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  Asset Management > Program Compliance

 

> Federal Deposit Insurance Corporation (FDIC)
> Affordable Housing Program (AHP)



The financial Institutions Reform, recovery and Enforcement Act of 1989 (FIRREA) required that the Resolution Trust Corporation (RTC) develop a program for selling residential properties to provide affordable housing opportunities. In response to the provision, RTC established the Affordable Housing Disposition Program (AHDP), or herein referred to as the Affordable Housing Program (AHP), to enhance its ability to sell single family and multifamily properties that will benefit Low Income families.

Pursuant to the Resolution Trust Corporation Completion Act, the RTC terminated on December 31, 1995, and all of RTC’s rights and obligations were transferred to the FSLIC Resolution Fund, the successor in interest to the RTC, which is managed by the Federal Deposit Insurance Corporation (FDIC). This does not affect the terms and conditions of the Land Use Restriction Agreements (LURA’s), as owners’ responsibilities continue, and the FDIC, as manager of the FSLIC Resolution Fund, assumes the RTC’s obligations.

AHP gives income eligible families and qualified housing developers first opportunity to purchase FDIC-held properties suitable for affordable housing. Under the Disposition program, FDIC will sell these properties to the first eligible purchaser who makes an acceptable offer at or above the property’s net realizable market value established by FDIC. In purchasing property through AHP, the buyer agrees to meet the affordability guidelines established by the program. These requirements are designed to assure the property serves families in need of affordable housing.

Under the FDIC program, FDIC entered into an agreement with Missouri Housing development Commission (MHDC) to monitor multifamily properties for compliance with these affordability requirements.

 

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