Community Investment Program (CIP)
- About the Program
- How to Apply
- Nonmembers
- Resources
Community Investment Program
Supporting Housing with Low-Cost Advances
Program Overview |
Households earning between 80 and 115 percent of area median income are often caught in a funding gap — earning too much to qualify for an affordable housing grant, but not enough to afford market-rate housing. Our Community Investment Program (CIP) helps to fill that gap — providing FHLB Dallas members with favorably priced advances (loans) to support affordable housing for homeowners and renters earning up to 115 percent of their area’s median income. CIP advances or Letters of Credit (LOCs) can be used to finance land acquisition, construction or rehabilitation of owner-occupied and rental housing. They can also be used to purchase low-income housing tax credits. Note: CIP funds may only be accessed through a member institution. FHLB Dallas does not provide advances directly to consumers. |
Our Impact |
$5.05M
CIP Advances in 2024
16
CIP Advances in 2024
148
Housing Units in 2024
Benefits for Your Financial Institution
Differentiate your institution by offering favorably priced funding to benefit households earning up to 115 percent of their area’s median income.
Increase your support of affordable housing by using CIP advances or LOCs to invest in low-income housing tax credits.
Grow your customer and community relationships by financing more single-family and multifamily housing in your community.
Stories
Tell Us Your Story
Program Requirements
CIP advances or LOCs must be used for housing-related loans that meet the following criteria:
- Household incomes for single units of owner-occupied housing projects must have household incomes at or below 115 percent of the area’s median income
- Multiple units of owner-occupied housing such as a subdivision, condominium or new neighborhood development, and rental projects must have at least 51 percent of household incomes at or below 115 percent of area median income
- CIP advances or LOCs must be used to finance loans that have closed within the past three months or will originate within the next three months from the date of the commitment
Terms
CIP advances or LOCs are noncompetitive and available to qualifying member institutions throughout the year. In addition:
- CIP advances or LOCs can be fixed rate or floating rate, amortizing or non-amortizing.
- Terms range from three months to 30 years; for rental housing developments, the amortization term may extend up to 40 years
- The term of a CIP advance or LOC may not exceed the term of any financing that the FHLB Dallas member makes to the project
- If FHLB Dallas determines that the CIP advance or LOC was improperly used, it may be converted to a comparable market interest rate
FHLB Dallas members using CIP must comply with the FHLB Dallas Member Products and Credit Policy.
How to Apply
To apply for a CIP advance or LOC, members must complete and submit the adobe sign form below:
Members must agree to comply with the Community Investment policies and procedures established by FHLB Dallas. Upon approval of the application, disbursement of funds is subject to the credit, capital stock and collateral requirements of FHLB Dallas.
Any applicable supporting documentation not attached as part of the application should be emailed to Member Sales Operations at the following address:
For additional information or questions regarding qualification, please contact FHLB Dallas Member Services at 844.345.2265 or visit our website at fhlb.com.
Please note that in addition to the approved uses and program requirements listed under "How To Apply," members have their own underwriting criteria and lending areas.
The materials below provide more detailed information regarding CIP advances and tools to help you apply.
