WASHINGTON - Demand for money from the Federal Home Loan Bank System's Affordable Housing Program is far outstripping supply, the system's regulator said last week.

The nation's 12 Home Loan banks got 1,111 applications requesting $171.9 million for the first funding round of 1995, according to a report presented to the Federal Housing Finance Board.

The number of applications is a record, and the $171.9 million requested is more than three times what will be available in the first of two 1995 funding rounds.

The Federal Home Loan banks will contribute $100 million to the housing program this year - the minimum they must give.

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