AHP ELIGIBILITY

To apply for an AHP grant, sponsors and projects must meet the following criteria.

Project Eligibility Requirements (2009)

• 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.
• Revolving loan funds are not eligible for AHP subsidy.

Sponsor Eligibility Requirements (2009)

• Sponsors must partner with a Seattle Bank financial institution member. 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.