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AHP Compliance Monitoring

Overview of AHP Compliance Monitoring - Recorded Webinars
The Bank holds webinars that provide an overview of AHP compliance monitoring policies and procedures. The material presented in the webinars is covered in greater detail on this page. Recorded webinars for owner (.wmv) and rental (.wmv) projects are here for reference. Please note viewing these recordings does not satisfy the webinar requirement for disbursements.

Procedures for Compliance Monitoring
The Bank conducts compliance monitoring for completed projects in accordance with requirements of 12 CFR Part 1291.7.

Determination of Project Completion
Except for rental projects that receive AHP disbursement after construction has been completed, the Bank is generally notified that a project is complete through the Semiannual Survey.

Initial Monitoring (IM) – Owner-Occupied Projects
Upon notification of project completion, the Bank requests the initial monitoring (IM) documentation from the project sponsor. Sponsors who receive this request must follow the Project Sponsor Instructions (FC 2270) (PDF) and submit the required documentation no later than 15 days from the date the request is sent.

As part of the required information, the Bank requests a signed Certificate of Member, Initial Monitoring - Owner-Occupied Project (FC 2181) (PDF). In addition, the sponsor must complete the Owner-occupied Financial Workbook (.xls). The Bank will also request documentation to verify Empowerment commitments made in the AHP application or as a result of approved project modifications. Guidelines for Empowerment documentation are described in the Acceptable Forms of Verification For Promotion of Empowerment (FC 2332) (.xls).

After receiving the initial monitoring information, the Bank requests the AHP retention documents, first mortgage notes, other financing documents as applicable (downpayment assistance, second and third loans, etc.) and income qualification documents (please refer to Income Qualification Guidelines) for a sample of households.

Initial Monitoring (IM) – Rental Projects
Upon notification of project completion, or at the time of subsidy disbursement for a completed project, the Bank requests the initial monitoring (IM) documentation from the project owner. Project owners who receive this request must follow the Project Owner Instructions (FC 2271) (PDF) and submit the required documentation no later than 15 days from the date the request is sent.

As part of the required information, the project owner must complete the Certificate of Project Owner, Initial Monitoring - Rental Project (FC 2182) (PDF) and Rental Financial Workbook (.xls). In addition, the Bank will request documentation to verify Empowerment commitments made in the AHP application or as a result of approved project modifications. Guidelines for Empowerment documentation are described in the Acceptable Forms of Verification For Promotion of Empowerment (FC 2332) (.xls).

After receiving the initial monitoring information, the Bank requests income qualification (please refer to Income Qualification Guidelines) and current rent documents for a sample of households.

Long-Term Monitoring (LTM) – Rental Projects
The retention period for rental projects awarded an AHP subsidy is 15 years from project completion. The Bank conducts off-site long-term monitoring (LTM) on rental projects that have not received Low Income Housing Tax Credits and received over $100,000 in AHP Subsidy. Applicable projects will be monitored every 3 years from the completion of IM.

The Bank requests income qualification documents (please refer to Income Qualification Guidelines) and current rent documents for a sample of households. Project owners must send requested information to the Bank no later than 15 days from the date the request is sent.

Long-Term Monitoring (LTM) Project Owner Certifications
For all completed non-tax credit rental projects, project owners are required to certify every year during the AHP retention period and subsequent to IM that the project complies with the project’s approved rent and income commitments made in the AHP application or as a result of approved project modifications. The Bank requests certifications online from project owners.

Income Qualification Guidelines 
The Bank requires each AHP-assisted unit be income-qualified according to AHP Income Qualification Guidelines (FC 2258) and proper third party income documentation be provided according to the Acceptable Forms of Verification for Household Income Qualification (FC 2259). All guidelines and required forms are provided in the AHP Household Income Qualification Workbook (.xls), which includes:
  • AHP Income Qualification Guidelines
  • Acceptable Forms of Verification for Household Income Qualification
  • Instructions for using the AHP Household Income Qualification Worksheet
  • AHP Household Income Qualification Worksheet
The AHP Income Qualification Guidelines provide instructions on what, when, and how documents must be submitted depending on the type of project. The project sponsor or Member should refer to the Acceptable Forms of Verification for Household Income Qualification for obtaining applicable third party verification documents. The project sponsor or Member must use the AHP Household Income Qualification Worksheet to calculate total annual income for each household in the project.
 
Legally Enforceable Retention Documents
The AHP Regulation requires AHP-assisted owner-occupied units and rental projects be subject to a deed restriction or other legally enforceable retention agreement or instrument containing the requirements of the AHP Regulation. To help Members and sponsors meet this requirement, the Bank has prepared sample retention documents with instructions for rental projects and owner-occupied projects.


