The initiative benefits income-eligible families. Funding Mixed-Use Initiatives Members may use Community Development advances to provide financing for initiatives that involve a combination of economic development and affordable housing. There are no eligibility requirements for the housing portion of a mixed-use initiative. Community Development advances are available in maturities of one month and longer. Classic, Putable, and Amortizing.
Classic advances are fixed-rate advances with interest due monthly and principal due at maturity.
Putable advances are fixed-rate advances that are repayable without fee on specified put dates. Amortizing advances are fixed-rate advances with monthly payments of interest and principal. To apply for a Community Development advance, members must fill out an application and submit it to the Bank's Housing and Community Investment Department. The Bank will review applications within 10 business days. Once a member's application is approved, the member calls our Money Desk to take down the funds.