I've been asked if the bank can receive CRA credit for participating in the FHLB's American Dream Homeownership Challenge. I'm unsure since the challenge doesn't specifically target low or moderate income applicants, but instead targets minorities and persons with special needs. The program doesn't have income guidelines that I can find. A brief description of the program is as follows.

The FHLBank of Cincinnati has increased its commitment to homeownership by establishing the American Dream Homeownership Challenge, offering grant funding to challenge members to develop innovative approaches to increase homeownership for minorities and persons with special needs. A member may choose to work by itself or in partnership with a non-profit organization. The funds must result in the creation of homeownership.

Any thoughts in regards to CRA credit?

Thanks.

Without income information it remains a good program, but does not meet the eligibility requirements for CRA, just my opinion.

You would think they would have income information somewhere.

Donnac,

I do not know the program, but if you twist the program at your bank to look for or make available to low mod, then you could get credit.