As your trusted partner, we rose to meet the challenges of 2020 without sacrificing our dedication to fulfilling your funding needs and providing affordable housing solutions for our district.
We expanded to help serve our members during these uncertain times, while maintaining our dedication to our affordable housing mission. With our members' partnership, we allocated nearly $28.4 million in competitive AHP subsidy during 2020. Distributed to 27 members across our district, these funds will help produce 2,356 units of affordable housing for low- and very low-income residents, and 17 market-rate units. Of 49 project awards, 16 support owner-occupied housing and 33 support rental housing.
"2020 was a strong year for our Affordable Housing Program and highlighted our committed partnership with both our members and sponsors throughout the Fifth District. Together, we're helping communities thrive during difficult times," said Damon Allen, Senior Vice President and Community Investment Officer.
Since its inception in 1990, AHP has awarded more than $790 million to develop more than 98,000 affordable housing units.