Home

2015 AHP Application Manual - Federal Home Loan Bank of Boston

1. Application for the Affordable Housing Program Federal Home Loan Bank of Boston AHP Subsidized Loans An AHP subsidized advance is a loan from the Bank to the member that funds the loan from the member to the sponsor or the initiative The AHP subsidized advance is disbursed at a reduced rate with the difference funded by additional AHP subsidy funds The member then adds their spread to the rate and lends to the project For example if a member were to borrow a 20 year amortizing advance from the Federal Home Loan Bank of Boston at 2 5 percent and add a 2 0 percent spread to the rate on the loan the rate on the 20 year amortizing loan from the member to the initiative would be 4 5 percent a rate significantly lower than most market rates The loan term and amortization to the borrower must match the subsidized advance borrowing If you are requesting an AHP subsidized loan advance for your initiative please click on Enter an AHP subsidized loan Choose the member and complete the required fields This step gathers the information for both the loan to the member and the loan from the member The rate on the loan from the Bank to the member is calculated and displayed based on the rate on the loan to the sponsor and the spread needed for the member The one entry accommodates both the loan from the Bank to the member and the loan from the member to the project If this loan is a permanent source of funding please click yes on th
2. Funding Low Income Housing Tax Credits Help Topic The tax credit yield indicated is based on Tax credit application _ Syndicators letter of intent O Syndicator s partnership agreement Uses Please provide the name of syndicator if ee AHP Uses available if unknown indicate unknown or Sources i Commitment Letters BU E Development Budget Date Letter of Intent or Partnershi Oe ree Rental Subsidy Agreement was signed z Oooo example 01 31 2002 Calculation ls an allocation of Low Income Housing Tax V es Operating Summary Credits LIHTC in hand Statement No Member Involvement fyes please upload the commitment letter Attach File SCORING fno enter expected date fe example 01 31 2002 APPLICATION ISSUES ee dii iii VALIDATE AND SUBMIT Residential PRINTABLE VERSION State based Tax Credits Help Topic Tax credits awarded si Gross equity f f Cents per dollar Historic Tax Credits Help Topic Tax credits awarded f f Gross equity Loo a Net equity es ee Cents per dollar ee Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 40 AHP and Member Funding Please enter all AHP and member funding AHP and non AHP in this screen All information entered in this section is carried automatically to the Sources section All members must have been invited and have accepted prior to entering data in this section in order to fully utilize the fun
3. lf you have the Registration in process it will show as new in the table w Click on the blue Underline ta access and complete the Registration Ifyou do NOT have a sponsor registration started or submitted begin your re sition here gt Ifyou have already submitted your Registration it will show as submitted in the table below You may then start an AHP Application Click on the Create Manage My Draft Applications link at lef to begin your AHP application Sponsor Registration for NEW ORG Registration for Northern New England Housing Investment Fund Submitted 05 26 2014 Status Created Submitted 077142014 After reviewing your contact information and making any changes necessary click Continue to next section The registration questions begin on the next screen FHLBBoston MY REGISTRATION About Contact Information Organization Pipeline Financial Information Housing Staff Documentation Validate and Submit Printable Version SAVE amp EXIT Contact Information Contact Title Organization Street City State Zip Phone E mail Building New England Indicates required fields The sponsor developer logged into the system should see their information displayed here If it is incorrect or if another individual should be the contact for completing this application click Update contact information gt Update contact information gt Re
4. Evidence of Brownfield site Evidence ofthe Sustainable Development Building Practice indiana nF den Rol oie ete Bei nt ne neti Electronic File Previously Submitted deviopment schedule docx site control docx Zoning documentation docx capital needs docx deal chart docx relo plan docx market study docx workforce readness docx ho readiness docx self sufficeincy docx healthcare services docx resident leadership docx reuse documentation docx transportation serices docx undevelopable land docx brownfield land docx sustainable development docx ef mmm Bootle ee An ee Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 62 12 Application Sign and Submit Screens The Sign and Submit screens require both sponsor and member signature Sponsor or Authorized Representative Signs The sponsor developer reviews and finalizes all screens To get to the final sign screen the sponsor has explained or corrected all validation items After reading and accepting the certification language the sponsor clicks Sign An e mail is sent to the member listed Member Signs or Unsigns After the sponsor signs the application an e mail will direct the member to the application to review sign and submit it If the member is satisfied with the application and the attachments he she may complete the Member Analysis section click Sign and proceed to the Submit screen An e mail will be s
5. e You must enter your current year total assets e You must enter your prior year total assets e You must enter your total liabilities e You must enter your annual operating expenses e You must indicate if cash flow from operating activities is positive e You must indicate ifthe organization was out of compliance during the previous 6 quarters You must indicate if the organization is currently in compliance You must indicate if all tax filings are up to date Once the sponsor registration is complete you will be prompted to validate electronically sign and submit the sponsor registration You will also have an opportunity to print the completed sponsor registration as well as a copy of the electronic certification page Once the registration has been submitted you may begin an AHP application in which the next step is to identify the participating member s Please Note Co sponsors will be required to fully complete the sponsor registration including all required documentation before the application may be submitted You will be able to identify any co sponsors in the Initiative Participants section of the application New for 2015 Formal E Sign certification is required for all Sponsor Registrations including Co sponsors Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 1 New 2015 Sponsor Registration Certification and E Sign Language Fraud Reporting Requirements The Federal Home Loan Bank
6. Delete this address Edit this address Address Other Info Sample HPS 2502 A 2 Address ected PMSA Towns Tract 4179 02 Tract AMI 70 822 MSA AMI 88 000 Unit Type Single family rental ls Rural N Buildings 5 Type Apartments Incl Onsite Mor Unit M Located on Native Land N Targeting No units specified To enter your pro locations gt Add a location address gt Return to previous section gt Continue to next section If another address needs to be added click Add a location address Otherwise click Continue to next section Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 35 AHP Scoring The next screens in the online application pertain to various AHP scoring categories Complete these as applicable to your AHP application Upload documentation as required For more information please consult Attachment B of the current AHP Implementation Plan Empowerment up to 10 points Community Stability up to 15 points Second District Priority up to 5 points Units Homeless up to five points and First Time Home Buyer up to five points Type of Construction Type of Construction Check all that apply Help Topic Acquisition Lease to purchase E Mortgage financing program l New construction M Refinance Rehabilitation lf Lease to purchase enter the maximum lease period in months months lf refinance describe how the funding will be
