2019 AHP Awards Announced

In the 2019 funding competition, the Bank awarded $51.2 million in AHP grants through 21 members. The funds will support 60 projects that will create more than 5,100 units of affordable housing in six states.

The 2019 application period closed on March 4. A sample of the AHP application is available for your reference.

2019 AHP Application Sample Package - AHP Application, AHP Application Reference Guide, attachments and worksheets, and instructions for uploading to the secure portal.
HUD Income Limits - Find the income limits for your project location.
Owner-Occupied and Rental Application Webinars - View a recorded 2019 webinar for tips on submitting a successful application.

The Bank offers one competitive AHP funding competition each year. Only Bank members may submit AHP grant applications. Affordable housing developers and community organizations interested in competing for AHP funds should contact a Bank member early in their planning process about partnering on an application.

Over $1 Billion in AHP Grants: In this short video, we celebrate an important milestone, reached in 2017, with our members, community partners, and some of the people who have benefited from these grants.

Learn about how the Bank's AHP boosts jobs and other economic activity: Beyond Housing: Economic Impact of FHLBank San Francisco's AHP 1990-2016

To request a disbursement, the member and sponsor must review and complete the AHP Disbursement Request for Rental Projects or AHP Disbursement Request for Owner-Occupied Projects (PDF).

The member submits the disbursement request, with complete information and all required documentation, via a secure portal hosted by Blackberry Workspace. Once a workspace on the secure portal has been created and access granted, please review the How to Upload AHP Documents instructions. When all disbursement documents have been uploaded to the appropriate folders, notify the Bank at ahp@fhlbsf.com.

In processing a request for funds, the Bank reviews information submitted with the disbursement request, as well as other project information obtained from the member and sponsor. All documentation and information submitted must be complete and accurate. Required documents can be found here.

AHP Subsidy Disbursement Timeline

The Bank confirms receipt of disbursement requests via e-mail within 2 business days and typically processes the requests within 45 calendar days. Requests, with incomplete documentation and information, will not be accepted. Once accepted, all outstanding questions must be satisfactorily addressed or the request may be returned to the member for resubmission at a later time.

Timely Passthrough of AHP Subsidy

Subsidies received by a member must be disbursed to the project sponsor and applied to project or program costs within thirty days of the date funds are posted to a member's Settlement Transaction Account. Projects may be assessed an interest charge on funds not used within the thirty day period.

Scoring Commitments

Projects must continue to meet scoring commitments (e.g., income targeting, subsidy per unit) made at application or as modified thereafter. If the project’s scoring commitments at completion differ from those made at application or as modified thereafter, an explanation of the cause for the modification must be provided and the project will be re-scored. Subsidies may be recaptured if good cause is not demonstrated for the modification and/or if the project, reflective of such differences in scoring commitments, fails to score high enough to have been approved in the funding round in which it was originally scored and approved.

Legally Enforceable Retention Mechanism

All subsidies disbursed by the member to a project sponsor must be secured by a deed restriction or other legally enforceable retention agreement or instrument containing the requirements of the AHP regulations. Refer to the AHP retention, repayment, and recovery provisions described in the AHP Direct Subsidy Agreement - Rental Project and AHP Direct Subsidy Agreement - Owner-occupied Project. The sample AHP Rental Promissory Note, AHP Owner-Occupied Promissory Note, Rental Rider to Deed of Trust, and Owner Occupied Rider to Deed of Trust may be used to prepare the AHP retention documents. For projects financed by the HUD Section 202/811 program, refer to the Guidance for AHP and HUD 202/811 Financed Projects.

Recapture or Deobligation of AHP Subsidy

If the Bank determines that the amount of subsidy awarded or funded to a project is not justified based on information requested by or made available to the Bank at anytime during a project's development, the Bank may reduce the amount of subsidy awarded or recapture funds already disbursed.

Restricted Access to AHP Subsidy

The Bank reserves the right to delay or deny subsidy disbursement to a member or sponsor that has failed to respond to a prior Bank request for information regarding any AHP projects or if a member or sponsor has not cured a noncompliant situation and resolution is still pending.

