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AHP Disbursement Requests: Rental Projects Instructions


Disbursement Type I: Construction Not Complete—Financials Unchanged from Application
 
Select this option if project construction is not complete and all elements of both the project development budget (sources and uses of funds) and the project estimated operating pro forma submitted with the original approved application remain unchanged.
 
Step 1: When the project sponsor is ready to request disbursement of awarded AHP subsidy for an approved project, the project sponsor reviews current project information against original project commitments (as demonstrated in Exhibit A:  Project Evaluation Form of the Affordable Housing Program Direct Subsidy Agreement - Rental Projects).
 
Step 2: If project financial information has not changed since the project approval date, the project sponsor must confirm this in writing to the member.
 
Step 3: If project income targeting or unit configurations have changed without an accompanying rental income increase or decrease in the operating pro forma, the project sponsor and member must submit a Modification Worksheet (.doc) to the Bank and the Targeting Worksheet and Targeting Summary from the Rental Financial Workbook (.xls).
 
Step 4: The project sponsor reviews, completes, and signs Member and Project Sponsor Acknowledgement of Required Documentation Letter (.doc).
 
Step 5: The project sponsor sends complete disbursement request information to the member.
 
Step 6: The member reviews disbursement request information submitted by the project sponsor.
 
Step 7: The member reviews and signs the Member and Project Sponsor Acknowledgement of Required Documentation Letter.
 
Step 8: The member provides a draft AHP Note and Deed of Trust that will be used to secure the AHP funds.
 
Step 9: The member completes and signs the Disbursement Request Form (.doc). The Bank will only accept original, not faxed, forms when processing disbursement requests.
 
Step 10: The member reviews and completes the AHP Rental Disbursement Request Checklist (.doc) prior to submitting the disbursement request to the Bank.
 
Step 11: The member mails complete disbursement request information to the attention of:
 
Manny Ungson
Community Investment Manager
Federal Home Loan Bank of San Francisco
600 California Street, Suite 300
San Francisco, CA 94108
© 2000-2009 Federal Home Loan Bank of San Francisco
Federal Home Loan Bank of San Francisco

AHP Disbursement Requests: Rental Projects Instructions

Go to General Information

Disbursement Type I: Construction Not Complete—Financials Unchanged from Application
 
Select this option if project construction is not complete and all elements of both the project development budget (sources and uses of funds) and the project estimated operating pro forma submitted with the original approved application remain unchanged.
 
Step 1: When the project sponsor is ready to request disbursement of awarded AHP subsidy for an approved project, the project sponsor reviews current project information against original project commitments (as demonstrated in Exhibit A:  Project Evaluation Form of the Affordable Housing Program Direct Subsidy Agreement - Rental Projects).
 
Step 2: If project financial information has not changed since the project approval date, the project sponsor must confirm this in writing to the member.
 
Step 3: If project income targeting or unit configurations have changed without an accompanying rental income increase or decrease in the operating pro forma, the project sponsor and member must submit a Modification Worksheet (.doc) to the Bank and the Targeting Worksheet and Targeting Summary from the Rental Financial Workbook (.xls).
 
Step 4: The project sponsor reviews, completes, and signs Member and Project Sponsor Acknowledgement of Required Documentation Letter (.doc).
 
Step 5: The project sponsor sends complete disbursement request information to the member.
 
Step 6: The member reviews disbursement request information submitted by the project sponsor.
 
Step 7: The member reviews and signs the Member and Project Sponsor Acknowledgement of Required Documentation Letter.
 
Step 8: The member provides a draft AHP Note and Deed of Trust that will be used to secure the AHP funds.
 
Step 9: The member completes and signs the Disbursement Request Form (.doc). The Bank will only accept original, not faxed, forms when processing disbursement requests.
 
Step 10: The member reviews and completes the AHP Rental Disbursement Request Checklist (.doc) prior to submitting the disbursement request to the Bank.
 
Step 11: The member mails complete disbursement request information to the attention of:
 
Manny Ungson
Community Investment Manager
Federal Home Loan Bank of San Francisco
600 California Street, Suite 300
San Francisco, CA 94108


© 2000-2008 Federal Home Loan Bank of San Francisco