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Bulletins and Notices
Bulletin No. 1441 | December 16, 2013

Affordable Housing Program (AHP) Implementation Plan Revisions and Other Changes

To All Members and Project Sponsors:

The submission deadline for the AHP application in the 2014 funding competition is March 3, 2014.

The following changes to the AHP Implementation Plan are effective immediately:

Definition of First-Time Homebuyer

For both the competitive AHP and the WISH and IDEA set-aside programs, the Bank will use the HUD definition of first-time homebuyer.

Units Reserved for Homeless Households

For units reserved for homeless households with incomes over 30% of the area median and rent set at the maximum limit, the Bank will require additional information from the sponsor to: (1) explain how the project will be able to absorb, over the 15-year retention period, the potential cash flow deficit caused by the units reserved for homeless households, and (2) provide documentation from a homeless services provider that there are a sufficient number of homeless households within the target market area that are able to pay the scheduled rent for the units reserved.

Revised Community Stability Scoring

The point allocation and scoring methodology for the Community Stability category will be divided among six community stabilizing elements, as discussed in the revised IP. No partial credit will be awarded within an element.

Also effective immediately are the following changes to initial monitoring requirements and disbursement procedures for all projects awarded an AHP grant through the competitive application process:

Community Stability Monitoring Requirements

For AHP projects that receive or have received scoring credit in the community stability category, documentation must be submitted to the Bank at the time of initial monitoring confirming that the stabilizing features are in place. This documentation will be in addition to the documentation provided by the project sponsor at application. Please see Acceptable Forms of Verification for Community Stability for details.

Disbursement Request Procedures

All requests for disbursement and supporting documentation must be submitted electronically. Disbursement requests may be emailed to the Bank’s Community Investment Department at ahp@fhlbsf.com.

The revised AHP Implementation Plan is posted on the Bank's website. A redline version of the IP will be available online until March 31, 2014. For questions about IP revisions and the disbursement and initial monitoring changes, please email ahp@fhlbsf.com.

Sincerely,

 

Jim Yacenda

Vice President and Community Investment Officer