To All Members and Project Sponsors:
We have revised our Affordable Housing Program (AHP) Implementation Plan (IP). The following changes are effective immediately:
The Bank may restrict or debar a member or sponsor from participation in the Bank's Affordable Housing Program if the member or the sponsor engages in a pattern of noncompliance or in a single instance of flagrant noncompliance. The decision to restrict or debar depends on the specific circumstances that give rise to the noncompliance.
The Bank has also made a technical change to the IP to replace the term "sponsor/owner" with "sponsor," which can apply to both rental and owner-occupied projects.
A redline version of the IP will be available online until July 31. 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