RETAINING YOUR AWARD

Once you receive your FHLBank Indianapolis Affordable Housing Program grant award, you must keep FHLBank Indianapolis up to date with semi-annual reports and be prepared for on-site monitoring during the pre-determined retention period.

Retention period for a homeownership project is five (5) years from the project’s completion date. 

Retention period for a Rental project is fifteen (15) years from the date the last unit is certified for occupancy or the full disbursement of AHP award whichever occurs last. 

Full repayment of the grant may be required through the 15th year should a non-compliance matter pursuant to the terms of the AHP Agreement not be cured. Project completion is defined as the date (whichever occurs last) that (i) the last homeownership unit in the project closed, (ii) the last unit is rehabilitated, or (iii) the final AHP subsidy is disbursed. 

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SPONSOR

  • Maintain documentation to verify rent and income eligibility.

  • Complete the annual owner certification through FHLBI.GIVES by December 31.

  • Provide tenant income and rent documentation through FHLBI.GIVES when requested.

  • Respond to FHLBank Indianapolis requests for additional information by the given deadline.

  • Notify FHLBank Indianapolis and member financial institution of any ownership transfers/changes.

MEMBER

  • Review and approve annual owner certification through FHLBI.GIVES by December 31.

  • Review and approve tenant income and rent documentation through FHLBI.GIVES when requested.

  • Assist sponsor in responding to FHLBank Indianapolis requests for additional information by given deadline.

  • Periodically visually inspect the project to ensure property is suitable for occupancy.

  • Notify FHLBank Indianapolis when refinancing any long-term debt obligations.
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AHP Tools

  • Long-Term Monitoring

    FHLBI.GIVES

    The annual owner certification is due annually on December 31 for the duration of the 15-year compliance period.  It will be submitted through FHLBI.GIVES.  If you have a change in the point of contact, please notify FHLBank Indianapolis at ahpcompliance@fhlbi.com. 

    TIP:  Set an annual calendar reminder on November 10 to prompt action on this reporting requirement. Allow your email settings to recognize the AHPCompliance@fhlbi.com email address to avoid a diversion of important messages and communication to junk mail or spam.