AHP Reporting

Reporting and Monitoring

All projects that receive AHP subsidies are subject to compliance monitoring. The monitoring guidelines are detailed in the AHP Implementation Plan.

Stage 1: Before Project Completion - Annual Reports

FHLB Dallas surveys members, sponsors and owners annually to determine whether:

Satisfactory progress toward completion is being made
Satisfactory progress toward occupancy is being made

Stage 2: Project Completion - Initial Monitoring

During the initial monitoring, FHLB Dallas determines whether:

AHP subsidies were used for eligible purposes and whether the need for AHP subsidies still exists
Household incomes and rents comply with the income targeting and rent commitments made in the application
Actual costs were reasonable and necessary
A project’s retention agreement meets the requirements of the AHP regulations
Services and activities committed to in the application have been provided

Stage 3: Completed Rental Projects - Long-Term Monitoring

During long-term monitoring, projects are monitored for resident income and unit rent compliance as well as ongoing financial viability. FHLB Dallas reviews:

Annual certifications provided by owners
Back-up project documentation regarding household incomes and rents maintained by the project owner
Other project documentation as necessary

Deed Restrictions

Applicable AHP subsidies are subject to deed restrictions. Owner-occupied projects where a household received AHP subsidy for construction, purchase or purchase in conjunction with rehabilitation are subject to deed restrictions for five years. If a home is sold or refinanced during the retention period, FHLB Dallas must be contacted to determine if any prorated repayment of the subsidy is necessary.

Rental projects are subject to deed restrictions for 15 years. If any portion of the project is sold, transferred, any assignment of title or deed, or refinanced by the project owner during the retention period, FHLB Dallas must be contacted to determine if repayment of the full subsidy is necessary or if the deed restriction may be transferred to the new owner.

Recapture

FHLB Dallas may cancel a project that does not demonstrate satisfactory progress toward meeting its designated completion date and recapture any AHP subsidy that FHLB Dallas previously disbursed to such project.

FHLB Dallas, or the member if delegated such responsibility by FHLB Dallas, shall make a demand on the project sponsor or owner for repayment of the full amount of the AHP subsidy not used in compliance with the commitments in the AHP application of the requirements of the AHP Regulations.

FHLB Dallas shall recover from the member the amount of any AHP subsidy (plus interest, if appropriate) not used in compliance with the commitments in the member’s AHP application or the requirements of the AHP Regulations as a result of the actions or omissions of the member.

All subsidies must be used in compliance with the terms of the application for the subsidy, as approved by FHLB Dallas. If requirements of the AHP regulations or the requirements of the Implementation Plan are not met, the project sponsor or project owner must make a reasonable effort to cure the noncompliance within a reasonable period of time as determined by FHLB Dallas. If the noncompliance cannot be cured within a reasonable period of time, FHLB Dallas may consider a modification to the terms of the approved application, provided that the project would continue to meet the requirements of the AHP regulations. If the noncompliance cannot be eliminated through a modification, the requirements for collection efforts shall apply.

Please refer to the AHP Implementation Plan in the Helpful Resources below for more details.