AHP ELIGIBILITY

In addition to the project and sponsor eligibility requirements listed below, Seattle Bank members and project sponsors are encouraged to review the 2008 Affordable Housing Program (AHP) Implementation Plan | 2008 AHP Scoring Criteria for specific information regarding:

• AHP Scoring Guidelines and Feasibility Benchmarks
• AHP Monitoring Requirements

The 2008 AHP Implementation Plan incorporates a number of important changes, including the following.

Please review the plan for a complete listing of all 2008 requirements and scoring criteria:

• Funding Limits: The 2008 plan eliminates the $400,000 per project funding limit and implements a $30,000 per unit funding limit for owner-occupied projects, except in Alaska and Hawaii where the per unit funding limit will be $50,000 for owner-occupied projects. The per-unit funding limit does not apply to rental projects. In addition, the total amount that each Seattle Bank member may request will be $1.5 million.
• Scoring Criteria: The 2008 plan eliminates points for in-district projects and increases points for district distribution, as well as for projects located in Hawaii and Montana. In addition, the plan eliminates points for projects that do not displace households and increases the amount of per-unit subsidy that may be requested for effectiveness.
• Monitoring: The 2008 plan requires that, for all projects requesting disbursements on or after January 1, 2008, 75 percent of all funding sources must be approved before AHP funds are disbursed. In addition, site inspections will occur on an as-needed basis during construction and throughout the long-term monitoring period.

To apply for AHP subsidy, the following criteria must be met.

Project Eligibility Requirements

• Projects must include the purchase, construction, or rehabilitation of owner-occupied or rental housing. Transitional housing and overnight shelter projects are also eligible.
• Homeownership projects must serve households earning 80 percent or less of area median income, adjusted for family size.
• Rental projects must serve households earning 80 percent or less of area median income. At least 20 percent of the total units must be occupied by and affordable to households earning 50 percent or less of area median income, adjusted for family size.
• Members must underwrite the project to the standard they would use if providing a loan for the project.

Sponsor Eligibility Requirements

• The sponsor must demonstrate an ability to complete the project as it is presented in the AHP application.
• Market demand for the project must be clearly documented.
• Sponsors must partner with a Seattle Bank member financial institution. Find a member financial institution.
• Sponsors of rental projects must have at least 50% ownership interest in the project for the duration of the compliance period, unless the project receives low income housing tax credit, historic tax credit, or new market tax credits, in which case the sponsor must have an ownership interest that satisfies the requirements of those programs.
• Sponsors of owner-occupied projects must be integrally involved in the project by exercising control over the planning, development, or management of the project or by qualifying the borrower and providing or arranging financing for the owners of the units.
• Sponsors with AHP-funded projects that are currently not in good standing may not apply.