Amendment of Affordable Housing Program Regulation

The Federal Housing Finance Board (Board) is finalizing the provisions of a proposed rule published in the Federal Register on July 28, 1995, amending, in part, the Board's regulation governing the operation of the Affordable Housing Program (AHP). The amendments contained in the proposed rule, and now adopted in final form, authorize a Federal Home Loan Bank (Bank) to set aside a limited portion of its available AHP subsidies to assist first-time homebuyers pursuant to a program meeting specific requirements set forth in the final rule. In addition, the final rule permits a Bank to establish a homeownership set-aside program with requirements different from those specifically set forth, subject to prior approval of the Board.