Member Creditworthiness

Only creditworthy members may make requests of the subsidy disbursement.

Please refer to the AHP Implementation Plan, AHP Bulletins and Notices, and the AHP Regulations for further guidance.

The Bank conducts compliance monitoring for completed projects in accordance with requirements of Section 1291.7 of the AHP Regulations (in Title 12, Part 1291 of the Code of Federal Regulations). Except for rental projects that receive AHP disbursement after construction has been completed, the Bank is generally notified that a project is complete through the Semiannual Survey.

The Bank holds webinars that provide an overview of AHP compliance monitoring policies and procedures. The material presented in the webinars is covered in greater detail on this page. Recorded webinars for owner-occupied and rental projects are here for reference. Please note that viewing these recordings does not satisfy the webinar requirement for disbursements.

Semiannual Survey

Projects awarded AHP subsidies must be completed within four years following the award of subsidy. A project is defined as complete if AHP subsidy is fully disbursed and documentation of habitability has been issued (rental projects) or all homebuyer mortgage loans are closed (owner-occupied projects).

All projects that are not complete are subject to a AHP Semiannual Survey to determine the feasibility of the project for continued disbursement. Project sponsors and members must provide evidence that the project is making "reasonable progress" toward completion. Subsidies for rental or owner-occupied projects for which the Bank does not receive completed AHP Semiannual Surveys or does not demonstrate making "reasonable progress" are subject to cancellation.

For all projects not complete on or about April 1 and October 1, the Bank sends an email (one email per project) informing project owners/sponsors that the survey is available online and ready to complete.

Initial Monitoring (IM) – Owner-Occupied Projects

Upon notification of project completion, the Bank requests the initial monitoring (IM) documentation from the project sponsor. As part of the monitoring, the Bank will request documentation to verify Promotion of Empowerment and Community Stability commitments made in the AHP application or as a result of approved project modifications. Guidelines for Empowerment and Community Stability documentation are described in the Acceptable Forms of Verification For Promotion of Empowerment and Acceptable Forms of Verification for Community Stability. In addition, the Bank requests the AHP retention documents, first mortgage notes, other financing documents, as applicable (downpayment assistance, second and third loans, etc.), and income qualification documents (please refer to the AHP Household Income Qualification Workbook) for a sample of households. Requested documents must be submitted via a secure portal hosted by Blackberry Workspace.

Initial Monitoring (IM) – Rental Projects

Upon notification of project completion, or at the time of subsidy disbursement for a completed project, the Bank requests the initial monitoring (IM) documentation from the project owner. As part of the monitoring, the Bank will request documentation to verify Promotion of Empowerment and Community Stability commitments made in the AHP application or as a result of approved project modifications. Guidelines for Empowerment and Community Stability documentation are described in the Acceptable Forms of Verification For Promotion of Empowerment and Acceptable Forms of Verification For Community Stability. In addition, the Bank requests income qualification (please refer to the AHP Household Income Qualification Workbook) and current rent documents for a sample of households. Requested documents must be submitted via a secure portal hosted by Blackberry Workspace.

Long-Term Monitoring (LTM) – Rental Projects

The retention period for rental projects awarded an AHP subsidy is 15 years from project completion. The Bank conducts off-site long-term monitoring (LTM) on rental projects that have not received Low Income Housing Tax Credits per a risk-based sampling plan. As part of the monitoring, the Bank requests income qualification documents (please refer to the AHP Household Income Qualification Workbook) and current rent documents for a sample of households.

Long-Term Monitoring (LTM) – Rental Project Owner Certifications

For all completed non-tax credit rental projects, project owners are required to certify every year during the AHP retention period and subsequent to IM that household incomes and rents are in compliance with the commitments made in the approved AHP application or any approved modification, along with information on the ongoing financial viability of the project, including whether the project is current on its property taxes and loan payments, its vacancy rate, and whether it is in compliance with its commitments to other funding sources. The Bank requests certifications online from project owners.