7. Friday September 26 2012 at 5 00 PRA gt Continue Log out Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 22 7 Application Creation and Edit Whether you are a member or a sponsor you will be presented with the screen below each time you enter the system This is where the application process begins and ends for each session To create a new application Click the create a new AHP application link see below to start a new application To edit or modify an existing application From the list of applications in progress click the link for the initiative you want F LBBoston Building Nev WELCOM AHP APPLICATION Create Manage My Draft Applications CENTER CREATE MANAGE MIY rary eco aoaaa aaora acean PERNE m a DRAFT APPLICATIONS a ao of your AHP applications for this round Click on the project name to continue working on that SPONSOR REGISTRATION You can also create a new AHP application INSTRUCTIONS AND FAQS CHANGE PASSWORD Initiative Name Status Help Topic Created Ho Name Entered 072712012 LOG OUT No Name Entered OBO Fi201 Theo testrentaiRLF8 Current application status and gs 0812012 applicant name will appear Ho Name Entered oe 0e 2012 ANAA hear TN tal not 08 08 2012 RLF Beat No Name Entered 08 15 2012 test 0192012 Review the instructions on this next screen and then click Begin at the bottom of the screen or use the menu options on the lef
8. Project Further each Applicant acknowledges and agrees that The subsidy or other assistance provided shall only be used for the uses authorized under the AHP regulations codified at 12 CFR 1291 et seq as amended from time to time the AHP Regulations The subsidy awarded by FHLB Boston whether in support of a subsidized advance or direct subsidy is subject to recapture by FHLB Boston in certain instances including but not limited to instances when the proceeds of a subsidized advance or direct subsidy are not used or cease to be used for the purposes approved by the FHLB Boston and Each will comply with the AHP Regulations and the policies and procedures and related requirements of FHLB Boston including certain report submission and certification requirements Further the Applicants certify that the Project as proposed and presented complies with applicable federal and state laws on fair housing and housing accessibility including but not limited to the Fair Housing Act the Rehabilitation Act of 1973 the Americans with Disabilities Act of 1990 and the Architectural Barriers Act of 1969 Further each Applicant certifies that the Project complies with its underwriting standards and acknowledges that FHLB Boston will not perform or be responsible for underwriting the Project on behalf of the Member Financial Institution or the Sponsor In addition each Applicant agrees to report promptly to FHLB Boston s Housing
9. SUBMIT PRINTABLE VERSION VERIFY FILE UPLOADS SAVE amp EXIT Step 1 Step 2 Sponsor Registration Operating Summary Statement Initiative Name Sample First year Income Help Topic Gross rent Gross rent override Help Topic Override explanation Less vacancy loss percent Net rent after vacancy Other income Total gross income Contribution from operating reserve Effective gross income Member Invitation Step 3 AHP Application Housing Residential 0 Building New England me a Step 4 Step 5 Sponsor Signs Application Member Submits Application Commercial Total Non residential 0 0 0 D i s 0 0 7s 0 0 Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 54 Expenses Expenses Help Topic First year Management fee Do a a OO Coe ene OPEN ee ee reserve ae O OOO reserves Total expenses 0 0 0 Net operating income 0 0 0 Debt Service and Cash Flow Debt service payments 0 Dept Sanica pameni Oooo SO override Help Topic Override explanation Cash flow uses overrides SO 0 0 Cash flow adjusted for 0 0 0 contribution to operating reserve Debt coverage ratio 0 00 0 00 0 00 Debt coverage ratio adjusted 0 00 0 00 0 00 for contribution to from operating reserve eT oo Debt coverage after deferred 0 00 0 00 0 00 debt Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 5
10. Sponsors Co Sponsors Initiative Name Sample Team Aco sponsoris an organization that your organization is partnering with for the development of this initiative The co Sponsors may both have ownership interest or may be a housing developer partnering with a service provider Identity of Interest Please enter any co sponsors with key roles and complete a Sponsor Registration for each INITIATIVE DESCRIPTION REQUEST FOR FUNDING SCORING APPLICATION ISSUES All co sponsors will be a party to the AHP Agreement Co Sponsors gt Add a co sponsor gt Return to previous section VALIDATE AND SUBMIT gt Continue to next section PRINTABLE VERSION VERIFY FILE UPLOADS Application for the Affordable Housing Program Federal Home Loan Bank of Boston SAVE amp EXIT After you have added co sponsors please continue to the next section and add the development team members such as architect or property manager To add a development team member click on Add a development team member Follow the instructions on each screen to add each team member The selection list has been pre loaded from our contact database On the next three screens the organization contact name development role and experience will be requested Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 23 The roles requested are architect development consultant key lender legal services property manager social service provider a
11. Step 1 Step 2 Step 3 Step 4 Step 5 a Sponsor Registration Member Invitation AHP Application Sponsor Signs Application Member Submits Application Contact Information Organization Pipeline Housing Staff Indicates required fields Financial Information Complete all fields for each key housing development staff member in your organization Outside development team members should be entered in the application Help Topic Validate and Submit Printable Version Resume Browse Housing Staff SAVE amp EXIT gt Enter another housing staff member gt Return to previous section gt Continue to next section Sponsor Registration Federal Home Loan Bank of Boston Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 9 Next upload your certificate of good standing and other documentation as required using the Browse function Required Exhibits May Include Certificate of Good Standing Sponsor Statement of Current Obligations FHLB Boston template Audited Financial Statement most recent or other current financial information Articles of Incorporation Housing Authorities only and or Other documentation as applicable For more information consult Attachment A of the current AHP Implementation Plan FHLBBoston MY REGISTRATION Contact Information Organization Pipeline Financial Information Housing Staff Documentation Validate and Submit Printable Version SAVE amp EXIT Ste
12. Waiting for Member cannot SPONSOR REGISTRATION move forward until you have accepted the sponsors invitation to participate in the application INSTRUCTIONS AND FAQS Initiative Name Status Help Topic Created anian Christine s first test Rental New 0709 2012 See haa Testing for Reader Sheets New 08012012 LOG OUT Theo test rental RLF 68 2012 New Oe 0e 2012 Theo test rental not RLF B12 New 0082012 test Waiting for Member 08 15 2012 Next screen Click Continue FHLBBOston Building t MY AHF APPLICATION Initiative Description My AHP Application Participating Member You have been invited to participate in this application Use the links under My AHP Application at left or atthe bottom of each screen to view and complete each section The initiative Description section gives you an opportunity to view the basics ofthe initiative such as whether itis rental or homeownership the name and a brief narrative To accept an invitation to participate in an application orto view other partnering members click on Participating Member s Thank you for your interest in the Banks Affordable Housing Program Save amp Exit Continue Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 20 This screen shows some very basic information about the initiative including the initiative name and the brief description of the initiative that appeared in the e mail that the member received I
