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Bulletins and Notices
Bulletin No. 1362 | August 16, 2010

Revised Affordable Housing Program Implementation Plan

To All Members and Project Sponsors:

In our AHP application workshops and technical assistance sessions, the Bank routinely emphasizes that variances to the developer fee limit are not allowed. Nonetheless, the Bank continues to receive applications and disbursement requests with developer fees in excess of the limit. This results in applications being deemed ineligible and compliance problems surfacing at disbursement and initial monitoring.

Effective immediately, we have revised Attachment A, Financial Review Guidelines, to emphasize that developer fees must conform to the Bank’s limits, and projects with developer fees exceeding those limits will be deemed ineligible.

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.

Sincerely,

 

James E. Yacenda
Vice President and Community Investment Officer