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Bulletin No. 1465 | December 16, 2014

Affordable Housing Program (AHP) Implementation Plan Revisions and Clarifications

To All Members and Project Sponsors:

The deadline to submit applications for the 2015 AHP funding competition is March 9, 2015.

The following changes to the AHP Implementation Plan are effective immediately:

Definition of “Project”
A project, for AHP purposes, may consist of one or more structures as long as all of the residential units in the structure(s) are included in the total project units. Units may not be segregated within one or more structures and be designated as separate projects.

Tie-Breaker Criterion
Projects with identical scores will be ranked in descending order by the highest percentage of committed sources of funds (measured in dollars) over total sources of funds.

Multiple Applications for AHP Subsidy
Members and project sponsors of incomplete projects with existing AHP awards from another FHLBank may not submit a new application to FHLBank San Francisco unless existing subsidies are canceled and any previously disbursed subsidies are repaid.

Changes to the Feasibility Benchmarks

  • Maximum debt coverage ratio in year one has been increased from 1.3 to 1.45.
  • Net cashflow may not exceed 10% of gross income in year one, unless cashflow is needed by project to cover deficits throughout the retention period, or in order to meet minimum underwriting requirements for other lenders.
  • Net cashflow for the first five years of operation may not exceed the AHP subsidy request.

Clarifications to Existing Policy or Procedure 

  • Members and sponsors may submit applications for additional subsidy using the Bank’s modification process as an alternative to submitting a new application in the competitive round.
  • Upon receipt of AHP subsidies, a member must disburse the subsidies to a project sponsor within 30 days or return them to the Bank.
  • Applicants may earn points under Community Stability Scoring not only for the use of foreclosed properties, but also for properties acquired via deed-in lieu of foreclosure.
  • Rental projects will be subject to long-term monitoring through the 15-year retention period.

The revised AHP Implementation Plan is posted on the Bank’s website. A redline version of the IP will be available online until March 31, 2015. For questions about IP revisions, please email


Jim Yacenda
Vice President and Community Investment Officer