13. and Community Investment Department any material changes in the financial structure of the Project including but not limited to any new sources of funds failure to receive other Project related funds and compensated tax credit utilization or any other aterial changes in the Project s scope and terms FHLB Boston retains the right to re evaluate the need for the subsidy in light of any such material changes and may make such modifications thereto including the amount of the subsidy as it deems appropriate in its sole discretion he Applicants agree that FHLB Boston is authorized to verify with other parties and to make any investigation of he matters set forth in the application and this Certification either directly or through any agency or third party employed by FHLB Boston for that purpose FHLB Boston may disclose to any other interested parties information as to FHLB Boston s experiences or transactions with the Applicants or with respect to the Project or other matters set forth in the application or this Certification The Applicants represent and warrant that each has obtained the Project Owner s consent to share such information as set forth in this paragraph The Applicants understand that FHLB Boston will retain the application this Certification and any other supporting information received even if he Project is not selected to receive an AHP subsidy or other assistance The Applicants further authorize FHLB Federal Home Loan Bank
14. income will be the HUD Multifamily Tax Subsidy Project limits as adjusted for household size Enter the appropriate number of units for the completed initiative at this specific address in each field rey LO LE LEE EE LE G C FTE JTE TEL TE TL 2e C FTE JTL TEL JL TE gt Eo STE JTL TE TITL TE seus f J E JE TLEL TLEL IL oer KL LJ LJ Eb LE a Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 34 Once submitted each address will appear in the screen as seen below To edit any of the addresses click Edit this address next to the address to be edited To delete an address click Delete this address Step 1 Step 2 Step 3 Step 4 Step 5 Sponsor Registration Member Invitation AHP Application Sponsor Signs Application Member Submits Application AHP Application Initiative Name Sample Ifthe addresses reflected below are complete and all the addresses in this initiative entered below please continue to the next section by clicking below If not please continue to add a location address Information and facts will be gathered in this section for use in the following scoring categories Donated Targeting Economic Diversity Rural and the Second District Priority Revolving Loan Fund program applicants Use headquarters as your location Caution If you Edi an address at any point data on subsequent screens rental subsidy calculation operating summary and tax credits will be impacted
15. mix were determined The incomes were derived using the HUD guidelines and the address Please edit each line to add the proposed monthly rent and estimated tenant paid rent for each unit type Click on edit to see the entry fields To enter a different rent for a specific bedroom size and targeted income click on split This can also be used to enter different rents for the units targeted for households with incomes of less than 50 of AMI The total rental income for the initiative will be calculated from the grid and carried to the Operating Summary Statement on the next screen Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 49 INITIATIVE DESCRIPTION Rental Subsidy Calculation aia Members and sponsors of approved AHP applications are now required to use the Federal Home Loan Bank of Boston s income AHP and Member calculation documentation methodology when determining income eligible households of AHP assisted units Fundin i The Rental Subsidy Calculation matrix is used to verify the income targeting for the initiative and to gather the proposed total Sources monthly rents and the estimated tenant paid rent Based on the inputs the proposed monthly rent as a percent of monthly Commitment Letters Uses AHP Uses Development Budget Rental Subsidy Calculation Operating Summary Statement Member Involvement SCORING APPLICATION ISSUES VALIDATE AND SUBMIT PRINTABLE VERSION VERIFY FILE U
16. of Boston 2015 AHP Online Application Manual 64 Boston to provide any such interested party any information and documentation FHLB Boston may decide in its sole discretion to provide with respect to the Project and all related material parties to the Project These representations and authorizations extend not only to FHLB Boston but also to any investor in the Project with whom FHLB Boston may share information and the Federal Housing Finance Agency or any successor agency thereto By signing this application the Applicants represent and warrant that they have full organizational power and authority and have received all corporate and governmental authorizations and approvals as may be required to enter into and perform their obligations under this application and that at all times they will adhere to the terms and conditions submitted herein Signature I hereby agree to the terms and conditions set forth in the certification above E Sign By clicking the button below you are executing the certification electronically You agree your electronic signature is the legal equivalent of your manual signature on the certification By clicking the button below you consent to be legally bound by the certification s terms and conditions You further agree that your use of a key pad mouse or other device to select the button below constitutes your signature hereafter referred to as E Signature acceptance and agreement as if the certifica
17. online application allows you to tell us about the nature of your proposed affordable housing development In addition the application provides guidance as to how the application will be scored against the established scoring criteria However please keep in mind that in each round of the AHP each application is scored relative to every other application in the round It is not possible to predict in advance of the scoring of all applications whether or not an individual application will be successful in securing AHP funding The Bank strongly recommends that you develop your project with the needs of the community it will serve in mind and not with an eye towards how it will score in the AHP funding round Keep in mind that those projects that receive funding will be monitored after completion and occupancy to determine that all of the features and commitments that are outlined in the application are present in the completed development If the developed project varies significantly from that proposed in the application it will be necessary to rescore the application with the possibility that AHP funding will be recaptured The AHP online application must be completed in this order Community Lending Login and account set up Add Remove Authorized Users if application is to be completed by outside consultant Sponsor Registration Member Invitation participation acceptance Complete application Initiative facts feasibility and scoring p
18. or Third party Property Managers to access our systems the Sponsor organization will need to use the Add Remove Authorized Representative request as shown below The Sponsor organization has the option to allow the Authorized Representative to sign and certify all submissions on behalf of your organization If the Sponsor does not wish to give the authorized representative the authority to sign the Sponsor will need to login once the Authorized Representative has completed the application review the work and digitally sign and submit the Application The Remove Authorized Representative form will allow the Sponsor to request removal of access granted to a development consultant or third party property manager Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 3 e Ifthe Authorized Representative does not have a Community Lending Account they will be prompted to establish an account before they can access the online system FHLBBoston WELCO ADD AUTHORIZED REPRESENTATIVE FOR SPONSOR OWNER Welcome Welcome to the Federal Home Loan Bank of Boston s Housing and Community Investment Homepage This is your online resource and access to all of the Bank s affordable housing programs REMOVE AUTHORIZED REPRESENTATIVE FOR SPONSOR OWNER Please use the menu at the left to navigate to the appropriate section AHD ADDI WATE New Authorized Representative Indicates required fiel This
