Federal Home Loan Banks’ Affordable Housing Program to be Honored at the NHC 38th Annual Gala

Washington, DC - June 9, 2010 - (RealEstateRama) — The National Housing Conference (NHC), the United Voice for Housing, is pleased to announce that it will honor the Federal Home Loan Banks’ Affordable Housing Program (AHP) – the nation’s largest source of private grant funds for affordable housing – with the 2010 “Housing Person of the Year” Award at its 38th annual Gala in Washington, DC this evening.

This year marks the 20th anniversary of AHP, a program that has provided $3.7 billion for the creation of more than 670,000 affordable rental and owned homes for low- to moderate-income families. The anniversary is the opportune time for NHC to honor a program that has not only helped to ensure affordable housing for all, but that has contributed significantly to helping build strong, healthy communities nationwide.

Since 1990, the Federal Home Loan Banks have devoted 10 percent of their income to fund AHP through the work of their local member financial institutions. These members work with nonprofit organizations and developers in serving a wide range of community needs, including important projects designed for older adults, people with disabilities, addressing homelessness, and first-time homebuyers.

AHP is also widely praised for its flexibility because the program allows for funds to be used in combination with other funding sources such as Low-Income Housing Tax Credits and Community Development Block Grants. Additionally, the program’s grants often take the form of gap funding, meaning that they provide the final funding necessary to complete a project.

Historically, NHC has honored an individual, or individuals, with the “Housing Person of the Year” Award at its prestigious annual Gala. AHP is one of only a handful of programs over the years to be selected to receive the award, which is considered one of the housing industry’s most recognized and highest honors. The event, which attracts more than 700 industry leaders, is an annual celebration of achievement.

For more details, please contact Thea Beckering, NHC’s director of operations, meetings and events, at or (202) 466-2121, Ext. 221.

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