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Bulletin No. 1337 | October 8, 2009

Revised Affordable Housing Program Implementation Plan

To All Members and Project Sponsors:

We have revised our Affordable Housing Program (AHP) Implementation Plan. The following changes are effective immediately:

Introduction (Section I.A.4, Page 1)

We revised the text referencing AHP subsidized advances by replacing the last sentence in the paragraph with the following sentence:  “As required by statute, the Bank will offer AHP subsidized advances upon request.”

Feasibility Analysis and Need for Subsidy Standards (Attachment A- Exhibit 1, Pages 21-22)

  • Increases the upper limit of the rental property management fee, per-unit per-month, from $45 to $65. Property management fees are paid by projects to property management companies to cover certain costs associated with risk management, financial analysis, maintenance and repairs of the property, marketing and advertising, and the fulfillment of compliance monitoring and reporting requirements of funding sources.
  • Decreases the owner-occupied housing expense ratio from 45% to 35%. The AHP housing expense ratio is defined as housing payment including principal, interest, taxes, insurance, and homeowners’ dues as percentage of gross income.

The revised Implementation Plan is posted on the Bank’s website at If you have any questions about the AHP or the revised Plan, please call the Community Investment Department at (415) 616-2542.



James E. Yacenda
Vice President and Community Investment Officer