19. points in any category Such scoring data estimates are subject to final review and validation by the Bank s HCl department The final scoring resulting from such review and validation may be materially different from the below estimates The Help Topic contains the guideline details for how points will be awarded Sponsorship by Not For Profit Organization or Government Entity 5 maximum potential points Does this initiative finance the purchase construction and or rehabilitation of housing sponsored by a not for profit organization state or political subdivision of any state a state housing agency a local housing authority or a Native American tribe that has ownership interest in a rental project or integral involvement in an ownership initiative Help Topic sponsor is a Nonprofit Name of organization assuming ownership interest to be determined Ownership structure has been described 5 potential points based on information input subject to Bank review Rural 5 maximum potential points Does the initiative finance housing located in rural areas Help Topic This initiative does not finance housing in rural areas 0 potential points based on information input subject to Bank review Economic Diversity 5 maximum potential points Does this initiative include the creation of housing that is part of a strategy to end the isolation of very low income households by providing economic diversity Help Topic This inititive provid
20. 5 Cash Flow Trending and the Detailed 15 Year Operating Proforma Does the initiative show a positive cash flow over the entire 15 year affordability period Does the project use an operating reserve to cover any short falls in operations If not please explain Explanation must show how an operating reserve is used AHP funds may not be used Does the unadjusted debt service coverage ratio deviste increase or decrease over the 15 year affordability period from the guideline of 1 0 to 1 307 If so please explain where the cash flow goes when the ratio increases and how the difference is made up when the ratio decesses If you indicated there is a subordinate or deferred debt to be paid from cash flow detail the debt source and any annual payment requirements Please provide documentation from funders requiring debt payments after cash flow upload here Pro forma trending rates Help Subsequent years Topic assumption used for future years as 8 percent So Cs assumption used for future years as a percent Pro forma Attach a 15 year income and expense pro forma operating budget with explanatory notes If this initiative has commercial space upload the separate 15 year commercial income and expense pro forma operating budget Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 56 Member Involvement FHLBBOStON Building MY AHP APPLICATION INITIATIVE
21. 5 Application Certification Language Fraud Reporting Requirements The Federal Home Loan Bank of Boston FHLB Boston has established policies and is committed to implementing and maintaining processes and controls to discover and report suspicious activity including but not limited to fraud and money laundering All parties participating in the AHP are expected to support FHLB Boston s efforts in identifying suspicious activity by immediately providing written notification of any suspicious activity in relation to their dealings with FHLB Boston Should any party participating in the AHP believe there is suspicious activity related to an FHLB Boston business transaction such party must notify the FHLB Boston immediately All parties participating in the AHP will also provide FHLB Boston with all information documentation and assistance reasonably requested by FHLB Boston in response to FHLB Boston s receipt of any such notice from such party Certification The Member Financial Institution and the Sponsor each an Applicant and together the Applicants certify that he information submitted in FHLB Boston s Affordable Housing Program the AHP application is true and accurate in all material respects and all required exhibits are attached or have been separately submitted All aterials and required exhibits are due by the AHP application deadline The application describes and defines the proposed initiative the
22. FHLB Boston Online Application User Manual amp Guide July September 2015 Federal Home Loan Bank of Boston Housing and Community Investment Department July 6 2015 Federal Home Loan Bank of Boston AHP Online Application System User Manual and Guide Table of Contents 1 Overview of the Online Application Process 2 System Access and Login e Community Lending Login Applying for a Username and Password e Adding Removing Authorized Users 3 How the System Works e System Navigation e Use of Functions e Help Topics 4 Sponsor Registration 5 Add a Member Invite a Member to Participate 6 Member Instructions for Participation Acceptance e Login and View e Member Acceptance to Participate Screen e Acceptance Thank You Screen 7 Application Creation and Edit 8 Application Initiative Participants Co Sponsor and Development Team e Identity of Interest 9 Application Project Description Screens e Readiness Initiative Description Revolving Loan Funds Donated Location s AHP Scoring Empowerment Community Stability Second District Priority and Units e Type of Construction 10 Application Request for Funding Screens e Initiatives with Sponsor provided Below Market Rate Financing This includes most Habitat for Humanity Initiatives Tax Credits AHP and Member Funding Sources Uses Development Budget Rental Subsidy or Homeownership Affordability Calculation Operating Summary Statement Rental In
23. FHLBBoston e In order to evaluate your application we need complete answers and all required documentation 2 System Access and Login As mentioned previously AHP applications will be accepted online only The online application can be found in the Housing amp Economic Growth section of the Bank s web site at https housing fhlbboston com Community Lending Login Account The first step in the AHP application process is to establish a Community Lending Login Account For member institution staff with access to the online CDA or EBP applications e If you have used the online Community Development advance CDA application or Equity Builder Program EBP application you can use the same Community Lending Login account to access the online AHP application e The AHP application is also available to member institutions through FHLB Direct Members sponsors and consultants with previous AHP applications or prior approved AHP projects e Your Community Development Login Account username and password which you used previously are still valid You do not need to create a new account with each year or round Forgotten or lost your username or password e Click on the click here to reset password or retrieve your username on the Community Lending Login Account screen e Your account will be locked out after three incorrect logon attempts e Follow the instructions on the screens e A new password will be emailed to you
24. Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 2 For first time users If using any of the Bank s online applications for the first time follow the onscreen directions as illustrated below to create an account Enter all of the information requested and click Submit Please allow at least 24 hours for a password to be e mailed to you Accounts can be requested at any time Because a member of the Bank s Housing and Community Investment Department must verify all new account requests accounts are reviewed and passwords are issued only during the Bank s normal business hours It is important that you enter your contact information accurately and completely especially your email address We will use this email address as the primary means of communication concerning the application process and submission FALBBoston Community Lending Login Username be Password case sensitive a If you are a first time user click here to create an account If you forgot your password click here to reset it lf you forgot your username click here to retrieve it lf you re having trouble accessing the site please contact Paulette Vass community development advance manager at 617 292 9794 or paulette vass fhibboston com or Mary Ellen Jutras assistant vice president at 617 292 9607 of mary ellen jutras fhibboston com Adding Removing Authorized Users In order for Development Consultants
