As part of the streamlining of the Federal Home Loan Bank System, the Federal Housing Finance Board, the FHLBanks' regulator, has given the individual banks blanket approval to make changes to their affordable housing Program-funded projects.

These modifications are basically unforeseen changes--delays in construction or permits, non-FHLBank financiers backing out, et cetera--in the original application for funds from an FHLBank, which generally provides only the seed money for an affordable housing project. The balance of funding is provided by other sources.

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