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WISH Program Disbursement

Direct Subsidy Agreement

Disbursement Forms

 
Legally Enforcable Retention Mechanism
All subsidies disbursed by the member to an individual homebuyer must be secured by a deed restriction or other legally enforceable retention agreement or instrument consistent with the AHP regulations containing the requirements of the AHP regulation. Refer to the AHP retention, repayment, and recovery provisions described in the AHP Direct Subsidy Agreement – Homeownership Set-aside Program. The sample AHP Promissory Note (.doc) and Rider to Deed of Trust (.doc) for AHP Homeownership Set-Aside Programs: IDEA and WISH may be used to prepare the AHP retention documents. These forms are provided only as guides when preparing a note and rider to the deed of trust for owner-occupied units. These documents address the minimum retention requirements of the AHP Regulation only.
 
Note: This Rider to the Deed of Trust is to be attached to a member prepared deed of trust that secures only the AHP obligation as evidenced by the AHP Promissory Note.  The AHP Rider must not be attached to a deed of trust that secures any loan(s) on the AHP project other than the obligation evidenced by the AHP Promissory Note.

The Federal Home Loan Bank of San Francisco makes no representation or warranty that a court will enforce these form documents in accordance with applicable state law. We strongly recommend that each member have its counsel review the documents to address any state law requirements, including but not limited to consumer credit laws, notary requirements, usury laws, recording procedures and requirements, and requirements for mortgage states. The final note and rider to the deed of trust must meet the requirements of your jurisdiction.


Income Qualification:  Forms and Guidelines
The Bank requires that each AHP-assisted unit be income-qualified according to AHP Income Qualification Guidelines (FC 2258) and that proper third party income documentation be provided according to the Acceptable Forms of Verification for Household Income Qualification (FC 2259). All guidelines and required forms are provided in the AHP Household Income Qualification Workbook (.xls), which includes:
  • AHP Income Qualification Guidelines
  • Acceptable Forms of Verification for Household Income Qualification
  • Instructions for using the AHP Household Income Qualification Worksheet
  • AHP Household Income Qualification Worksheet
The AHP Income Qualification Guidelines provide instructions on what, when, and how documents must be submitted. The Member should refer to the Acceptable Forms of Verification for Household Income Qualification for obtaining applicable third party verification documents. The Member must use the AHP Household Income Qualification Worksheet to calculate total annual income for each household in the project.

For detailed information on how to submit a disbursement request for WISH funds, please read the Disbursement of Funds section of the WISH Program Product Profile.
© 2000-2008 Federal Home Loan Bank of San Francisco
Federal Home Loan Bank of San Francisco

WISH Program Disbursement

Direct Subsidy Agreement

Disbursement Forms

 
Legally Enforcable Retention Mechanism
All subsidies disbursed by the member to an individual homebuyer must be secured by a deed restriction or other legally enforceable retention agreement or instrument consistent with the AHP regulations containing the requirements of the AHP regulation. Refer to the AHP retention, repayment, and recovery provisions described in the AHP Direct Subsidy Agreement – Homeownership Set-aside Program. The sample AHP Promissory Note (.doc) and Rider to Deed of Trust (.doc) for AHP Homeownership Set-Aside Programs: IDEA and WISH may be used to prepare the AHP retention documents. These forms are provided only as guides when preparing a note and rider to the deed of trust for owner-occupied units. These documents address the minimum retention requirements of the AHP Regulation only.
 
Note: This Rider to the Deed of Trust is to be attached to a member prepared deed of trust that secures only the AHP obligation as evidenced by the AHP Promissory Note.  The AHP Rider must not be attached to a deed of trust that secures any loan(s) on the AHP project other than the obligation evidenced by the AHP Promissory Note.

The Federal Home Loan Bank of San Francisco makes no representation or warranty that a court will enforce these form documents in accordance with applicable state law. We strongly recommend that each member have its counsel review the documents to address any state law requirements, including but not limited to consumer credit laws, notary requirements, usury laws, recording procedures and requirements, and requirements for mortgage states. The final note and rider to the deed of trust must meet the requirements of your jurisdiction.


Income Qualification:  Forms and Guidelines
The Bank requires that each AHP-assisted unit be income-qualified according to AHP Income Qualification Guidelines (FC 2258) and that proper third party income documentation be provided according to the Acceptable Forms of Verification for Household Income Qualification (FC 2259). All guidelines and required forms are provided in the AHP Household Income Qualification Workbook (.xls), which includes:
The AHP Income Qualification Guidelines provide instructions on what, when, and how documents must be submitted. The Member should refer to the Acceptable Forms of Verification for Household Income Qualification for obtaining applicable third party verification documents. The Member must use the AHP Household Income Qualification Worksheet to calculate total annual income for each household in the project.

For detailed information on how to submit a disbursement request for WISH funds, please read the Disbursement of Funds section of the WISH Program Product Profile.


© 2000-2008 Federal Home Loan Bank of San Francisco