Our Affordable Housing Program (AHP)

Home matters. An affordable place to call home increases the financial security of a young family just starting out, a senior who wants to age-in-place, or an individual who needs a little support to start over. And for many lower-income households, access to quality affordable housing in a safe and healthy neighborhood is the foundation for a brighter future.

FHLBank San Francisco’s Affordable Housing Program (AHP) helps to expand access to affordable housing for those who need it most. Our AHP grants are awarded annually through a competitive application process to Bank members working in partnership with housing developers and community organizations.

In our annual AHP funding competition, project applications are ranked based on the scoring process outlined in the application package. Awards are made to the highest-ranking projects, in order, until all funds available in that year’s competition have been allocated. Basic eligibility requirements are:

  • The project must demonstrate a need for subsidy and developmental and operational feasibility.
  • Some or all of the AHP subsidy must be likely to be drawn down by the project or used by the project to procure other financing commitments within 12 months of the date of award approval.
  • AHP-assisted projects must be subject to a retention mechanism, and project sponsors must be qualified and able to perform responsibilities as committed to in the application for AHP subsidy.
  • An AHP-assisted project cannot be complete at time of application.
  • Rental housing must have at least 20% of units reserved for households at or below 50% AMI. Owner-occupied housing must serve households at or below 80% AMI. 

AHP Funding Timeline

Once an application is approved for AHP grant funding, the awarded project has four years from the date of the award to complete construction and draw down their funds.

During this four-year period, projects will go through a review prior to disbursement of funds as well as periodic compliance surveys to track progress for completion.

After project completion, further compliance monitoring will be required to document all scoring commitments and evaluate continuing feasibility and need for subsidy.

Learn more about the member’s role and responsibilities pertaining to our AHP.