Changes to Retention Agreement (Deed Restriction) for Home Purchase Projects - Effective January 1, 2020
last updated on Wednesday, December 18, 2019 in Business News
The FHLB Des Moines Competitive Affordable Housing Program (AHP) and Down Payment Product grants will be releasing a new Retention Agreement (Deed Restriction) effective for use with closings as of January 1, 2020. This new document requires all members to take the following steps to ensure compliance with program guidelines.
If you have an owner-occupied rehabilitation AHP project, click here to view changes to the Retention Agreement requirements in 2020.
What do I need to do to comply with these changes?
❶ Delete all locally saved copies of the current Retention Agreement by December 31, 2019.
❷ Upload the new Retention Agreement when it becomes available.
FHLB Des Moines will notify you when the deed is available on our website.
Should an old version of the Retention Agreement be executed after January 1, 2020 and be submitted with a disbursement request, the file will be sent back to the member institution to release the old Retention Agreement and rerecord with the new version.
To avoid delays in processing your disbursements please ensure you are using the correct Retention Agreement.
- Affordable Housing Program