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Challenge Fund grant recipients must provide ongoing progress reports to demonstrate that the funds they have received are supporting affordable housing projects.
Every six months, member financial institutions must submit a Semi-Annual Progress Report that describes predevelopment milestones reached, changes or challenges the project has encountered, and anticipated next steps. The Seattle Bank will mail the Semi-Annual Progress Report to the member.
Repayment
Challenge Fund grants are recoverable, which means that they must be repaid within 60 days of securing construction or permanent financing for the proposed project. The Seattle Bank may forgive a grant if the project is determined to be unfeasible within two years of award approval.
Requests for grant forgiveness must be made in writing in care of the Community Investment Department.
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