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In addition to the project and sponsor eligibility requirements listed below, Seattle
Bank members and sponsors are encouraged to review the 2009 AHP Implementation Plan | 2009
AHP Scoring Criteria for specific information regarding:
- AHP Scoring Criteria and AHP Financial Feasibility Benchmarks
- AHP Monitoring and Compliance Requirements
Our Community Investments Program Guide provides detailed information about how to access and use all of our community investment programs, including AHP.
Project Eligibility Requirements
- The maximum amount of AHP subsidy that a member may request is $1.5 million.
- There is a $30,000 per unit AHP subsidy limit for owner-occupied projects,
except in Alaska and Hawaii, where the per unit AHP subsidy limit is $50,000 for owner-occupied
projects. The per unit AHP subsidy limit does not apply to rental projects.
- Members must underwrite the project to the standard they would use if providing a loan for the project.
- The project must begin within one year of application approval and be complete within three years of approval.
- Market demand for the project, including the set-asides committed in the AHP scoring criteria,
must be clearly demonstrated.
- Projects must include the purchase, construction, or rehabilitation of owner-occupied
or rental housing. Transitional housing and overnight shelter projects are also
eligible.
- Owner-occupied projects must serve households earning 80 percent or less of area
median income, adjusted for family size.
- Rental projects must be occupied by and affordable to households earning 80 percent or less of area median
income, adjusted for family size, -and -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.
Sponsor Eligibility Requirements
- Sponsors must be in compliance with previously approved AHP projects.
- Sponsors must partner with a Seattle Bank member financial institution.
Find a member financial institution.
- The sponsor must demonstrate an ability to complete the project as it is presented in the AHP application.
- 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 credits, historic tax credits, 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.
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