What are the AHP monitoring requirements for owner-occupied projects?
• • Most of the required supporting documentation is customary submitted with the drawdown package. Any supplemental documentation not previously provided with drawdown package is due with the initial AHP compliance monitoring report. Homeownership projects are not required to submit long-term monitoring reports. The Member must simply report to the FHLB-NY regarding any sales or related recovery of AHP subsidy that arise during the Retention Period. If an AHP-assisted owner-occupant defaults on a mortgage loan or commits any other act of non-compliance under the AHP regulation, the Member, must exercise their legal rights as a subordinate lien holder and join in on any foreclosure action that is commenced against the AHP-assisted property. Kindly refer to the AHP Compliance Monitoring Guidelines (AHP-102), the AHP Compliance Late Receipt Policy (AHP-104), and the AHP Recapture Guidelines (AHP-105) for complete details.
