In accordance with the terms of the Grant Agreement, the Grantee has a continuing responsibility and obligation to monitor the homes developed or improved under the Grant Agreement. This obligation remains in force for the term of the AHC lien on the property. The term of the lien depends on the amount of the subsidy, and may be for up to ten years. Click here for the F-9 Occupancy Period/Repayment Obligation chart.
As units are sold or improved, the Grantee is responsible for obtaining and filing the appropriate AHC Note and Mortgage. The original Note and Mortgage is to be returned to AHC.
While the project is ongoing, the Grantee is responsible for submitting quarterly progress reports (Unit Status Report), and the Article 15A Compliance Data Sheet, which are mailed out by our offices.
The Grantee is responsible for submitting a close-out certification form no later than six months following the completion of the last unit. Following the close-out of a project, an annual summary report certification as well as occupancy monitoring is required.
A homeowner may decide to repay the remaining lien amount, ask approval for an assumption or ask AHC to subordinate to another mortgage. It is the responsibility of the Grantee to assist the homeowner in filling out the proper documentation and acting as the liaison between the homeowner and AHC.
Last updated: 1/21/2010 4:39:08 PM
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