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What is the source of Affordable Housing Program (“AHP”) funds?

April 26, 2017affordable funds HOUSING program source

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What is the source of Affordable Housing Program (“AHP”) funds?

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• • The AHP is fully comprised of private funds that are solely derived from a portion of the previous year’s net income of the Federal Home Loan Bank of New York (“FHLB-NY”). They are neither appropriated from the federal budget nor through taxpayer dollars. AHP subsidy is not to be considered taxable income.

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• • The AHP is fully comprised of private funds that are solely derived from a portion of the previous year’s net income of the Federal Home Loan Bank of New York (“FHLB-NY”). They are neither appropriated from the federal budget nor through taxpayer dollars. Therefore, AHP-assisted projects are not inherently subject to the Davis-Bacon Act or other prevailing wage legislation.