VALIDATING YOUR AWARD

When a project is reported complete, a Completion Certification is sent to the sponsor and member to obtain remaining monitoring information. Upon receipt of the completed and signed certification, FHLBank Indianapolis will review the project information to ensure commitments made in the application or as modified to confirm the following:

  • Services and activities provided to renters or homeowners
  • Sources and uses of funding, rental income worksheet and 15 year operating proformance (Rental)
  • Sources and uses of funding, housing cost worksheet (Homeownership)
  • Final cost validation such as: final contractor’s sworn statement, accountant’s cost certification, invoices and payment verification.
  • Targeting commitments
  • Finished condition and description of property
  • Other commitments

Homeownership projects are considered complete on the date the last unit in the project is “closed” (homebuyers) or the date the last unit is rehabilitated (owner-occupied). Rental projects are complete on the date the certificate of occupancy is issued or the date the last unit is suitable for occupancy. There are separate forms for rental and homeownership projects. The certified completion date marks the beginning of the respective retention period which is five (5) years for homeownership projects and fifteen (15) years for rental projects.

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SPONSOR

  • Review monitoring policy in I-Plan Attachment C.

  • Complete project certification and send to member.

  • Provide all initial monitoring documentation by the indicated due date.

MEMBER

  • Review, approve, and submit completion certification and conduct a visual inspection to ensure property is suitable for occupancy.

  • Ensure sponsor provides all requested initial monitoring documentation by the indicated due date.

  • Certify AHP funds were used for intended purpose.