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. 

subheads8

SPONSOR

  • Maintain documentation to verify rent and income eligibility.

  • Complete annual certification that project meets rent and income targeting commitments and send to member by December 1.

  • Periodically complete tenant income worksheet and provide income verification documentation when requested.

  • Submit information requested by FHLBank Indianapolis to confirm project compliance.

MEMBER

  • Review and approve annual certification, and periodically visually inspect the project to ensure property is suitable for occupancy.

  • Submit information requested by FHLBank Indianapolis to confirm project compliance.

  • Notify FHLBank Indianapolis when refinancing any longterm debt obligation as well as other changes to the project that require approval.

AHP Tools

  • Long-Term Monitoring

    The Annual Certification, due annually on December 1 for the duration of the 15-year compliance period, and is also distributed electronically by FHLBank Indianapolis to project contacts on file. If you have a change in the point of contact, please notify FHLBank Indianapolis at housing@fhlbi.com. Annual reporting and certifications are distributed to contacts electronically.

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