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Bulletins and Notices
February 3, 2017

Important Change to 2017 AHP Application Guidelines

In the absence of expected regulatory guidance, the Bank has concluded that for the 2017 AHP competition, social services are not an allowable operating expense and must be excluded from the operating pro forma. If social services are included as an operating expense, the Bank will revert back to its prior practice of removing the social service expense from the operating pro forma, and, if applicable, evaluate the debt service coverage ratio benchmark to determine the project’s need for subsidy.

We apologize for the inconvenience of this change to the 2017 AHP application guidelines. If you have any questions regarding the treatment of social service expenses in the 2017 AHP competition, please contact the Community Investment Department at (415) 616-2542 or at ahp@fhlbsf.com.