Income Qualification Guidelines

The Bank requires that each AHP-assisted unit be income-qualified according to AHP Income Qualification Guidelines and proper third party income documentation be provided according to the Acceptable Forms of Verification for Household Income Qualification. All guidelines and required forms are provided in the AHP Household Income Qualification Workbook, 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 depending on the type of project. The project sponsor or Member should refer to the Acceptable Forms of Verification for Household Income Qualification for obtaining applicable third party verification documents. The project sponsor or Member must use the AHP Household Income Qualification Worksheet to calculate total annual income for each household in the project.

Legally Enforceable Retention Documents

The AHP Regulation requires that AHP-assisted owner-occupied units and rental projects be subject to a deed restriction or other legally enforceable retention agreement or instrument containing the requirements of the AHP Regulation. To help Members and sponsors meet this requirement, the Bank has prepared sample retention documents with instructions for rental projects and owner-occupied projects.

A project that has been approved by the Bank to receive an AHP award may not be modified in any way that could affect the facts under which the application was originally approved without the prior written approval of the Bank.

General Information

The Bank will consider requests for project modifications in accordance with the requirements of Section 1291.7 of the AHP Regulations (in Title 12, Part 1291 of the Code of Federal Regulations) and the Bank’s project modification procedures. The Bank requires that project sponsors/owners and Bank members report to the Bank any material changes in an approved project. A "material change" is any change that could affect the original scoring described in the Project Evaluation Form (Exhibit A of the project’s Direct Subsidy Agreement), based on the Bank’s scoring guidelines for the funding period in which the project was originally scored and approved. Modifications may also be requested for projects with previously approved modifications.

The Bank may, at its discretion, approve a modification to the terms of the approved application provided that:

the project continues to meet the minimum AHP eligibility requirements;
the project, reflective of the changes, continues to score high enough to have been approved in the AHP competitive round in which it was originally scored and approved; and,
there is good cause for the modification.

Instructions for Modification Requests

Sponsors/owners and members must complete the Award Modification form if requesting modifications to the original terms approved in the AHP award, as outlined in Exhibit A: Project Evaluation Form, of the project’s original Direct Subsidy Agreement.

Section I: Basic Information Modifications

Complete this section of the AHP Award Modification form 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, complete Section II.

All sponsoring parties must sign the Award Modification form in cases of a sponsorship change. A new AHP Direct Subsidy Agreement Owner-Occupied Project or AHP Direct Subsidy Agreement Rental Project must also be executed and submitted by the assuming member and sponsor.

Section II: Scoring Element Modifications

Complete this section of the Award Modification form 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 project features such as income targeting, number of units, unit reservations for homeless, empowering services, or special needs populations. In addition, an updated AHP Rental Financial Workbook or AHP Owner-Occupied Financial Workbook for the project must also be submitted.

Please note that changes to one scoring element may impact another scoring element.

Modification requests must be submitted via a secure portal hosted by Blackberry Workspace.

The member must notify the Bank at ahp@fhlbsf.com if any of the following occur prior to the end of the AHP retention period (5 years from project completion for owner-occupied projects and 15 years from project completion for rental projects):

The member is unable to deliver the AHP subsidy to the project sponsor or homebuyers within 30 days of receipt from the Bank
There is a change in the AHP project’s scoring elements or need for subsidy from the approved Application or any approved Modification
There is a sale, transfer, assignment of title or deed, refinancing, foreclosure, or deed-in-lieu of foreclosure of the AHP project or any project units. For owner-occupied projects, attach a completed Owner-Occupied Unit Notice - Repayment Workbook

For rental and owner-occupied projects, repayment of AHP subsidy is generally required if any of the following occur prior to the end of the retention period:

The member is unable to deliver the AHP subsidy to the project sponsor or homebuyers within 30 days of receipt from the Bank
There is a reduction in the project financing gap because of lower development costs or increased financing sources
There is a reduction in the number of AHP-assisted units
The Bank’s compliance monitoring review determines that the project is noncompliant or does not demonstrate need for subsidy

For owner-occupied projects, repayment may also be required if any of the following occur during the retention period:

Sale, transfer, or assignment of an AHP-assisted unit to a non low- or moderate-income household (household income above 80% of area median income), or
Refinance of an AHP-assisted unit where the unit does not remain subject to a retention agreement (e.g. AHP promissory note and rider to deed of trust)
To calculate and remit any required subsidy repayment, follow the instructions in the Owner-Occupied Unit Notice - Repayment Workbook.

