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WISH Subsidy Repayment

Under certain circumstances, members may be required to return WISH subsidies to the Bank.
 
Resale to a Non-Income-Qualified Homebuyer/Refinancing without Subordination
Members may be required to return WISH subsidies to the Bank as a result of:
  • Resale of a WISH-assisted unit to a non-income qualified homebuyer (household income above 80% of area median income), if the resale occurs within the 5-year WISH retention period; or
  • Refinance of a WISH-assisted unit without subordination to a new first mortgage, if the refinance occurs within the 5-year WISH retention period.
The pro rata repayment will be based on the amount of time remaining in the WISH 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
Generally, the obligation to repay WISH subsidy to the Bank shall terminate after any foreclosure. However, the member must notify the Bank of a foreclosure event occurring within the 5-year WISH retention period.
A printed copy of this worksheet must be provided at the time of notification to the Bank of subsidy repayment.
 
Notification to Bank and Funds Wire Transfer
All repayments to the Bank should be processed through the member sponsoring the homebuyer. If a repayment results from the sale or refinancing of an owner-occupied unit, the Bank must be notified in writing prior to the repayment.
 
The Bank requires that all WISH-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: [WISH Reservation #]
 
The WISH 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

WISH Subsidy Repayment

Under certain circumstances, members may be required to return WISH subsidies to the Bank.
 
Resale to a Non-Income-Qualified Homebuyer/Refinancing without Subordination
Members may be required to return WISH subsidies to the Bank as a result of:
The pro rata repayment will be based on the amount of time remaining in the WISH 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
Generally, the obligation to repay WISH subsidy to the Bank shall terminate after any foreclosure. However, the member must notify the Bank of a foreclosure event occurring within the 5-year WISH retention period.
A printed copy of this worksheet must be provided at the time of notification to the Bank of subsidy repayment.
 
Notification to Bank and Funds Wire Transfer
All repayments to the Bank should be processed through the member sponsoring the homebuyer. If a repayment results from the sale or refinancing of an owner-occupied unit, the Bank must be notified in writing prior to the repayment.
 
The Bank requires that all WISH-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: [WISH Reservation #]
 
The WISH 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