Federal Home Loan Bank of Des Moines

Compliance

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The Western Office compliance process is governed by the Western Office 2015 AHP Implementation Plan through December 31, 2015.

FHLB Des Moines carefully monitors AHP projects to ensure that they meet the terms and conditions of the AHP award and comply with AHP regulation and policies.

Time Limits for Use of AHP Subsidy

AHP projects should reach project completion in accordance with the terms and conditions of the AHP award within three years of application approval. Unless an Extension Request is approved, the undisbursed portion of the AHP subsidy will be canceled and the disbursed portion of the AHP subsidy may be required to be repaid to the Bank.

AHP Retention

  • As soon as possible, the member must ensure that an AHP rental project is subject to a recorded and compliant AHP Rental Retention Agreement for the duration of the 15-year retention period. 

  • As soon as possible, the member must ensure that an AHP owner-occupied unit is subject to a recorded and compliant AHP Owner-occupied Retention Agreement for the duration of the five-year retention period.

AHP Compliance Forms

FHLB Des Moines will send the AHP compliance forms listed below to members and sponsors. These forms are not available on our website.

AHP Compliance Forms to Submit During Project Development

  • Semi-annual Progress Report: Each year, members and sponsors return this form at the end of June and the end of December. 

AHP Compliance Fo​rms to Submit Upon Project Completion (AHP Initial Monitoring)

  • AHP Final Audit: Sponsors return the AHP Final Audit to FHLB Des Moines upon project completion to provide detailed documentation that verifies that the terms and conditions of the AHP award were met. This documentation could include, but is not limited to, documentation that verifies that all the set aside commitments of the AHP scoring criteria were met and that a compliant and recorded AHP Retention Agreement is in place. The AHP Final Audit also includes documentation to verify the project’s final costs and funding sources. 

    • A Certification for Owner-occupied Projects or a Certification for Rental Projects is provided by members and sponsors with the AHP Final Audit to confirm that the information provided in the AHP Final Audit is complete and accurate. 

    • For rental projects, a Tenant Income Verification is provided by sponsors with the AHP Final Audit and throughout long-term monitoring.

    • Special Needs Certification and Homeless Certification are provided by sponsors to confirm set-aside commitments have been met. Forms must be submitted for each unit that is set aside for special needs and homeless.

    • The Sponsor Income Qualification Guide contains information and tips regarding documentation requirements and income verification. The guide contains the AHP Household Income Qualification Worksheet which must be submitted with the income documentation for each household sample. 

AHP Compliance Forms to Submit After Project Completion (AHP Long-term Monitoring)

  • Tenant Income Verification (TIV): This form lists the rent for each unit in a rental project and requires that household income documentation, such as pay stubs, be submitted for a sample of units.

    • Sponsors submit the TIV with the AHP Final Audit and for the duration of the 15-year retention period, the frequency of which depends on the amount of the AHP award.

    • Because the AHP regulation requires household incomes to be compliant with the set aside commitments of the AHP award, upon initial occupancy of the rental unit, sponsors must collect household income documents at the time the unit is leased and provide those documents to FHLB Des Moines for a sample of units reported on the TIV.

    • The AHP Household Income Qualification Worksheet contained within the Sponsor Income Qualification Guide must be submitted with the income documentation for each household sample.
       

*Western Office housing programs are offered until December 31, 2015, to members in: American Samoa, Alaska, Guam, Hawaii, Idaho, Montana, Northern Mariana Islands, Oregon, Utah, Washington and Wyoming.

© 2015 Federal Home Loan Bank of Des Moines.