The Federal Home Loan Bank of Seattle carefully monitors AHP projects to ensure
that they meet the terms and conditions of the AHP award and comply with the AHP
regulation and AHP policies.
Time Limits for Use of AHP Subsidy
- Some AHP subsidy must be disbursed according to the terms and conditions of the
AHP award within one year of application approval.
- The project must use all AHP subsidy according to the terms and conditions of the
AHP award within three years of application approval.
AHP Retention
- As soon as possible, the member must ensure that an AHP rental project is subject
to a recorded and compliant
AHP Rental Retention Agreement for the duration of the
15-year retention period.
- As soon as possible, the member must ensure that an AHP owner-occupied
unit is subject to a recorded and compliant
AHP Owner-occupied Retention Agreement
for the duration of the five-year retention period.
AHP Compliance Forms
The Seattle Bank will send the AHP compliance forms listed below to members and
sponsors. These forms are not available on the Seattle Bank’s Web site.
AHP Compliance Forms to Submit During Project Development
- Semi-annual Progress Report – Each year, members and sponsors return this form at
the end of June and the end of December.
AHP Compliance Forms to Submit Upon Project Completion (AHP Initial Monitoring)
- AHP Final Audit – Sponsors return the AHP Final Audit to the Seattle Bank upon project
completion to provide detailed documentation that verifies that the terms and conditions
of the AHP award were met such as, but not limited to, documentation that verifies
that all the set aside commitments of the AHP scoring criteria were met and that a
compliant and recorded AHP Retention Agreement is in place. The AHP
Final Audit also includes documentation to verify the project’s final costs and
funding sources.
- A Certification for Owner-occupied Projects or a Certification for Rental Projects
is provided by members and sponsors with the AHP Final Audit to confirm that the
information provided in the AHP Final Audit is complete and accurate.
- A Tenant Income Verification is provided by sponsors with the AHP Final Audit and
throughout long-term monitoring.
AHP Compliance Forms to Submit After Project Completion (AHP Long-term Monitoring)
- Tenant Income Verification (TIV) – This form lists the rents for each unit in a
rental project and requires that household income documentation such as pay stubs
be submitted for a sample of units.
- Sponsors submit the TIV with the AHP Final Audit and for the duration of the 15-year retention period, the frequency of which depends on the amount of the AHP award.
- Because the AHP regulation requires household incomes to be compliant with the set aside commitments of the AHP award upon initial occupancy of the rental unit, sponsors must collect household income documents at the time the unit is leased and provide those documents to the Seattle Bank for a sample of units reported on the TIV.
- Certification for Rental Projects – Members return this certification every three
years following project completion for the duration of the 15-year retention period.
- Owner-occupied projects and rental projects that received low-income-housing tax
credits are not subject to AHP long-term monitoring. Thus, sponsors and members
associated with those projects are not required to submit the TIV or Certification
for Rental Projects for the duration of the retention period.