Updated Down Payment Agreement for 2023

last updated on Tuesday, November 15, 2022 in Business News

In order to access FHLB Des Moines Down Payment Products in 2023, all members must sign an updated Affordable Housing Program Subsidy Agreement for Homeownership Down Payment Products. 

It is important to submit your new signed agreement by December 15, 2022, in order to ensure immediate access to 2023 Down Payment Program funds when they become available. Your current agreement will allow you to maintain access to reservation and disbursement requests made prior to December 31, 2022.

Download and Sign 2023 Agreement

Once you've signed the new agreement, please send the file to dponline@fhlbdm.com. 

The Affordable Housing Program Subsidy Agreement for Homeownership Down Payment Products is reviewed each year and adjusted periodically to meet compliance needs for the program. For 2023, the agreement has changed to clarify the following sections: 

6. Eligible uses of Subsidy. Households shall use the Subsidies to pay for down payment, closing cost, or counseling, assistance in connection with the household's purchase, or for purchase in conjunction with rehabilitation, or for construction, including a condominium or cooperative housing unit or manufactured housing, to be used as the household's primary residence. Households are permitted to use the Subsidies to pay for rehabilitation assistance only if permitted by the relevant AHP Implementation Plan.

15. Required provisions for retention agreements. The required retention period with respect to Subsidies will be five (5) years for each homeowner (the “Retention Period”). The Member shall ensure that where a household receives Subsidy for purchase, for purchase in conjunction with rehabilitation, or for construction of an owner-occupied unit, the unit is subject to a deed restriction or other legally enforceable retention or mechanism. The Member is required to prepare, file and maintain in the appropriate government office a deed restriction that contains the following requirements:

If you have any questions, please contact the Community Investment team for the Down Payment Assistance Program.

1. Affordable Housing Program
2. Home$tart
3. NAHI