AHP Eligibility Criteria: Completed Rental Projects

Dear Community Lending Partner:

Effective immediately, the Federal Home Loan Bank of San Francisco has revised the criteria for completed rental projects to compete for new Affordable Housing Program funds or receive additional subsidy.

The following policies now apply to a completed rental project, which is defined as any project that has its Final Certificate of Occupancy, Notice of Completion, or Final Building Permit sign-offs. In jurisdictions where no such documents are issued, such as Native American lands, the Bank will consider the project complete if the construction has been finished and the units can be occupied or are occupied.

New AHP Rounds

A rental project that is determined to be complete, as defined above, will be excluded from participation in subsequent AHP competitive rounds.

Additional Subsidy

A rental project seeking additional subsidy on the basis of a modification must meet one of these conditions to be considered for approval:

• Project must be close enough to completion of construction so that disbursement of all of the subsidies can occur within 90 days following the Bank’s approval; or, 
• If construction is complete, project must have received its Final Certificate of Occupancy, Final Building Permit sign-off, or Notice of Completion no more than six months prior to the date of the request. In jurisdictions where no such documents are issued, the sponsor must provide documentary evidence, to the satisfaction of the Bank, that the units were not occupied or ready for occupancy more than six months prior to the date of the request.

Upon obtaining approval for additional AHP subsidy, members and sponsors must submit a disbursement request to the Bank within 30 days of written notification of the approval. The award of additional subsidy will be subject to immediate cancellation if not fully disbursed within 90 days of the notification date.

If you have questions about this policy, or the AHP, please call the Community Investment Department at (415) 616-2542.

Sincerely,

Emmanuel R. Ungson
Assistant Vice President, Community Investment Manager, Research and Analysis