The Federal Home Loan Bank of Seattle carefully monitors AHP projects to ensure that they meet the terms and conditions of the AHP award and comply with AHP regulation and policies.
Time Limits for Use of AHP Subsidy
AHP projects should reach project completion in accordance with the terms and conditions of the AHP award within three years of application approval. Unless an Extension Request is approved, the undisbursed portion of the AHP subsidy will be canceled and the disbursed portion of the AHP subsidy may be required to be repaid to the Seattle Bank.
- As soon as possible, the member must ensure that an AHP rental project is subject
to a recorded and compliant
AHP Rental Retention Agreement for the duration of the
15-year retention period.
- As soon as possible, the member must ensure that an AHP owner-occupied
unit is subject to a recorded and compliant
AHP Owner-occupied Retention Agreement
for the duration of the five-year retention period.
AHP Compliance Forms
The Seattle Bank will send the AHP compliance forms listed below to members and
sponsors. These forms are not available on the Seattle Bank’s Web site.
AHP Compliance Forms to Submit During Project Development
- Semi-annual Progress Report – Each year, members and sponsors return this form at
the end of June and the end of December.
AHP Compliance Forms to Submit Upon Project Completion (AHP Initial Monitoring)
- AHP Final Audit – Sponsors return the AHP Final Audit to the Seattle Bank upon project
completion to provide detailed documentation that verifies that the terms and conditions
of the AHP award were met. This documentation could include, but is not limited to, documentation that verifies
that all the set aside commitments of the AHP scoring criteria were met and that a
compliant and recorded AHP Retention Agreement is in place. The AHP
Final Audit also includes documentation to verify the project’s final costs and
- A Certification for Owner-occupied Projects or a Certification for Rental Projects
is provided by members and sponsors with the AHP Final Audit to confirm that the
information provided in the AHP Final Audit is complete and accurate.
- For rental projects, a Tenant Income Verification is provided by sponsors with the AHP Final Audit and
throughout long-term monitoring.
AHP Compliance Forms to Submit After Project Completion (AHP Long-term Monitoring)
- Tenant Income Verification (TIV) – This form lists the rent for each unit in a
rental project and requires that household income documentation, such as pay stubs,
be submitted for a sample of units.
- Sponsors submit the TIV with the AHP Final Audit and for the duration of the 15-year retention period, the frequency of which depends on the amount of the AHP award.
- Because the AHP regulation requires household incomes to be compliant with the set aside commitments of the AHP award, upon initial occupancy of the rental unit, sponsors must collect household income documents at the time the unit is leased and provide those documents to the Seattle Bank for a sample of units reported on the TIV.
- The Sponsor Income Qualification
Guide contains information and tips regarding documentation requirements and income verification.
The guide contains the AHP Household Income Qualification Worksheet which must be submitted with the income
documentation for each household sample.
- Certification for Rental Projects – Members return this certification every three years following project completion for
the duration of the 15-year retention period. Sponsors return an annual Sponsor Certification certifying to various AHP
requirements and provide information about changes that could adversely affect project compliance, such as but not limited to, a change in market conditions, project net income, and the sponsor’s organizational capacity for the duration of the 15-year retention period. Rental projects financed by LIHTC are not required to provide sponsor or member certifications during long-term monitoring.
- Owner-occupied Projects are not required to provide sponsor or member certifications during long-term monitoring.