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AHP Semiannual Survey
Semiannual Survey: Guidelines on Time Limits for Disbursement and
Use of Subsidy
Projects awarded AHP subsidies must be completed within four years following the award of subsidy. A project is defined as complete if AHP subsidy is fully disbursed and documentation of habitability has been issued (rental projects) or all homebuyer mortgage loans are closed (owner-occupied projects).
All projects that are not complete are subject to a AHP Semiannual Survey to determine the feasibility of the project for continued disbursement. Project sponsors and members must provide evidence that the project is making "reasonable progress" toward completion. Subsidies for rental or owner-occupied projects for which the Bank does not receive completed AHP Semiannual Surveys are subject to cancellation.
Requirements for Sponsors
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Rental Projects: During the period of construction, rehabilitation, or acquisition of a rental project, the sponsor must report to the sponsoring Bank member semiannually on whether reasonable progress is being made towards completion of the project.
-
Owner-Occupied Projects: During the period of construction, rehabilitation, or acquisition of an owner-occupied project, or downpayment/closing cost assistance to eligible homebuyers, the sponsor must report to the sponsoring member semiannually on whether reasonable progress is being made towards completion of the project.
Requirements for Members
- Rental Projects: During the period of construction, rehabilitation, or acquisition of a rental project, the member must take the steps necessary to determine whether reasonable progress is being made towards completion of the project and must report to the Bank semiannually on the status of the project.
- Owner-Occupied Projects: During the period of construction, rehabilitation, or acquisition of an owner-occupied project, or downpayment/closing cost assistance to eligible homebuyers, the member must take the steps necessary to determine whether reasonable progress is being made towards completion of the project and must report to the Bank semiannually on the status of the project.
Online Semiannual Survey
The Bank provides its Semiannual Survey online for all projects not complete on or about April 1 and October 1. First, the Bank sends an e-mail (one e-mail per project) informing project owners/sponsors that the survey is available and ready to complete.
The sponsor then completes the survey for each project and submits it to the member. The member then reviews the completed survey and has the option of accepting it and submitting it to the Bank by the specified deadline, or not accepting it and returning it to the sponsor for revision.
For projects that are reported as complete, the sponsor, as well as member, must provide additional documentation to the Bank.
- For rental projects, the sponsor must provide a final habitability document for all units, such as a certificate of occupancy, inspection report, or notice of completion.
- For owner-occupied projects, the member must certify to the Bank that the AHP subsidy has been used according to the commitments made in the project application and that the AHP-assisted units are subject to appropriate deed restrictions or other legally enforceable retention agreements or mechanisms. The Certificate of Member, Initial Monitoring – After All Subsidy Disbursement (PDF) form is referenced under Initial Monitoring for owner-occupied projects.
Upon determination of project completion, the Bank will commence initial monitoring.
Extensions
The Bank has discretion to grant extensions for disbursement of up to six months at a time. To receive an extension, the member or sponsor must provide sufficient evidence documenting to the Bank’s satisfaction that reasonable progress has been made toward project completion or that such progress is likely to be made during the extension period. If a project fails to meet the progress and disbursement standards, the Bank will cancel up to the entire amount of AHP subsidy awarded to the project.
|
|
|
|
|
|
AHP Semiannual Survey
Semiannual Survey: Guidelines on Time Limits for Disbursement and
Use of Subsidy
Projects awarded AHP subsidies must be completed within four years following the award of subsidy. A project is defined as complete if AHP subsidy is fully disbursed and documentation of habitability has been issued (rental projects) or all homebuyer mortgage loans are closed (owner-occupied projects).
All projects that are not complete are subject to a AHP Semiannual Survey to determine the feasibility of the project for continued disbursement. Project sponsors and members must provide evidence that the project is making "reasonable progress" toward completion. Subsidies for rental or owner-occupied projects for which the Bank does not receive completed AHP Semiannual Surveys are subject to cancellation.
Requirements for Sponsors
-
Rental Projects: During the period of construction, rehabilitation, or acquisition of a rental project, the sponsor must report to the sponsoring Bank member semiannually on whether reasonable progress is being made towards completion of the project.
-
Owner-Occupied Projects: During the period of construction, rehabilitation, or acquisition of an owner-occupied project, or downpayment/closing cost assistance to eligible homebuyers, the sponsor must report to the sponsoring member semiannually on whether reasonable progress is being made towards completion of the project.
Requirements for Members
- Rental Projects: During the period of construction, rehabilitation, or acquisition of a rental project, the member must take the steps necessary to determine whether reasonable progress is being made towards completion of the project and must report to the Bank semiannually on the status of the project.
- Owner-Occupied Projects: During the period of construction, rehabilitation, or acquisition of an owner-occupied project, or downpayment/closing cost assistance to eligible homebuyers, the member must take the steps necessary to determine whether reasonable progress is being made towards completion of the project and must report to the Bank semiannually on the status of the project.
Online Semiannual Survey
The Bank provides its Semiannual Survey online for all projects not complete on or about April 1 and October 1. First, the Bank sends an e-mail (one e-mail per project) informing project owners/sponsors that the survey is available and ready to complete.
The sponsor then completes the survey for each project and submits it to the member. The member then reviews the completed survey and has the option of accepting it and submitting it to the Bank by the specified deadline, or not accepting it and returning it to the sponsor for revision.
For projects that are reported as complete, the sponsor, as well as member, must provide additional documentation to the Bank.
- For rental projects, the sponsor must provide a final habitability document for all units, such as a certificate of occupancy, inspection report, or notice of completion.
- For owner-occupied projects, the member must certify to the Bank that the AHP subsidy has been used according to the commitments made in the project application and that the AHP-assisted units are subject to appropriate deed restrictions or other legally enforceable retention agreements or mechanisms. The Certificate of Member, Initial Monitoring – After All Subsidy Disbursement (PDF) form is referenced under Initial Monitoring for owner-occupied projects.
Upon determination of project completion, the Bank will commence initial monitoring.
Extensions
The Bank has discretion to grant extensions for disbursement of up to six months at a time. To receive an extension, the member or sponsor must provide sufficient evidence documenting to the Bank’s satisfaction that reasonable progress has been made toward project completion or that such progress is likely to be made during the extension period. If a project fails to meet the progress and disbursement standards, the Bank will cancel up to the entire amount of AHP subsidy awarded to the project.
© 2000-2008 Federal Home Loan Bank of San Francisco