25. MIT Begin application PRINTABLE VERSION VERIFY FILE UPLOADS Application for the Affordable Housing Program Federal Home Loan Bank of Boston SAVE amp EXIT Answer the questions on the next screen The screen below will appear when you begin an application Indicate whether this application is for either a rental or homeownership initiative and for a Revolving Loan Fund application This is critical because other application screens and questions will appear in the remainder of the application based upon the responses made to these questions If you have any questions regarding whether to classify your initiative as homeownership or rental contact your community investment manager or an HCI staff member contact information is at the end of this manual Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 14 FHLBBoston APPLICATION Participating Member s Save amp Exit Initiative Description Regarding selection of application type In the case where an application is 50 percent ownership and 50 percent rental the type selected should be Homeownership and willbe scored as such Only one type is allowed per application The AHP Application can only be used to fund the homeownership or the rental units not both Limited equity cooperatives and lease purchase initiatives are treated as rental applications for AHP scoring feasibility review and retention requirements However cooperat
26. PARTICIPANTS I Member Involvement INITIATIVE DESCRIPTION Sie eee Sue eS a N REQUEST FOR FUNDING REG lf yes please answer the following AHP and Memb m gt E A If property is owned by the member provide diii an as is current appraisal for the subject Sources property performed within six months prior to the date of purchase price for the property Commitment Letters Was agreed upon Help Topic __ Attach File TEP Appraised value fo AHP Uses Appraisal date Development Budget Sales price PO Subsidy Calculation Sales date _ Member Involvement Does the member hold a current morgage SCORING in this property or have any p ast or present m A financial or ownership interest Yes Mo APPLICATION ISSUES Return to previous section VALIDATE AND SUBMIT Continue to next section Member Analysis The member financial institution submitting this application has the responsibility to analyze underwrite the submitted application regardless of the level of member financial participation This screen and these questions will only be visible to the member financial institution submitting the online application Sponsors will not be able to access these questions For more information please consult the current AHP Implementation Plan The print screens below illustrate the Member Analysis section of the application Members please note that these are required questions and that an uploaded or faxed underwriting atta
27. PLOADS SAVE amp EXIT targeted income will be automatically calculated The rental income numbers gathered here are passed to the Operating Summary Statement on the next screen Edit each line to enter the proposed monthly rent and estimated tenant paid rent for each unit type Split any line to accurately represent like units with like targeting but different proposed monthly rents or different tenant paid rents It can also be used to more accurately define the income targeting and the rents for those units targeted to specific perenctages below 50 AMI for example 30 AMI Help Topic NOTE Any changes to the initiative locations will clear the data in the chart below Enter the Proposed Monthly Rent and Tenant Paid Rent into the Table Below Number of Bedrooms Persons AMI Max Family Sar at SLE Pite eia EL Unts Beds per Unit per Unit Target Income 2 2 30 50 42 350spiit edit 0 0 0 5 4 60 50 54 600split edit 0 0 0 How many units have Section 8 operating assistance Example How many units have other project based Figures funding operating assistance If there is rent subsidy does the project have a firm commitment from the subsidizing M Pi agency Yes iNo What is the total contract amount fF What is the duration of the contract fF months Are any units currently occupied Help Topic C Yes No f yes how many If yes please complete the Rent Roll spreadsheet and upload Federal Home Loa
28. Summary Statement Dollar amount of total amount to commercial non residential Member Involvement Type Help Topic Select v SCORING Description Help Topic Select v APPLICATION ISSUES Anticipated rate Help Topic VALIDATE AND SUBMIT Term Help Topic months PRINTABLE VERSION Expected commitment date Help Topic example 01 2013 VERIFY FILE UPLOADS If deferred enter date payments will begin example 01 2013 SAVE amp EXIT gt Add a source another source gt Return to previous section gt Continue to next section Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 47 Uses As you enter the Uses screen a large box in the top portion of the screen serves as an example of how the information will appear when all of the uses have been entered This screen utilizes the Add function seen in previous sections Assign the cost for each item in the development budget to the appropriate cost category by selecting from the list If it is to be funded by AHP funds put it in the column titled Amount Funded by AHP If it is not funded by AHP put the amount in the second column titled Amount Funded by Other Source Click on Add another use If your project has non residential uses please enter the data here AHP funds are only for housing purposes As noted above these data must match the detailed development sourc
29. al Home Loan Bank of Boston 2015 AHP Online Application Manual 59 11 Application Scoring Validation and Exhibit Screens Scoring Screen As stated earlier in this document the online application can provide guidance as to how the application will be scored against the established scoring criteria based on the information entered into the application The Scoring and Validation screens serve as a final check of the proposed application The information in this section is meant to be a guide and does not indicate that actual points will be awarded The Scoring screen shows each scoring category and a basic description of it Below each scoring category the facts for this proposed initiative that relate to the category should be displayed If they do not appear or do not appear to be correct please return to the section in question and re enter your information When you return to this screen verify that the correct facts appear The predictive score based on the information entered in the application will be displayed This is subject to final review and validation by the Bank s HCI department The final scoring may be materially different Scoring Facts and Potential Points to be Awarded Listed below are the scoring categories and the point available in each such category Such scoring categories relate to the information requested in the application The scoring data indications below are estimates and do not quarantee
30. an please answer T a No J Yes No for the Affordable Housing Program Federal Home Loan of Boston Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 46 Sources As you enter the Sources screen you will see that other permanent source information gathered from previous screens appears in the middle of the screen The information in the large box in the top portion of the screen is an example of how the information will appear when all of the sources have been entered This screen utilizes the Add function seen in previous sections List funding source by name amount and type loan deferred loan equity or grant Choose a description from the list for each source Specify the date of the commitment or date the commitment 1s expected If it is a deferred loan enter the deferral date If payments are deferred or will be paid only if sufficient cash flow is available choose deferred loan under Type and attach an explanation of repayment or call terms Attach copies of all letters of commitment received The purpose of this section is for you to enter all sources of funding loans equity grants etc for the project which are not replaced or taken out by another subsequent funding source such as a bridge or construction loans being replaced by the permanent debt For example if your project anticipates 500 000 of construction financing which you will then convert to 500 000 of permanent
