FHLBank San Francisco Affordable Housing Program (AHP) Set-Aside

What is FHLBank San Francisco Affordable Housing Program (AHP) Set-Aside?

FHLBank San Francisco Affordable Housing Program (AHP) Set-Aside is a grant for homebuyers in California.

• AHP Set-Aside grants up to $40,000 per household for eligible low-income first-time homebuyers. Distributed through FHLBank SF member financial institutions operating in CA, AZ, and NV. Funds for down payment and closing costs.
• Up to $40,000 in assistance.
• non-repayable grant.
• Funding comes from Federal Home Loan Bank.

Do you have to pay it back?

FHLBank San Francisco Affordable Housing Program (AHP) Set-Aside is structured as a grant, so it is not repaid.

• Repayment is triggered by Retention agreement and repayable if sold before retention period ends.
• The assistance is recorded in N/A (grant - no lien) position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

FHLBank San Francisco Affordable Housing Program (AHP) Set-Aside is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

FHLBank San Francisco Affordable Housing Program (AHP) Set-Aside limits household income to 80% of the area median income, which varies by county and household size.

• Low income: household income ≤80% of Area Median Income (AMI).
• The limit applies to total household income, not only the borrower’s.
• The program lists a maximum household size of 8.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

FHLBank San Francisco Affordable Housing Program (AHP) Set-Aside caps the purchase price as follows: Contact program for current purchase price limits.

• Eligible property types include Single-family (1-4 unit), FHA-approved condominium, townhome/PUD.
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

FHLBank San Francisco Affordable Housing Program (AHP) Set-Aside serves buyers purchasing anywhere in California.

How do you apply?

Applications for FHLBank San Francisco Affordable Housing Program (AHP) Set-Aside go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program before funds are reserved.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Contact provider directly; subject to funding availability, and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.