Documentation for funding owner occupied projects where the AHP subsidy is used for new construction or rehabilitation of unoccupied housing The following documents are required to process each funding request. Please see below for further information on each document and downloadable versions of the documents. 1. AHP Subsidy Agreement - Owner Occupied Project (Submit prior to first request) 2. Funding Request Form 3. Sources & Uses Statement 4. Development Budget 5. Evidence of Subsidy Delivery 6. Retention Vehicle and Agreement (executed with project sponsor) The documents are described in detail below and blank forms/samples are provided where applicable. 1. To request a disbursement of AHP funds, members must submit a Funding Request form indicating the amount requested and confirming that the project is still in compliance with the commitments made in the application. The form must have an authorized signature from both the member and the project sponsor. Please review the Funding Request Instructions for help with completing the funding request form.     • Funding Request Instructions     • Funding Request Form - Owner Occupied Project 2. All Owner Occupied projects must submit an updated Sources and Uses Statement showing current costs and current sources of funding with each funding request. Sources and Uses of funds must balance and all funding sources must be committed.     • Sources and Uses Statement (.xls) 3. A current Development Budget detailing total project costs and sources of financing (including terms, rates, and amortization) must be submitted with the funding request.     • Sample Development Budget (.xls) 4. Projects must provide evidence of subsidy delivery to show that the AHP subsidy was passed through to the project. This can be a copy of a check, wire transfer or settlement statement referencing the AHP subsidy and the project name/sponsor 5. AHP funds disbursed by the member to the sponsor or project must be secured by a deed restriction or other legally enforceable retention agreement. A fully executed agreement between the member and the project sponsor must be submitted to the FHLB Chicago with the funding request. The member is required to record the retention agreement. It is the member's responsibility to ensure that the retention documents satisfy the requirements of the AHP regulations and that they are legally enforceable by the member against the project. The FHLB Chicago will not review the member's retention document for the purpose of determining the legal enforceability of the document. Contact the Community Investment Group for a sample retention agreement. Note: When the homes are sold, the AHP liability for the home must be transferred to the homebuyer. The five year retention period commences with the closing on the home. The Chicago FHLB will review retention and repayment agreements for a sample of the homebuyers at project completion to verify that the retention documents were properly executed and recorded.     • Sample Mortgage and Retention Agreement with Homebuyer - Illinois     • Sample Mortgage and Retention Agreement with Homebuyer - Wisconsin