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FHLBank Community Investment and Community Investment Cash Advance Programs The FHLBanks’ Community Investment Programs (CIP) offer advances to FHLBank members at the cost of the FHLBanks’ consolidated obligations of comparable maturities, taking into account reasonable administrative costs. CIP funds may assist the financing of housing for households with incomes at or below 115 percent of area median income. CIP funds also may be used for economic development projects in low- and moderate-income neighborhoods or that benefit low- and moderate-income households. In 2015, the FHLBanks issued approximately $3.2 billion in CIP advances for housing projects and approximately $60.5 million for economic development projects. The FHLBanks’ Community Investment Cash Advance Program (CICA) offers low-cost, long-term advances or grants for members and housing associates, such as state and local housing finance agencies and economic development finance authorities, to finance targeted economic development projects. In 2015, the FHLBanks issued approximately $4 billion in CICA advances for community development projects such as commercial, industrial and manufacturing projects, social services, and public facilities. CDFI Membership in FHLBanks FHLBank Housing Goals Under FHFA’s regulation (12 CFR Part 1281), the FHLBanks are subject to housing goals requirements based on the dollar volume of single-family loans purchased by the FHLBanks from their members through their Acquired Member Assets (AMA) programs. The housing goals measure the extent that the FHLBanks’ AMA programs serve low- and very low-income families and families residing in low-income areas. The housing goals are generally consistent with the single-family housing goals for Fannie Mae and Freddie Mac, but they take into account the unique characteristics of the FHLBanks. In order for a FHLBank to be subject to these housing goals, the total unpaid principal balance of loans purchased through the AMA programs by the FHLBank must exceed $2.5 billion in a given year. This volume threshold ensures that a FHLBank has sufficient mortgage purchase volume for a housing goals assessment. In 2015, one FHLBank exceeded the $2.5 billion threshold, which is the first time this threshold has been exceeded since the regulation went into effect. Under the structure of FHFA’s current regulation, FHFA must wait until HMDA data is available to determine whether the housing goals were met at this FHLBank. FHFA is also in the process of evaluating alternatives to the current FHLBank housing goals requirements that would provide FHLBanks with advance notice of and greater certainty about each year’s housing goals expectations. There are two types of Community Development Financial Institutions (CDFIs) that are eligible for membership in a FHLBank: federally insured depositories and non-depository CDFIs. Federally insured depositories, such as CDFI banks, have long been eligible for membership. More recently, HERA opened FHLBank membership to non-depository CDFIs that are certified by the Treasury Department’s CDFI Fund, such as community development loan funds. At the end of 2015, 41 non-depository CDFIs were members of the FHLBank System (Figure 20). 52 FEDERAL HOUSING FINANCE AGENCY
SUPERVISION AND OVERSIGHT Figure 20 • 2015 Non-Depository CDFI Members of the Federal Home Loan Bank System FHLBank CDFI Name City State Atlanta Self-Help Ventures Fund Durham NC Atlanta Community Housing Capital, Inc. Decatur GA Atlanta Capital Impact Partners Arlington VA Atlanta Enterprise Community Loan Fund, Inc. Columbia MD Atlanta Florida Community Loan Fund Inc. Orlando FL Atlanta Access to Capital for Entrepreneurs, Inc. Cleveland GA Boston Coastal Enterprises, Inc. Wiscasset ME Boston Massachusetts Housing Investment Corporation Boston MA Boston Massachusetts Housing Investment Corporation, LLC Boston MA Boston Community Concepts Finance Corporation Lewiston ME Chicago IFF Chicago IL Chicago Cinnaire Lending Corporation Chicago IL Chicago Impact Seven, Inc. Almena WI Cincinnati Community Ventures Corporation Lexington KY Cincinnati Cincinnati Development Fund Cincinnati OH Cincinnati Federation of Appalachian Housing Enterprises, Inc. Berea KY Cincinnati Ohio Capital Finance Corporation Columbus OH Dallas Rio Grande Valley Multibank Corporation Brownsville TX Dallas Gulf Coast Renaissance Corporation Gulfport MS Dallas Brazos Valley CDC, Inc. Bryan TX Dallas The Louisiana Community Development Capital Fund Baton Rouge LA Dallas Southern Bancorp Capital Partners Little Rock AR Des Moines Neighborhood Finance Corporation Des Moines IA Des Moines Idaho-Nevada Community Financial Development Institution, Inc. Filer ID Des Moines Cook Inlet Lending Center, Inc. Anchorage AK Des Moines Greater Minnesota Housing Fund Saint Paul MN Indianapolis Metro Community Development, Inc. Flint MI Indianapolis Indianapolis Neighborhood Housing Partnership, Inc. Indianapolis IN Indianapolis Neighborhoods Inc. of Battle Creek Battle Creek MI New York AAFE Community Development Fund, Inc. New York NY New York The Community Development Trust, Inc. New York NY Pittsburgh The Reinvestment Fund, Inc. Philadelphia PA Pittsburgh Community First Fund Lancaster PA San Francisco Clearinghouse Community Development Financial Inst Lake Forest CA San Francisco Century Housing Corporation Culver City CA San Francisco Low Income Investment Fund San Francisco CA San Francisco Raza Development Fund, Inc. Phoenix AZ San Francisco Northern California Community Loan Fund San Francisco CA San Francisco Genesis LA Economic Growth Corporation Los Angeles CA Topeka MetaFund Corporation Oklahoma City OK Topeka Mercy Loan Fund Denver CO Source: Federal Housing Finance Agency. Data are current as of December 31, 2015 REPORT TO <strong>CONGRESS</strong> • 2015 53
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2015 Report to Congress FEDERAL HOU
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Federal Housing Finance Agency 400
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T A B L E O F C O N T E N T S F I G
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A P P E N D I X : H I S T O R I C A
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Table 24. Loan Limits A P P E N D I
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Federal Housing Finance Agency KEY
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