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.