The Federal Home Loan Bank has established a set-aside of Affordable Housing Program (AHP) funds to help create homeownership through a program called Welcome Home. Welcome Home funds are available to member financial institutions as grants to assist homebuyers. These grants are limited to $5,000 per household (to be used for downpayment and/or closing costs); households are eligible only if the total household income is at or below 80% of Mortgage Revenue Bond income limits as adjusted for family size; and funds are offered on a "first-come, first-served" basis.
We will begin taking reservations for 2016 Welcome Home funds on March 1, 2016. We are already reviewing current applications to determine eligibility. Buyers must have a home under contract before we can reserve funds. Michelle Snyder, Vice-President of The Mortgage Center at Superior Credit Union, said, "Members need to hurry to take advantage of this great program! Financial institutions are each only eligible to supply $200,000 to their members, and we expect the funds to go quickly."