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To receive disbursement of the AHP subsidy, the sponsor and member must execute an AHP Regulatory Agreement, participate in an AHP compliance Web-seminar and complete an AHP Subsidy Disbursement Request and required attachments.

AHP Regulatory Agreement

This agreement governs the terms and conditions of the AHP award and provides legal recourse if the AHP subsidy is used inappropriately or must be repaid. The AHP Regulatory Agreement is mailed to members soon after AHP awards are announced. This agreement is not available on the Seattle Bank's Web site.

AHP Disbursement Process

The member requests a disbursement by submitting an AHP Subsidy Disbursement Request, the appropriate required attachments, and other required documentation to verify that the project remains eligible for AHP subsidy.

Once the AHP disbursement request has been approved, the AHP subsidy will be deposited in the member's Demand Deposit Account (DDA) with the Seattle Bank. The member must provide the AHP subsidy to the sponsor within 30 days of disbursement to their DDA or return it to the Seattle Bank. Sponsors contact members to receive the AHP subsidy.

Disbursement Requirements
The Seattle Bank carefully reviews each AHP disbursement request to ensure that the project continues to meet the terms and conditions of the AHP award. Additionally, the Seattle Bank may request additional information and, at its sole discretion, may deny the disbursement request.

At a minimum, the following must be in place before the AHP subsidy will be disbursed:

• An executed AHP Regulatory Agreement must be returned to the Seattle Bank.
• The project sponsor and member must be in compliance with previous AHP awards.
• The use of AHP subsidy being requested for disbursement must be the same use of subsidy that was approved in the application and listed in the AHP Regulatory Agreement.
• Projects must have site control either by site ownership or an executed lease, in which case the term of the lease must be equal to or greater than the AHP retention period. If the AHP subsidy is being used for site acquisition, an enforceable real estate lien must be in place before the AHP subsidy will be disbursed.
• At least 75% of the dollar amount of the project's total funding sources must be approved as evidenced by final funding agreements.
• Before AHP subsidy will be disbursed for soft costs, at least 50 percent of the project’s vertical construction is expected to be complete.
• Owner-occupied projects requesting AHP subsidy for down payment and/or closing cost assistance will be evaluated in terms of their ability to meet the set-aside commitments (first-time homebuyers, homeless, special needs, etc.) of the approved application or subsequent project modification.

AHP Disbursement Forms

• AHP Subsidy Disbursement Request (Direct Subsidy) (doc)
  Use this form to request disbursement of AHP direct subsidy. The form must be submitted by a member institution.
• AHP Subsidy Disbursement Request (Subsidized Advance) (doc)
  Use this form only if you are using the AHP subsidy to subsidize an advance and are ready to take down the advance. The form must be submitted by a member institution.

Required Attachments for Rental Project Disbursement:

• AHP Rental Disbursement Checklist (doc)
• Rental Disbursement Workbook (xls)
  This workbook contains a sources and uses of funds statement, rent schedule, and operating pro forma, which must be updated with each disbursement request.
• AHP Rental Project Retention Agreement (Separate for each state)

Required Attachments for Owner-occupied Project Disbursement:

• AHP Owner-occupied Disbursement Checklist (doc)
• Owner-occupied Disbursement Workbook (xls)
  This workbook contains a sources and uses of funds statement, owner-occupied housing expense worksheet, and sponsor provided mortgage financing worksheet, which must be updated with each disbursement request.
• Household Information Worksheet (pdf)
  This worksheet and applicable supporting documentation must be provided for each AHP-subsidized owner-occupied unit.
• AHP Owner-occupied Retention Agreement (Separate for each state)

Common Delays to Disbursement

• The AHP Subsidy Disbursement Request is incomplete or lacks supporting documentation.
• The individual signing the AHP Subsidy Disbursement Request on behalf of the member is not authorized. To learn your institution's authorized signees, please email us.
• The project's financial statements have not been updated.
• There is an unexplained significant change in the project's financial statements.