Banks as an example of 
a system that works well.

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