Rental Project Monitoring
All projects are required to complete Initial Monitoring (IM) within 18 months of notifying FHLBank Topeka of project completion. Project completion is defined in the Affordable Housing Program Implementation Plan (IP).
During the IM process, the project is reviewed for compliance of three categories:
Tenant- projects will need to submit documentation to verify income, targeting and rent affordability for randomly selected tenants. Read more.
Commitments-verification of scoring commitments agreed to in the AHP Agreement or most recent modification, and documentation that show commitments were completed. Read more.
Feasibility-this includes completing a feasibility workbook that demonstrates a need for the AHP subsidy and project viability. In addition, documentation that the AHP funds were transferred from the member to the project, and final retention documentation. Read more.
If the project will be monitored by a tax credit allocating agency, monitoring requirements are satisfied with Initial Monitoring. Projects that did not receive Low Income Housing Tax Credits (LIHTC) will be monitored on an annual basis with tenant files due on a set schedule. This is referred to as Long Term Monitoring (LTM). For information on the LTM process, click here.