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April 1, 2019

Affordable Housing Program Implementation Plan Revisions - Early Adoption of Certain Provisions of Amended Regulation

The Federal Housing Finance Agency issued a Final Rule amending the Affordable Housing Program (AHP) Regulation on November 28, 2018. The deadline for full implementation of all provisions of the Final Rule is January 1, 2021, but the Federal Home Loan Banks may choose to implement any provision of the Final Rule before the applicable implementation date. The Federal Home Loan Bank of San Francisco is revising its AHP Implementation Plan (IP) to adopt the following provisions effective immediately. 

WISH and IDEA Programs and Homeownership Projects

  • Increased Subsidy - IP Sections I.C., III.B.1.b., and III.B.2.b:
    The Bank’s WISH and IDEA first-time homebuyer programs will now offer eligible homebuyers 4-to-1 matching grants, up to a maximum total subsidy amount of $22,000 per household. (Final Rule, Section 1291.42(c)) 
  • Changes to Owner-Occupied Retention Requirements - IP Section III.A. and Attachment C Section III: 
    • A homebuyer is not required to make a repayment from sale or refinance for amounts of $2,500 or less. 
    • When repayment is required, the homebuyer repayment will be calculated as the lesser of the following:
      • monthly pro rata reduction of AHP subsidy during retention period; or
      • net proceeds from sale, transfer, assignment, or refinancing, minus the household’s investment.
    • The Bank has revised the Owner-Occupied Unit Notice and Repayment Workbook to help you determine whether a homeowner is required to make a subsidy repayment. (Final Rule, Sections 1291.15(a)(7)(ii)(C) and 1291.15(a)(7)(v))

AHP Rental Projects

  • Monitoring - IP Section II.E. and Attachment C Sections III.B. and III.C.: 
    • Tenant income documentation requirements are removed for Low Income Housing Tax Credit (LIHTC) projects, except in certain cases.
    • Project sponsors are required to notify the Bank of LIHTC noncompliance and provide additional project information in annual certifications. (Final Rule, Sections 1291.15(a)(5)(ii), 1291.15(a)(8), and 1291.5)

Retention Agreements for Homeownership and Rental Projects

  • The Bank has revised the Direct Subsidy Agreements (DSA) and retention agreement templates for homeownership and rental projects to incorporate the changes described above. (Final Rule, Section 1291.15(c)) 

A redline version of the IP will be available online until June 30, 2019. For questions about the changes, please email ahp@fhlbsf.com.