Subsidy Disbursement Information For Your Affordable Housing Program Award
According to the Federal Home Loan Bank of Chicago’s (FHLBC) records, you are the contact for an organization that has received a competitive Affordable Housing Program (AHP) award, but the subsidy has not yet been disbursed. To aide in the disbursement request process, the FHLBC encourages the sponsor and member to become familiar with the following resources: 1. AHP Online: Guide for Project Management provides guidance on how to change a contact in AHP Online and how to initiate, review, and approve a disbursement request. Over time, the guide will expand to include guidance on how to submit semi-annual progress reports, project completion reports, and long-term monitoring obligations. 2. The Rental Project Document Matrix identifies documentation requirements for disbursement requests as well as for the full lifecycle of the project. The Rental Project Document Matrix is located on the Affordable Housing Program Policy and Forms webpage. 3. The FHLBC’s AHP Disbursement Policy outlines specific disbursement requirements. The AHP Disbursement Policy is located on the Affordable Housing Program Policy and Forms webpage. A complete disbursement request fulfilling all requirements will assist with the FHLBC’s timely review and reduce the number of clarifications requested. If a Member Approved disbursement request fails to meet the threshold provisions there may be delays in the review and pre-approval process. If the disbursement request is significantly incomplete, the FHLBC may reject the disbursement request and the sponsor will need to submit a new disbursement request. Based on the current queue of disbursement requests, the FHLBC has an estimated six week turn around time to pre-approve. The six weeks begins once a disbursement request has been identified by the FHLBC as a fully complete disbursement request. If a project requires expedited funding in order to close or complete a draw, please contact Community Investment at (312) 565-5824 or email AHPFunding@fhlbc.com before submission of the disbursement request. Such requests will be honored as capacity allows. Members should not fund a project until notification of pre-approval is received. Pre-approval is not granted until after a complete disbursement request has been submitted and reviewed by Community Investment. The sponsor and member will receive an email alerting of a pre-approval. We appreciate your patience and cooperation. If you have any questions, please contact Community Investment at (312) 565-5824 or email AHPFunding@fhlbc.com.
Federal Home Loan Bank of Chicago
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