The economy is often compared to Mother Nature: it can be volatile and turn your world upside down but, if everything falls into place, it can create a positive outlook. Like Mother Nature, the economy can also be unpredictable, and only those best prepared can weather the storm.
For nearly 8 decades, the Federal Home Loan Banks have proven their staying power as one of the top players in the US economy. The Banks have shown their flexibility through the success of the Affordable Housing Program (AHP). AHP has continued to evolve and adapt to changing needs and now, on the 20th anniversary of the program, its versatility and impact are evident to all.
Each of the 12 banks set aside ten percent of their net income for the AHP, which is one of the largest private sources of grant funds for affordable housing in the United States. The program serves a wide range of neighborhood needs including projects designed for seniors, the disabled, homeless families, first-time homeowners and others with limited resources.
Tomorrow, June 9, the NHC will honor the FHLBanks’ Affordable Housing Program at its 38th Annual “Housing Person of the Year” Gala. The Gala will be at the National Building Museum in Washington, DC and begins at 5:30 p.m.