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Chinatown Community Development Center


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									JUL.13.2006      1:SlPM       CHINQTOWN CDC 415 9 2 9 1 4 9 9                                N0.652       P.l

                                                                 Chinatown Community
                                                                   Development Center
                                                                             g @ cp ,i\
     Federal Housing 1;inance Board
     1625 Eye Street, NW
     Washington, DC 20006

     W; Federal Housing Finance Bosud; Proposed Rdc: Escess Stodi Resmaions and Retained Earnings
     Requirements for Federal Home Loan Banks; RIN Number 30G3-AB30;  Docker Number 2006-03

     We are very concmed about the F e d e d Housing Finance Board's proposed rulc on ~xcess   stock and
     retained -e        requirmcnts. We have used the Affordable Housixag Programs (AHl') of the Federal
     Home Loan Bylks O;Wanks) to help make many of our projects affordable to very low income people.
     San Prancisco faces a severe housing affordabiliry gap and we would be hard pressed to make such projecrs
     as the sa-vice enriched 105 unit Intcmatiod Horel Senior Housing project or the81 unit Broadway Family
     Aparrmenrs a reality.

     We arc especially concerned that rhc Finance Board does not seem to have devoted sufficienr rime KO
     evaluating thc impact of the proposed rule on the AHP and oSer voluntary contributions, which rely on
     FHLBank earnings for t e r funding. The proposed rule does nor include any sudz analysis, despire the
     likelihood that the rule would cause a reduction in Bank earnings and, therefore, funds available for the AHP.

     The overall impact of the proposed rule could be particularly adverse in this period of increasing mortgage
     rates and reduced f e d d fundmg for housing. It would be unf~srunate rhe enactment of tlds proposed rule
     caused families to be shuc our of thc housing market due to their inability r affad higher mcurgage rates,

     I utge you to wirhdraw hproposed rule. In impact could be extremely datlwging to the effarrs of out
     organization and similar organiiations nationwide rhac are working to provide affordable housing
     oppartunides to families in need, lkanlr you for y o u consideration of these cornrncnts.

     Susan M.Wong
     Director of Housing Development

                             1525 Grmt Avenue - San Francisco,California 94133-3323
                             41 5.984.1450 F.U 415.362.7992 - CRS 800,735,2929

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