For rental and owner-occupied projects, repayment is not required for the following:

Refinancing where the project remains subject to a retention agreement
Project foreclosure or deed-in-lieu of foreclosure

For owner-occupied projects, repayment is also not required for the following:

Sale, transfer, or assignment of an AHP-assisted unit to a low- or moderate-income household (household income equal to or less than 80% of area median income)
Assignment of a Federal Housing Administration first mortgage on an AHP-assisted unit to HUD
Death of an AHP-assisted homeowner
The pro rata subsidy calculation in the Owner-Occupied Unit Notice - Repayment Workbook is $2,500 or less

The AHP Implementation Plan sets forth certain policies, procedures, standards, and requirements applicable to the Bank’s AHP, as required by the AHP Regulations (Title 12, Part 1291 of the Code of Federal Regulations). While the Implementation Plan includes other pertinent information pertaining to the Bank’s AHP, the plan is not intended to be a comprehensive statement of all of the Bank’s applicable policies and procedures.

Policy Updates

December 4, 2019
AHP Homeownership Subsidy Repayments: 3rd Party Documentation Requirements for Household Investments and Capital Improvements

October 23, 2019
Affordable Housing Program (AHP) Implementation Plan Revisions

April 1, 2019
Affordable Housing Program Implementation Plan Revisions – Early Adoption of Certain Provisions of Amended Regulation

December 14, 2018
Affordable Housing Program (AHP) Implementation Plan Revisions

November 20, 2018
FHFA Issues Final Rule Amending Affordable Housing Program Regulation

June 7, 2018
Comment Period for Proposed Rule Amending the AHP Regulation Ends June 12; FHLBanks Submit Joint Comment Letter

May 3, 2018
FHFA Extends Comment Period for Proposed Rule Amending the AHP Regulation and Corrects a Calculation Error

April 26, 2018
Affordable Housing Program (AHP) Subsidy Repayments: Calculating a Homeowner's Net Gain on Sale or Refinance

March 15, 2018
AHP Action Alert: Comment on Proposed Amendments to the AHP Regulation

December 15, 2017
Revised AHP Implementation Plan

December 22, 2016
Revised AHP Implementation Plan

October 26, 2016
Revised AHP Implementation Plan

December 21, 2015
Affordable Housing Program (AHP) Implementation Plan Revisions and Clarifications

January 26, 2015
Apply Now for the 2015 Affordable Housing Program

December 16, 2014
AHP Implementation Plan Revisions and Clarifications

April 11, 2014
Revised AHP Implementation Plan - Compliance Monitoring Site Visits

January 24, 2014
AHP Project Acquisition Costs

December 16, 2013
Affordable Housing Program (AHP) Implementation Plan Revisions and Other Changes

November 1, 2013
Revised AHP Household Income Qualification Workbook

June 3, 2013
Revised AHP Implementation Plan

December 21, 2012
Revised AHP Implementation Plan

August 22, 2012
2012 AHP Round B Competition: Apply Now!