31. anagement team Please list all participants in the development and post completion management of the initiative gt Add a developmentimanagement team member gt Return to previous section gt Continue to next section Application for the Affordable Housing Program Federal Home Loan Bank of Boston Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 26 Identity of Interest Answer the following questions to disclose any relationships between members of the development team sponsor any co sponsors and or members FHLBBoston MY AHP APPLICATION INITIATIVE PARTICIPANTS Co Sponsors Team Identity of Interest INITIATIVE DESCRIPTION REQUEST FOR FUNDING SCORING APPLICATION ISSUES VALIDATE AND SUBMI Building New England Identity of Interest Please disclose any identity of interest among parties to this initiative including member sponsor any co sponsors and members of the development team Identify the relationship if any of all persons who will benefit financially from the proposed development Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 21 9 Application Initiative Description Screens Note In all of the text response fields see attached and similarly worded language is not acceptable attachments may not be reviewed or evaluated You can copy text from a Word document and paste it into any text field The Initiative Description
32. application type 5 Inthe case where an application is 50 percent ownership and 50 percent rental the type selected should be Homeownership and will be scored as such Only one type is allowed per application The AHP Application can only be used to fund the homeownership or the rental units not both Save amp Exit Limited equity cooperatives and lease purchase initiatives are treated as rental applications for AHP scoring feasibility review and retention requirements However cooperative initiatives that demonstrate the conveyance of ownership to residents within 24 months are treated as homeownership applications for AHP scoring feasibility review and retention requirements The system cannot accommodate the mixing of owner development and mortgage financing applications Please submittwo separate applications Ifyou have any questions on how to classify an application please contact your Community Investment Manager or an HCl staff member at 1 886 424 3863 Please carefully select the type of C Homeownership application Help Topic Rental lf this is a homeownership yes No initiative are you offering self financed zero interest loans for example Habitat For Humanity Help Topic Is the sponsor organization a Ves No revolving loan fund applying for AHF direct subsidy funds to be used in arevolving loan fund Please complete the application in the order of the screens as they app
33. arameters e Review sign and submit application sponsor first then member Please be advised that the screen prints included in this manual are sample or prototype screens the wording or layout may have changed and may be slightly different from the online application Also note that the Bank s systems are designed for optimal compatibility with Internet Explorer Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 1 Keep in mind the following key points when completing the online application e The order of the questions and information requested in the application is deliberate sequential and interdependent Future screens and questions will depend on the information you ve submitted earlier in the application e Both accessing the online application to begin and submitting the application once you are complete are based on a series of steps and rely on email to communicate the necessary notifications To begin Sponsor or Authorized Representative completes Sponsor Registration Sponsor or Authorized Representative invites Member Member accepts now Sponsor or Authorized Representative can start to fill out the online application in earnest To submit the Sponsor or Authorized Representative if granted Signature powers by the Sponsor signs Member completes member analysis then signs and submits the application Once the member signs the application it is formally submitted to the
34. ary Ellen Jutras Vice PresidentDeputy Director of Housing and Community Investment at 617 292 9607 or mary ellen jutras fhibboston com All applications in process will be reflected in the AHP Application Center An AHP application will have one of the following statuses e New The application invitation in process but not yet started e AHP Applications in Process The application in process This means the application is open and consultant and or the sponsor can fill out the questions upload necessary documentation e Waiting for member One or more member partners needs to sign the application e Signed The sponsor has electronically signed the AHP application and now the application is waiting for the member to sign and submit the application electronically for review by the FHLB Boston e Submitted All participants including the lead member partner have signed the application It is automatically submitted to the Bank Once submitted no changes to the online application are possible Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 19 FHLBBOston Building New Engl WELCOME e AHP APPLICATION create Manage My Draft Applications CENTER RE i sA fN l 1 a m m m PESE m r i m a Ser Earn Below is a list of your AHP applications for this round Click on the project name to accept an invitation to participate in an application or to continue working on other applications Projects with the status of
35. chment Is also required The application cannot be submitted unless these questions and documentation are provided Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 57 FHLBBoston MY AHP APPLICATION Buil INITIATIVE PARTICIPANTS Member Analysis INITIATIVE DESCRIPTION REQUEST FOR FUNDING i AHP and Member Funding Sources Commitment Letters Uses AHP Uses Development Budget Subsidy Calculation Member Involvement Member Analysis Please summarize your analysis underwriting of the sponsor and or borrower s credit standing Please summarize your analysis underwriting of the sponsor and or borrower s development experience The Federal Home Loan Bank of Boston will neither perform nor be responsible for the undenyvriting of the application or the evaluation of the credit record or track record of the sponsor or borrower for the member Members please note the following The term letter s or other documentation and the Member s underwriting summary are required for both evaluation ofthe application and for scoring purposes Member financial institutions have the responsibility to underwrite the submitted funding application regardless of the level of member financial participation and regardless of the AHP subsidy being requested tis expected thatthe members senior management will review and approve the AHP application Similarly the member has the responsibility to evaluate and be satisf
36. ctionality of the application Member Financial Participation up to 15 points All member funding in the form of grants and loans must be entered in this section in order to qualify for points in this category Please refer to the AHP Implementation Plan for more information Note Member funding or financing not entered through this screen may not be picked up for Member Financial Participation points If you have any questions on how to enter information for this category please contact your community investment manager i Step 1 Step 2 Step 3 Step 4 Step 5 HE SAAP APELA TRN Sponsor Registration Member Invitation AHP Application Sponsor Signs Application Member Submits Applicai INITIATIVE PARTICIPANTS REQUEST FOR FUNDING Initiative Name Sample Tir Grea For each member participating in the project use the links below to complete the funding proposed by each member AHP and Member Each loan or grant marked as a permanent cash source will be carried to the Sources page Help Topic Funding Sources NOTICE All member partner funding should be entered through this screen otherwise points may not be awarded Commitment Letters If this project includes a commercial component enter member funding for the residential portion in this screen and the commercial component on the Sources screen If you have any questions please contact your community Uses z investment manager AHP Uses For member loans to the project utilizing an AHP
