To All Members and Project Sponsors:
We have revised our Affordable Housing Program (AHP) Implementation Plan. The following changes are effective immediately:
Deleted item 5 and removed the words “on or after September 1, 2005” from item 6 because this grandfathering provision for homebuyers enrolling in an Individual Development Account or Family Self-Sufficiency program prior to September 1, 2005, is no longer necessary.
Added text to footnote 3 clarifying that the methodology used to calculate the present value of sponsor-provided financing applies only to owner-occupied projects.
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