August 15, 2012
Revised AHP Implementation Plan

March 27, 2012
SAS Surveys and California Redevelopment Agency Funding

March 2, 2012
New AHP Application Documentation Requirements

February 27, 2012
2012 AHP Round A Competition

January 31, 2012
Revised AHP Implementation Plan

December 21, 2011
Revised AHP Implementation Plan

October 3, 2011
Revised AHP Implementation Plan: Change Related to Resubmitted Projects

August 22, 2011
2011 Affordable Housing Program Round B Competition

August 8, 2011
Revised Affordable Housing Program Implementation Plan

May 17, 2011
Revised AHP Sample Retention Documents and Direct Subsidy Agreements

April 5, 2011
Revised AHP Implementation Plan: Change Affecting the Competitive Program

March 4, 2011
2011 Affordable Housing Program Round A Competition

January 4, 2011
AHP Retention Documents – Sample Documents Available Online

December 22, 2010
Revised AHP Implementation Plan

October 25, 2010
AHP Compliance Training Requirement

August 23, 2010
2010 AHP Round B Competition

August 16, 2010
Revised Affordable Housing Program Implementation Plan

April 1, 2010
Revised Affordable Housing Program Implementation Plan

February 16, 2010
2010 Affordable Housing Program Round A Competition

February 11, 2010
Revised Affordable Housing Program Implementation Plan

February 5, 2010
New Affordable Housing Advisory Council Members Appointed

October 8, 2009
Revised Affordable Housing Program Implementation Plan

August 28, 2009
2009 Affordable Housing Program: Round B Now Open

August 25, 2009
Revised Affordable Housing Program Implementation Plan

August 6, 2009
AHP: Rental Project Subsidy Disbursement Request Prior to Start of Construction

February 18, 2009
Affordable Housing Program: Round A Now Open

February 10, 2009
Revised Affordable Housing Program Implementation Plan

December 22, 2008
Revised Affordable Housing Program Implementation Plan

December 19, 2008
AHP Subsidy Disbursement Prior to Construction Start (Rental Projects)

August 29, 2008
Revised Affordable Housing Program Implementation Plan

July 25, 2008
AHP Retention Regulation: Default Interest Provisions

July 15, 2008
Revised AHP Documentation Requirements for New Construction, Owner-Occupied Projects

March 17, 2008
New AHP Monitoring Requirements

January 22, 2008
AHP Eligibility Criteria: Completed Rental Projects

August 31, 2007
Changes to Income Qualification Guidelines and New Workbook

August 10, 2007
AHP Projects with Developer Soft Loans and Shared Equity Appreciation Features

All forms and documents related to the AHP Program are available here. Application, Disbursement, Modification, and Compliance Monitoring documents must be submitted via a secure portal hosted by Blackberry Workspace. Once a workspace has been created and access granted, review instructions on how to upload AHP documents to the workspace.

Application Materials

2019 AHP Application Sample Package

Rental Disbursement

AHP Disbursement Request for Rental Projects
AHP Rental Financial Workbook
AHP Certificate of Project Owner, Initial Monitoring, Rental Project
AHP Award Modification
RSMeans Construction Cost Estimate Guidelines
Promissory Note
Rider to Deed of Trust
Guidance for AHP and HUD 202/811-Financed Projects
Subordination Agreement and Additional Rider for HUD 221/223-Financed Projects

Owner-Occupied Disbursement

AHP Disbursement Request for Owner-Occupied Projects
AHP Owner-Occupied Financial Workbook
AHP Household Income Qualification Workbook
AHP Award Modification
AHP Certificate of Member, Initial Monitoring, Owner-Occupied Project
RSMeans Construction Cost Estimate Guidelines
Promissory Note
Rider to Deed of Trust

Compliance Monitoring

Acceptable Forms of Verification for Community Stability
Acceptable Forms of Verification for Promotion of Empowerment
AHP Household Income Qualification Workbook
AHP Certificate of Project Owner, Initial Monitoring, Rental Project
AHP Rental Financial Workbook
AHP Certificate of Member, Initial Monitoring, Owner-Occupied Project
AHP Owner-Occupied Financial Workbook

Modification

AHP Direct Subsidy Agreement Rental Project
AHP Direct Subsidy Agreement Owner-Occupied Project
AHP Rental Financial Workbook
AHP Owner-Occupied Financial Workbook
AHP Award Modification

Notice and Repayment

Owner-Occupied Unit - Notice & Repayment Workbook

Policy Updates and Regulations

AHP Implementation Plan
Targeted Community Lending Plan

Community Programs Overview

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