Affordable Housing Program (AHP) General Fund and Nevada Targeted Fund

Affordable Housing Program (AHP) General Fund and Nevada Targeted Fund is sponsored by FHLBank San Francisco. The Affordable Housing Program (AHP) provides grants to help fund the purchase, construction, or rehabilitation of affordable owner-occupied and rental housing. Eligible uses include down-payment assistance, closing cost assistance, and housing counseling.

Community Programs Grants Home matters. An affordable place to call home increases the financial security of a young family just starting out, a senior who wants to age-in-place, or an individual who needs a little support to start over. And for many lower-income households, access to quality affordable housing in a safe and healthy neighborhood is the foundation for a brighter future.

FHLBank San Francisco’s Affordable Housing Program (AHP) helps to expand access to affordable housing for those who need it most. The AHP consists of the General Fund, open to affordable housing projects in Arizona, California, Nevada, and other areas where our members do business; and the Nevada Targeted Fund, which specifically funds affordable housing projects in Nevada.

Our AHP grants are awarded annually through a competitive application process to Bank members working in partnership with housing developers and community organizations. In our annual AHP funding competition, project applications are ranked based on the scoring process outlined in the application package. Awards are made to the highest-ranking projects, in order, until all funds available in that year’s competition have been allocated.

Basic eligibility requirements are: The project must demonstrate a need for subsidy and developmental and operational feasibility. Some or all of the AHP subsidy must be likely to be drawn down by the project or used by the project to procure other financing commitments within 12 months of the date of award approval.

AHP-assisted projects must be subject to a retention mechanism, and project sponsors must be qualified and able to perform responsibilities as committed to in the application for AHP subsidy. An AHP-assisted project cannot be complete at time of application. Rental housing must have at least 20% of units reserved for households at or below 50% of the HUD area median income (AMI) .

Owner-occupied housing must serve households at or below 80% AMI. The AHP is governed by the Implementation Plan , which contains more details on eligibility and program requirements. Once an application is approved for AHP grant funding, the awarded project has four years from the date of the award to complete construction and draw down their funds.

During this four-year period, projects will go through a review prior to disbursement of funds as well as periodic compliance surveys to track progress for completion. AHP funds must be secured by the member bank using templates provided for each project disbursement type under Forms & Documents .

After project completion, further compliance monitoring will be required to document all scoring commitments and evaluate continuing feasibility and need for subsidy. Rental projects have a fifteen-year retention period after project completion during which the project must remain affordable and adhere to AHP commitments. Owner-occupied projects have a five-year retention period beginning at sale to a qualified homebuyer.

Learn more about the member’s role and responsibilities pertaining to our AHP. The Bank is now reviewing applications for our 2026 Affordable Housing Program (AHP) General Fund and Nevada Targeted Fund. Awards will be announced on our website in late June.

Projects have four years from the date of the award to request disbursement of funds and complete construction. These guidelines pertain to both General Fund and Nevada Targeted Fund projects. IM documentation is used to verify compliance with the program regulations and project scoring commitments.

These guidelines pertain to both General Fund and Nevada Targeted Fund projects. The AHP Implementation Plan sets forth certain policies, procedures, standards, and requirements applicable to the Bank’s AHP, as required by the AHP Regulations. You can view and download all forms and documents related to the Affordable Housing Program (AHP).

All documents must be submitted electronically to a secure portal workspace. AHP funds are awarded annually through a competitive application process to our members working in partnership with housing developers and community organizations in Arizona, California, or Nevada.

Santa Monica Vermont Apartments is redefining what mixed-use affordable housing can look like when it is intentionally connected to transit, support services, and community needs. The Kelsey Civic Center, a 112-unit mixed-income development, is more than just housing—it’s a model for how people with and without disabilities can live together in community.

Ashley, a single mom, found a home in Riverside, California with support of a $500,000 AHP grant delivered with member Bank of America.