37. debt or end mortgages if homeownership upon completion of the project you will only list 500 000 of the permanent debt end mortgages as a source instead of listing both the construction and permanent debt AHP funds are to be used to pay for housing purposes only If your project has commercial nonresidential uses you must also enter those sources of funding as well The sources and uses for both the housing and commercial nonresidential purposes must match the sources and uses of the detailed development sources and uses budget attached as a required exhibit INITIATIVE DESCRIPTION Sources REQUEST FOR FUNDING Initiative Name Sample Tax Credits Please enter all permanent cash sources below AHP and Member Funding NOTICE Do not enter member partner funding for the housing residential portion on this screen Please use the previous screens for AHP and Member Funding to ensure that all points will be awarded Help Topic Sources Please complete each field below for each source Then click Add another source to enter another When you are done it will Commitment Letters look like this example Uses All required fields need to be completed AHP Uses Source Help Topic Note Do not enter member partner funding unless it is funding the commercial Rental Subsidy nonresidential portion of the project Calculation Dollar amount of total amount to housing residential Development Budget Operating
38. e radio button All AHP subsidized advances are permanent financing You will be returned to the first screen and the loan entered will appear in a list on the upper part of the screen If it was entered in error or if some portion of it is incorrect click on Remove next to the entry to delete the loan If there are additional AHP subsidized loans that need to be added click on Enter an AHP subsidized loan and repeat the process If the subsidized advance will be passed through an intermediary additional questions will be required to ensure the spread should not exceed the market spread for a loan of similar maturity terms and risk Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 42 MY AHP APPLICATION INITIATIVE PARTICIPANTS INITIATIVE DESCRIPTION REQUEST FOR FUNDING AHP and Member Funding AHP Subsidized Advance Sources Commitment Letters Uses AHP Uses Development Budget Subsidy Calculation Member Involwement Step 1 Step 2 Step 3 Step 4 Step 5 Sponsor Registration Member Invitation AHP Application Sponsor Signs Application Member Submits Applica AHP Subsidized Advance Initiative Name CR RLF test The intermediary spread plus the member spread should equal the total spread from the prior calculation page The total spread should not exceed the market spread for a loan similar maturity terms and risk Help Topic What is the member spread fe What is the intermediary spread
39. ear The application builds on the information you provided Jumping around may lead to error conflicts and delay the completion and submission of your application Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 24 8 Application Initiative Participants Co Sponsor and Development Team By this step in the application the sponsor is associated with the AHP application and the member financial institution has agreed to participate Now the actual development team members including any co sponsors will need to be identified If the member or sponsor contact already identified is part of the development team they need to be re identified with regards to their role in the development of this initiative A co sponsor is an organization that the sponsor developer is partnering with for the development of this initiative The co sponsors may both have ownership interest or may be a housing developer partnering with a service provider Please enter any co sponsors with key roles and complete a Sponsor Registration for each e Any co sponsor will be a party to the AHP Agreement e All co sponsors are required to complete an online sponsor registration e To add a co sponsor click on Add a co sponsor FALBBoston Building New England Step 1 step 2 Step 3 Step 4 Step 5 EEE ETEEN Sponsor Registration Member Invitation AHP Application Sponsor Signs Application Member Submits Application INITIATIVE PARTICIPANTS Co
40. ear as a link next to any questions or fields that have additional information or help available Click the link to view the help text in a pop up window To close the pop up window click the x in the upper right hand corner of the window or click the Close link at the end of the help text Initiative Name Sample Readiness idii ee appl Help Topic gt C Acquisition Donated _ Lease to purchase Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 6 4 Sponsor Registration The next step required prior to beginning the application is the sponsor registration which gathers information about your organization and its housing development experience This information will be available to HCI staff and will be used in the evaluation of the proposed initiative s application for AHP funds The registration will remain on file and will require a review at least once each round as well as an annual update The application process cannot proceed until the sponsor has registered It is recommended that the sponsor registration and member invitation acceptance be completed at least two weeks prior to the application submission deadline to allow sufficient time for the completion of the application After completing and submitting the sponsor registration you may continue with your AHP application If there is an issue with your registration you will be contacted by the HCI staff To begin the sponsor re
41. emonstrated Does not apply to owner occupied rehabilitation initiatives fno enter expected date month year At the time of application site control of 100 percent of the locations can be demonstrated through the following check all that apply Please upload any site control documentation Zoning At the time of application can the project demonstrate that it complies or will comply with current zoning within 12 months ofthe AHP award lf the project is undergoing challenges to a grant of zoning relief the Bank will secure the necessary documentation and make a determination Building New England Step 4 Step 5 Sponsor Signs Application Member Submits Application Oyes Ono CONIA exampte 0172014 O Deed in the name ofthe Sponsor or ownership entity in which the Sponsor has an ownership interest Executed purchase contract or current option to purchase O Executed lease or current option to lease for a term of at least 20 years E Resolution from the local government or other organization that is committing to transfer the property describing the terms ofthe commitment the transfer price and the location ofthe property Ci In the case of acquisition of properties vacant due to foreclosure the sponsor must provide an executed and notarized agreement with the owners of such properties that the sponsor will be allowed to acquire properties in the areas identified and atthe acquisition costs identified in
42. end to sign the certification or signed the certification electronically in error click Cancel Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 13 5 Add a Member Invite Member to Participate Member financial institutions members need to be added invited and must also accept the invitation before the sponsor developer can complete the body of the application It is expected that you will have contacted the member and discussed the initiative with them before adding the member to the application It is recommended that the member invitation acceptance along with the sponsor registration be completed at least two weeks prior to the application submission deadline to allow sufficient time for the completion of the application To add a member choose the appropriate application or click Begin application FHLBBoston Building New England MY AHP APPLICATION INITIATIVE PARTICIPANTS My AHP Application cilaiaihiataemmaaieadiiiaal Use the links under My AHF Application at left or atthe bottom of each screen to view and complete each section ee ot FOR PIN Use Sign and Submit at lett to finalize your application SCORING You have until 5 00 p m EST on Friday September 28 2012 to complete and submit this application After that APPLICATION ISSUES time the current AHP application cycle closes and any unsubmitted applications will be removed from the system VALIDATE AND SUB
