“What we liked best about the HSP was that we could take advantage of current market interest rates, not special established interest rates, which can push first-time homebuyers out of the loan.”
Dana Ezell | Republic Bank & Trust | SVP, Director of Mortgage Administration
The initial allocation of the 2020 HSP grant funds have been exhausted. Grant funds for expired, withdrawn and ineligible reservations will be transferred to the Allocation Remaining and can be reserved by any member participating in HSP. This will continue until November 30, 2020.
Login to HSP Online to determine if any grant funds are available for reservation.
FHLBank Topeka sets aside funds annually within the Affordable Housing Program (AHP) to assist very low, low-, and moderate-income first-time homebuyers.
The Homeownership Set-aside Program (HSP) provides down payment, closing cost and repair assistance to first-time homebuyers earning at or below 80% of the Area Median Income (AMI) for households purchasing or constructing homes in Colorado, Kansas, Nebraska and Oklahoma. The HSP is provided to households as a forgivable grant with a five-year retention period.
This program is a partnership with FHLBank members. Members work with qualified homebuyers, submit documents to FHLBank, provide the grant funds at closing and request reimbursement of the funds after closing.
2020 HSP Details
- HSP round opens March 2, 2020.
- Funds made available: a minimum of $7.2 million
- Maximum subsidy per household: $5,000
- Minimum subsidy per household: $2,500
- Reservations will be accepted from members on a first-come, first-served basis, subject to member limits, through Nov. 30, 2020, pending availability of funds. Disbursement requests must be submitted by members to FHLBank within 90 days of reservation approval.