 
© 2000-2012 Federal Home Loan Bank of San Francisco
Federal Home Loan Bank of San Francisco

AHP Compliance Monitoring

Overview of AHP Compliance Monitoring - Recorded Webinars
The Bank holds webinars that provide an overview of AHP compliance monitoring policies and procedures. The material presented in the webinars is covered in greater detail on this page. Recorded webinars for owner (.wmv) and rental (.wmv) projects are here for reference. Please note viewing these recordings does not satisfy the webinar requirement for disbursements.

Procedures for Compliance Monitoring
The Bank conducts compliance monitoring for completed projects in accordance with requirements of 12 CFR Part 1291.7.

Determination of Project Completion
Except for rental projects that receive AHP disbursement after construction has been completed, the Bank is generally notified that a project is complete through the Semiannual Survey.

Initial Monitoring (IM) – Owner-Occupied Projects
Upon notification of project completion, the Bank requests the initial monitoring (IM) documentation from the project sponsor. Sponsors who receive this request must follow the Project Sponsor Instructions (FC 2270) (PDF) and submit the required documentation no later than 15 days from the date the request is sent.

As part of the required information, the Bank requests a signed Certificate of Member, Initial Monitoring - Owner-Occupied Project (FC 2181) (PDF). In addition, the sponsor must complete the Owner-occupied Financial Workbook (.xls). The Bank will also request documentation to verify Empowerment commitments made in the AHP application or as a result of approved project modifications. Guidelines for Empowerment documentation are described in the Acceptable Forms of Verification For Promotion of Empowerment (FC 2332) (.xls).

After receiving the initial monitoring information, the Bank requests the AHP retention documents, first mortgage notes, other financing documents as applicable (downpayment assistance, second and third loans, etc.) and income qualification documents (please refer to Income Qualification Guidelines) for a sample of households.

Initial Monitoring (IM) – Rental Projects
Upon notification of project completion, or at the time of subsidy disbursement for a completed project, the Bank requests the initial monitoring (IM) documentation from the project owner. Project owners who receive this request must follow the Project Owner Instructions (FC 2271) (PDF) and submit the required documentation no later than 15 days from the date the request is sent.

As part of the required information, the project owner must complete the Certificate of Project Owner, Initial Monitoring - Rental Project (FC 2182) (PDF) and Rental Financial Workbook (.xls). In addition, the Bank will request documentation to verify Empowerment commitments made in the AHP application or as a result of approved project modifications. Guidelines for Empowerment documentation are described in the Acceptable Forms of Verification For Promotion of Empowerment (FC 2332) (.xls).

After receiving the initial monitoring information, the Bank requests income qualification (please refer to Income Qualification Guidelines) and current rent documents for a sample of households.

Long-Term Monitoring (LTM) – Rental Projects
The retention period for rental projects awarded an AHP subsidy is 15 years from project completion. The Bank conducts off-site long-term monitoring (LTM) on rental projects that have not received Low Income Housing Tax Credits and received over $100,000 in AHP Subsidy. Applicable projects will be monitored every 3 years from the completion of IM.

The Bank requests income qualification documents (please refer to Income Qualification Guidelines) and current rent documents for a sample of households. Project owners must send requested information to the Bank no later than 15 days from the date the request is sent.

Long-Term Monitoring (LTM) Project Owner Certifications
For all completed non-tax credit rental projects, project owners are required to certify every year during the AHP retention period and subsequent to IM that the project complies with the project’s approved rent and income commitments made in the AHP application or as a result of approved project modifications. The Bank requests certifications online from project owners.

Income Qualification Guidelines 
The Bank requires each AHP-assisted unit be income-qualified according to AHP Income Qualification Guidelines (FC 2258) and proper third party income documentation be provided according to the Acceptable Forms of Verification for Household Income Qualification (FC 2259). All guidelines and required forms are provided in the AHP Household Income Qualification Workbook (.xls), which includes:
The AHP Income Qualification Guidelines provide instructions on what, when, and how documents must be submitted depending on the type of project. The project sponsor or Member should refer to the Acceptable Forms of Verification for Household Income Qualification for obtaining applicable third party verification documents. The project sponsor or Member must use the AHP Household Income Qualification Worksheet to calculate total annual income for each household in the project.
 
Legally Enforceable Retention Documents
The AHP Regulation requires AHP-assisted owner-occupied units and rental projects be subject to a deed restriction or other legally enforceable retention agreement or instrument containing the requirements of the AHP Regulation. To help Members and sponsors meet this requirement, the Bank has prepared sample retention documents with instructions for rental projects and owner-occupied projects.


 


© 2000-2012 Federal Home Loan Bank of San Francisco