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Bulletins and Notices
August 8, 2011 | Bulletin No. 1386

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:

Homeownership Set-Aside Programs, Section III.B.1.b, Page 10

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.

AHP Competitive Application Program, Attachment A, Financial Review Guidelines, Page 11

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.

Sincerely,

 

James E. Yacenda
Vice President and Community Investment Officer