Documentation for funding rental projects where the AHP subsidy is used for new construction 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 - Rental Project (Submit prior to first request) 2. Funding Request Form 3. Sources & Uses Statement 4. Development Budget 5. 15-Year Operating Budget 6. Evidence of Subsidy Delivery 7. Retention Vehicle and Repayment Agreement 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 - Rental Project 2. All rental 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. If the project includes commercial space, please submit separate Sources and Uses Statements for the housing and the commercial space.     • 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 each funding request to confirm that project costs are reasonable. If the project includes commercial space, please submit separate development budgets for the housing and the commercial space.     • Sample Development Budget (.xls) 4. A current 15-Year Operating Proforma detailing both income and expenses must be submitted with each funding request to confirm that operating costs are reasonable and that the project is still financially feasible for the full 15-year retention period. The operating proforma should include:     • Gross Rent     • Other income separated from rental income (laundry, parking, etc.).     • Vacancy/Loss     • Detailed Operating Expenses     • Replacement Reserves     • Repayment of first, second, third mortgages, if applicable     • Debt Coverage Ratio     • Inflation Assumptions If the project includes on-site residential services, such as meals, tenant counseling, case management, etc., please submit separate operating budgets, including income and expenses, for housing and services. 5. Evidence of subsidy delivery must be provided 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. 6. 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 owner must be submitted to the Chicago FHLB 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 Chicago FHLB will not review the member's retention document for the purpose of determining the legal enforceability of the document. Projects using Low Income Housing Tax Credits (LIHTC) or HUD 202 or 811 financing require specific language to ensure compliance with those funding sources. Project's using Low Income Housing Tax Credits should use the following sample document:     • Sample Repayment Agreement for Rental Projects With LIHTC Project's using HUD 202 or 811 financing must record a Deed of Trust or Mortgage with the following Rider. The language in the HUD 202/811 Rider is prescribed by HUD may not be modified.     • HUD 202/811 Rider to Lender's Deed of Trust or Mortgage Projects which are not using Low Income Housing Tax Credits or HUD 202 or 811 financing should use the following sample document.     • Sample Repayment Agreement for Rental Projects Without LIHTC