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Special Attention Bulletin
August 1, 2008
Bulletin No. 1288
2008 Homeownership Preservation Subsidy (HPS) Program
To All Members and Interested Community Groups:
I am pleased to announce that we will be accepting applications for the Bank’s newest homeownership set-aside program, the Homeownership Preservation Subsidy (HPS) Program, from September 2, 2008, to November 3, 2008. We expect to notify members of the awards by December 1, 2008.
The HPS is a pilot program specifically designed to provide matching grants for members to restructure or refinance mortgage loans for eligible low- and moderate-income homeowners who may be at risk of foreclosure on their primary residence because of unaffordable increases in their monthly mortgage payments.
Matching up to $1 for every $2 contributed by the member, HPS provides a maximum grant of $25,000 per homeowner, to be applied to the costs of mortgage loan restructuring or refinancing. The application process allocates subsidy to members based on eligibility, not on competitive scoring.
For 2008, the Bank set aside $10 million in Affordable Housing Program funds for the HPS program. Members may apply to the Bank for a reservation of up to $1 million. HPS grants may be used in tandem with the Homeownership Preservation Advance, a discounted advance program for funding refinanced or modified mortgage loans for eligible households. Only Bank members may apply for the programs.
Please refer to the enclosed product profile, application instructions, and application form to learn about the HPS program. Additional information, including the HPS Calculator and program FAQ, is available now on the Bank’s website (fhlbsf.com). Prior to the start of the application period, members and community groups will also receive a CD featuring an introduction to the program and the application process.
Bank members who would like more information, please contact Tom Wilson, Vice President, Mortgage Finance, at (415) 616-2748 or email wilsont@fhlbsf.com. Community groups may contact the Community Investment Department at (415) 616-2542 or hps@fhlbsf.com.
Sincerely,
Dean Schultz
President and Chief Executive Officer
Enclosures
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Special Attention Bulletin
August 1, 2008
Bulletin No. 1288
2008 Homeownership Preservation Subsidy (HPS) Program
To All Members and Interested Community Groups:
I am pleased to announce that we will be accepting applications for the Bank’s newest homeownership set-aside program, the Homeownership Preservation Subsidy (HPS) Program, from September 2, 2008, to November 3, 2008. We expect to notify members of the awards by December 1, 2008.
The HPS is a pilot program specifically designed to provide matching grants for members to restructure or refinance mortgage loans for eligible low- and moderate-income homeowners who may be at risk of foreclosure on their primary residence because of unaffordable increases in their monthly mortgage payments.
Matching up to $1 for every $2 contributed by the member, HPS provides a maximum grant of $25,000 per homeowner, to be applied to the costs of mortgage loan restructuring or refinancing. The application process allocates subsidy to members based on eligibility, not on competitive scoring.
For 2008, the Bank set aside $10 million in Affordable Housing Program funds for the HPS program. Members may apply to the Bank for a reservation of up to $1 million. HPS grants may be used in tandem with the Homeownership Preservation Advance, a discounted advance program for funding refinanced or modified mortgage loans for eligible households. Only Bank members may apply for the programs.
Please refer to the enclosed product profile, application instructions, and application form to learn about the HPS program. Additional information, including the HPS Calculator and program FAQ, is available now on the Bank’s website (fhlbsf.com). Prior to the start of the application period, members and community groups will also receive a CD featuring an introduction to the program and the application process.
Bank members who would like more information, please contact Tom Wilson, Vice President, Mortgage Finance, at (415) 616-2748 or email
wilsont@fhlbsf.com. Community groups may contact the Community Investment Department at (415) 616-2542 or
hps@fhlbsf.com.
Sincerely,
Dean Schultz
President and Chief Executive Officer
Enclosures
© 2000-2008 Federal Home Loan Bank of San Francisco
