Federal Home Loan Bank of Seattle >> Community Investment

Our Programs

Affordable Housing Program

Project Profiles

Awards by State

Annual Reports

Affordable Housing Advisory Council

Community Investments Forms, Manuals and Regulations

AHP COMPLIANCE

The Federal Home Loan Bank of Seattle carefully monitors funded projects to ensure they support low- and very-low income families and individuals, as was originally intended. Rental projects are monitored for 15 years, and homeownership projects are monitored for five years.

The projects that receive grants of more than $500,000 will be inspected by Seattle Bank staff every two years once the project is complete.

Modifying A Project
To help us ensure the integrity of the grant, we require semi-annual updates and annual certifications. If a project is modified, you must submit in writing an explanation that includes what changed, why it changed, a revised Sources and Uses of Funds Statement, and a revised AHP Operating Pro-Forma Financial Statement.

Changes that trigger this requirement could include:

A change in the income range of the population served
An increase or decrease in the number of units
A change in project purpose (e.g., homeless housing to senior housing)

Project modifications will be approved if the project continues to be eligible for the AHP and continues to score high enough to have been approved in the funding round for which it was originally approved.

Compliance Forms
To stay in compliance, you will need to submit the following forms. Most forms that will be sent to you by the Seattle Bank according to this schedule:

Forms to Submit During Project Development:

Semi-Annual Progress Reports — (Member/Sponsors) must be submit this form at the end of May and the end of November each year.

Forms to Submit Upon Project Completion:

Project Certification for Homeownership Projects — Members must submit this form the first November following project completion.
Project Certification for Rental Projects — Members must submit this form every three years following project completion and sponsors must submit this annually following project completion.
Deed of Trust (rental) — This form esures that the AHP requirements are attached to the project for the duration of the retention period.
Second Deed of Trust (homeownership) — This forms ensures that a pro-rata share of the AHP grant will be returned to the Seattle Bank if the AHP-assisted home is sold.

Completed Project Review — Sponsor must complete this report after the project is completed.
Tenant Income Verification — Sponsor must submit this form upon completion of a rental project only. You will receive a schedule for submitting this form which is based on the amount of your AHP grant.