Skip to Main Content

Homes and Community Renewal

Municipalities/Non-Profits AHC Grantees Neighborhood Stabilization Program (NSP) Homeownership Development Financing Multifamily Development Financing Low Income Housing Tax Credit Program Multifamily Financing Applications Multifamily Owners & Property Managers Home Buyers Home Owners Renters Income Limits Lenders Servicers Home Builders Real Estate Agents SONYMA Advisory Council

Phase III: Compliance Period

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-8 Occupancy Period/Repayment Obligation chart.

Per Project

As units are sold or improved, the Grantee is responsible for obtaining and filing the appropriate AHC Note and Mortgage. All of the original Notes and Mortgages are to be returned to AHC the Project close-out documentation.

While the project is ongoing, the Grantee is responsible for submitting quarterly progress reports (Unit Status Report), and the Article 15A Compliance Data Sheet. The Article 15A Compliance Data Sheet will be mailed out by our offices. The Unit Status Report will be submitted by the Grantee through our online data reporting system, GUS.

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: 07/23/15