Feasibility workbooks, application exhibits and documentation to support the project will be collected to help determine eligibility.
- An acquisition must be an ARM’s length transaction. If it’s not, FHLB Des Moines may determine what costs and fees are acceptable.
- The sponsor must be qualified and have a demonstrated ability to perform its responsibilities as agreed to in the application. FHLB Des Moines may request additional documentation to determine a sponsor’s capacity.
- Projects should conform to all set guidelines. Deviations may not mean automatic disqualification but will need to be fully explained. The explanations should be logical, measurable and quantifiable in relation to the amount by which the guideline is not met.
- Major changes to the project or application occurring after the AHP application has been submitted will not be accepted.
FHLB Des Moines performs a comprehensive review of your application against AHP feasibility guidelines that are currently in effect.
- If the sponsor is using LIHTC to recapitalize and rehabilitate the property, all net proceeds from the sale of the property must be reinvested into the project.
- Projects that rely on donations to support the operating pro forma must demonstrate their successful track record of raising the necessary funds.
- The application will be either Consumer Driven (owner occupied rehabilitation or down payment/closing cost assistance associated with purchase) or Sponsor Driven (new construction or acquisition/rehab connection with purchase).
- If the wrong driver is selected, the sponsor will need to begin a new application with the correct driver type.
- Consumer driven projects will not have addresses identified at application.
- All funds identified as “Committed” in the workbook must include appropriate documentation. This evidence can be added under Project Timeline.
- Be complete and consistent within all aspects of your application
- Text boxes are provided for you to explain applicable costs or special features of the project
- All forms and workbooks can be found on the AHP Application page of the Bank's website