To All Members and Project Sponsors:
Effective with the Affordable Housing Program (AHP) Competitive Round 2011A, we have revised our AHP Implementation Plan as follows:
Increased the upper limit of the capitalized operating reserves benchmark for rental projects from 6 to 12 months of operating expenses and debt service payments.
The revised AHP Implementation Plan is posted on the Bank’s website. If you have any questions about the AHP or the revised IP, please email Community Investment or call (415) 616-2542.
James E. Yacenda
Vice President and Community Investment Officer