For each unit within a project, the homeowner is required to execute an AHC Note and Mortgage for the full grant amount that is forgiven over a certain period of time. The term of the Note and Mortgage, known as the regulatory period, depends on the amount of subsidy received. The term is stated in the documents. To determine the regulatory period, please click here for the repayment chart.
Current homeowners who already have a grant with AHC and would like to do one of the following:
Obtain a lien satisfaction - available when a homeowner lives in the home for the full regulatory period or the home is sold and the AHC grant is repaid; or
Obtain approval of an assumption - available if the homeowner is selling the home to a buyer that is income eligible; or
Repay the lien - available if the homeowner sells the home to an ineligible purchaser prior to the expiration of the regulatory period or wants to be released of the lien for any other reason; or
Obtain a subordination - available if a homeowner wishes to refinance or take out an additional mortgage,
... please contact your Grantee for further instructions.
For a list of Grantees, please Click here.
If your Grantee is not listed, please send an e-mail with your name, address and phone number to email@example.com.
Last updated: 11/14/2008 6:13:36 PM