Dear Community Lending Partner:
To help Affordable Housing Program (AHP) participants meet the regulatory requirement that AHP-funded owner-occupied units and rental projects be subject to a deed restriction or other legally enforceable retention agreement, the Bank makes sample retention documents (Promissory Note and Rider to Deed of Trust) available on our website at fhlbsf.com.
These sample documents, which can be downloaded at the links listed below, have been prepared to address the minimum retention requirements of the AHP Regulation. The Bank makes no representation or warranty that a court will enforce these documents in accordance with their terms under applicable state law and, further, recommends that you review these documents for suitability and have your counsel review them for enforceability under all applicable laws. The Promissory Note must be submitted with the Rider to Deed of Trust. The Rider to Deed of Trust is an addendum to your Deed of Trust.
Subject to the caution above, we encourage you to use these sample documents for the AHP Promissory Note and Rider to Deed of Trust. If you do not use these documents, you must submit a letter from your counsel certifying that the documents you are using meet the requirements and obligations of the AHP Regulation.
Please email the Community Investment Department or call (415) 616-2542 if you have any questions.
James E. Yacenda
Vice President and Community Investment Officer