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HPS Program Funds Repayment

Under certain circumstances, members may be required to return HPS funds to the Bank.
 
Resale to a Non-Income-Qualified Homebuyer/Refinancing Without Subordination
Members may be required to return HPS grants to the Bank as a result of:
  • Resale of an HPS-assisted unit to a non-income qualified homebuyer (household income above 80% of area median income), if the resale occurs within the 5-year HPS retention period; or 
  • Refinance of an HPS-assisted unit without subordination to a new first mortgage, if the refinance occurs within the 5-year HPS retention period.
The pro rata repayment will be based on the amount of time remaining in the HPS retention period (based on the loan closing date). The subsidy repayment calculation must be based on the Bank’s methodology using the following workbook:
Property Foreclosure
Members may be required to return HPS funds to the Bank as a result of a property foreclosure or deed in lieu of foreclosure that occurs within the 5-year HPS retention period.
 
The pro rata repayment will be based on the amount of time remaining in the HPS retention period (based on the loan closing date). The subsidy repayment calculation must be based on the Bank’s methodology using the following workbook:
Notification to Bank and Funds Wire Transfer
All repayments to the Bank should be processed through the member sponsoring the homeowner. The Bank must be notified in writing prior to the repayment.
 
The Bank requires that all HPS-related remittances be sent to the Bank via wire transfer according to the following instructions:
 
ABA Routing #121000701
FHLBSF
For Credit Account: 0349008-475
Attn: Community Investment Department
Re: [HPS Reservation #]
 
The HPS reservation number must be included in all correspondence and in wire instructions to ensure that remitted funds are tracked appropriately.
© 2000-2009 Federal Home Loan Bank of San Francisco
Federal Home Loan Bank of San Francisco

HPS Program Funds Repayment

Under certain circumstances, members may be required to return HPS funds to the Bank.
 
Resale to a Non-Income-Qualified Homebuyer/Refinancing Without Subordination
Members may be required to return HPS grants to the Bank as a result of:
The pro rata repayment will be based on the amount of time remaining in the HPS retention period (based on the loan closing date). The subsidy repayment calculation must be based on the Bank’s methodology using the following workbook:
Property Foreclosure
Members may be required to return HPS funds to the Bank as a result of a property foreclosure or deed in lieu of foreclosure that occurs within the 5-year HPS retention period.
 
The pro rata repayment will be based on the amount of time remaining in the HPS retention period (based on the loan closing date). The subsidy repayment calculation must be based on the Bank’s methodology using the following workbook:
Notification to Bank and Funds Wire Transfer
All repayments to the Bank should be processed through the member sponsoring the homeowner. The Bank must be notified in writing prior to the repayment.
 
The Bank requires that all HPS-related remittances be sent to the Bank via wire transfer according to the following instructions:
 
ABA Routing #121000701
FHLBSF
For Credit Account: 0349008-475
Attn: Community Investment Department
Re: [HPS Reservation #]
 
The HPS reservation number must be included in all correspondence and in wire instructions to ensure that remitted funds are tracked appropriately.



© 2000-2008 Federal Home Loan Bank of San Francisco