POLICY UPDATES

December 15, 2017

The deadline for submitting applications in the 2018 AHP funding competition is March 5, 2018.

The following changes to the Bank’s AHP Implementation Plan are effective immediately.

Competitive AHP

Financial Review Guidelines: Developer Fee (Attachment A, Financial Review Guidelines)

We have removed language that emphasized that variances to the developer fee limit are unacceptable and that projects that do not conform to the Bank’s developer fee limits will be deemed ineligible. Removing this language will allow the Bank to consider reasonable exceptions to developer fee limit variances.

Feasibility Analysis Standards: Benchmark for Operating Cost per Unit per Year (Attachment A – Exhibit 1, Feasibility Analysis Standards)

We have updated the operating Cost per Unit per Year benchmark by increasing the lower limit from $3,000 to $4,000 and the upper limit from $6,250 to $8,000 to keep pace with the changing affordable housing industry standards and market conditions.

Application Scoring: Community Stability (Attachment B, Scoring Guidelines, Section IX)

We have revised the types of green building program certifications that are eligible for scoring credit under the “Sustainable Developments” element to better align the program with recent changes in green building standards.

A redline version of the IP outlining changes from the prior version is available. For questions about IP revisions, please email ahp@fhlbsf.com.