AHP Project Modification Requests: Instructions

Sponsors/owners and members must complete the Modification Worksheet if requesting modifications to the original terms approved in the AHP award, as outlined in Exhibit A: Project Evaluation Form (PEF), of the project’s original Direct Subsidy Agreement.
 
Section I: Basic Information Modifications
Complete this section of the Modification Worksheet if there is a change to basic project information including project name, location, sponsor, or member. Provide an explanation of the request. If a proposed change impacts a project’s scoring element or financing structure, complete Sections II and/or III.
 
All sponsoring parties must sign the Modification Worksheet in cases of a sponsorship change. A new Owner-occupied AHP Direct Subsidy Agreement or Rental AHP Direct Subsidy Agreement must also be executed and submitted by the assuming member and sponsor.
 
Section II: Scoring Element Modifications
Complete this section of the Modification Worksheet if the project requires a change to any scoring elements committed to by the project sponsor or member at the time of the AHP award. These include changes to a unit’s income targeting, number of units, a member’s financial participation, or unit reservations for homeless or special needs populations.
 
Please note that changes to one scoring element may impact another scoring element and/or the project’s financial structure.
 
Section III: Financial Structure Modifications
Complete this section of the Modification Worksheet if there is a material change to the project’s financial structure that would affect the project’s adherence to the Bank’s financial feasibility or need for subsidy guidelines. The Bank will review the proposed modifications to determine if the project continues to meet the Bank’s financial feasibility and need for subsidy guidelines.
 
Examples of changes that could materially affect a project’s financial structure are:

• changes between 4% and 9% Low Income Housing Tax Credits;
• the use of funds from HUD Section 202/811 programs;
• substitution between soft and conventional permanent financing sources; and,
• change in project rental income due to significant targeting/unit modifications.
  

Submit updated revised Financial Worksheets.
 
 
Please submit all modification requests to:

Manny Ungson
Community Investment Manager
Federal Home Loan Bank of San Francisco
600 California Street, Suite 300
San Francisco, CA 94108
 


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