Retention Agreement Changes for AHP Owner-Occupied Rehabilitation Projects - Effective January 1, 2020
posted on Wednesday, December 18, 2019 in Business News
Effective January 1, 2020, the FHLB Des Moines member institution or project sponsor of a Competitive Affordable Housing Project (AHP) may cease requiring a Retention Agreement (Deed Restriction) on owner-occupied rehabilitation projects. For this project type, FHLB Des Moines will cease enforcing the retention requirement of the AHP Subsidy Agreement entered into by the member and sponsor.
This change does not apply to any AHP project or award that included the purchase of a residence. If you project included the purchase of a residence, click here to view changes to the Retention Agreement in 2020.
The changes below only apply to owner-occupied rehabilitation projects.
For Active Projects
Applicable projects will no longer require retention on the assisted unit. In lieu of the Deed Restriction, an assisted household may acknowledge receipt of a subsidy award using the form below. This document can be provided to the Bank as part of the disbursement documentation for the assisted unit.
For Completed Units Still Under Retention
AHP sponsor organizations may forgive the remaining amount of a subsidy award on any applicable unit still subject to retention by filing a release of the Deed Restriction entered into by the assisted household.
- Affordable Housing Program
- Community Investment