Changes to an Affordable Housing Program (AHP) project that materially affect the facts under which the application was originally scored and approved must be pre-approved by the Federal Home Loan Bank of Chicago (FHLB Chicago). Material changes include (but are not limited to) those affecting: • AHP Subsidy Amount • Income Targeting • Number of Units in Project • Number of Units Donated/Discounted • Number of Units Reserved for Homeless or Special Needs Populations • Project Timeline (Extensions of time to initially draw the subsidy or complete the project are considered modifications to the project's approved timeline. An Extension Request form (.doc) must be submitted.) • Project Financials • Project Location • Empowerment Tools • Sponsor or Sponsor Involvement in the Project • Member or Member Involvement in the Project • Community Involvement in the Project The member, sponsor or owner must submit a written request to the FHLB Chicago outlining the proposed change(s) to the project and the reason for the change(s). The FHLB Chicago will review the request to determine if: • The project continues to meet the minimum AHP eligibility requirements. • The project, reflective of the change(s), continues to score high enough to have been approved in the AHP competitive round in which it was awarded the subsidy. • There is good cause for the modification. The FHLB Chicago will notify the member, sponsor (and owner if a separate entity from the sponsor) of its decision in writing. Requests for an increase in AHP subsidy must be approved by the FHLB Chicago's Board of Directors and therefore may take up to 120 days. Modification of a project without prior FHLB Chicago approval may result in the project being deemed out of compliance and could lead to withdrawal of the AHP award and repayment of any AHP subsidy already released to the project.