43. ent to the sponsor notifying them that the application has been signed If the member is not satisfied with the application and has to change any of it he she must click Unsign This removes the sponsor signature allowing the application to be edited An e mail will be sent to the sponsor whenever an application is unsigned by the member The member and sponsor should communicate at this point if not before Member Submits After the member signs an application he she will be asked to submit the application The application is not officially considered a submitted competing application until this step The applicants also represent and warrant that they have full corporate power and authority and have received all corporate and governmental authorizations and approvals as may be required to enter into and perform their obligations under this application and that at all times they will adhere to the terms and conditions submitted herein By clicking on the Sign Application button below and signing and submitting this application the applicants agree that their actions shall constitute verification and an authentication having the same legal force and effect as a signed writing All awards will be announced approximately twelve weeks after the submission deadline The specific 2015 Certification and E sign language follows in the table below Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 63 201
44. eral Home Loan Bank of Boston advances Please ensure that a loan to a sponsor borrower that is funded by an AHP subsidized advance includes the Bank s prepayment provision Members borrowing AHP subsidized advances are also required to incorporate and record the AHP subsidized advance rider into their loan documents including the mortgage and promissory note How it works Amortizing subsidized advances with terms of 10 years or greater will be available up to a term of 20 years with an amortization of 30 years The Bank will use a calculated forward cost of funds to determine the subsidy required for each requested advance During the application period members and sponsors will be provided with an estimate of the interest rate subsidy needed to provide an 18 month guarantee for the rate requested in the application Upon approval of an AHP application the rate and subsidy will be finalized and a subsidized advance agreed to provided that the amount of interest subsidy required and any AHP grants do not exceed the Bank s subsidy limit for a single application In the event that the subsidy required exceeds this limit the Bank will hold further discussions with the member and sponsor to determine an effective rate principal amount and term that do not exceed the limit Members can request a rate guarantee for subsidized advances with a mandatory take down and cancellation fee provision If a member cannot commit to a mandatory take down the Ban
45. es and uses budget attached as a required exhibit If the project does not include commercial non residential space please enter 0 in the field All fields must be completed When you are done entering uses click on Continue to next section Please note that AHP funds may not be used for capitalized operating or replacement reserves INITIATIVE DESCRIPTION REQUEST FOR FUNDING Tax Credits AHP and Member Funding Sources Commitment Letters Uses AHP Uses Development Budget Rental Subsidy Calculation Operating Summary Statement nitiative Name Sample For each use expense category in the initiative s development budget choose a Use Type from the list Then enter all Residential and Non Residential Commercial uses Note When you are done the total of the Total column must equal 0 the total amount of permanent cash sources for the initiative as entered on the sources screen Please complete each field below for each use Then click Add another use to enter another When you are done it will look like this example Portion of total amount to housing residential Portion of total amount to commercial non fF residential gt Add a use another use Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 48 Development Budget Please upload or send your complete detailed development budget including construction details If this is a mixed use project or a combination o
46. es housing to very low low or moderate income households where the median household income exceeds that of the area 5 potential points based on information input subjectto Bank review Subsidy Per Unit 5 maximum potential points Effective use of subsidy uses the least amount of AHP subsidy funds per AHP targeted unit Help Topic This initiative s subsidy per unit is 62 224 2313 potential points based on information input subject to Bank review Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 60 Validation and Application Issues Screen Following the Scoring Screen the Validation and Application Issues Screen will appear with any issues that need to be corrected or explained prior to the signing of this online application All items that appear here are based on the Application Issues and Project Cost and Feasibility Analysis Guidelines found in Attachment A of the AHP Implementation Plan as well as basic math and checking Please note all co sponsors must have fully completed the sponsor registration before either the sponsor developer or member can sign and submit the online application Step 1 Step 2 Step 3 Step 4 Step 5 Sponsor Registration Member Invitation AHP Application Sponsor Signs Application Member Submits Application Application Issues Initiative Name CR June 30 rental test All application issues result from deviations to the Bank s Feasibility Guidelines Please fully expla
47. f residential and nonresidential uses please include both a detailed housing only budget and a total detailed budget FHLBBoston MY AHP APPLICATION stepi Step 2 Step 3 Step 4 Sponsor Registration Member Invitation AHP Application Sponsor Signs Application INITIATIVE PARTICIPANTS INITIATIVE DESCRIPTION Development Budget J Q ry REQUEST FOR FUNDING Initiative Name Sample Tax Credits Please upload detailed development Attach File AHP and Member budgets Include Sources and Uses Help i Funding Topic Sources If this is a mixed use or combination Commitment Letters residential nonresidential please include a detailed housing only budget and a total detailed budget Uses AHP Uses Please upload a separate detailed construction budget or include as part of the Development Budget development budget _Attach File Rental Subsidy gt Return to previous section Calculation gt Continue to next section Operating Summary Statement Application for the Affordable Housing Program Member Involvement Federal Home Loan Bank of Boston Rental Affordability Calculation previously titled as Rental Subsidy Calculation The purpose of this section is to determine the ratio of the housing payments relative to the targeted income levels of the AHP assisted residents and assess the affordability of these units Based upon information gathered in the Location Address section the initiative s bedroom and targeting
48. fe Attach the letter of commitment detailing the Attach File proposed loan from the intermediary if available Help Topic gt Return to previous section Continue to next section Describe the loan from the member to the sponsor Type Amount 7 Rate to Sponsor Help Topic fF E Term amortization Help Topic Select w Commitment date example 01 31 2002 e O Aa al enterin basis points example 1 point or 1 i 100 basis points Member s spread on this specific loan ee 100 basis points Is this loan a permanent cash source to be included in the Sources section If this is a construction or short term loan please answer No Yes No lf not please specify here the use of the AHP funds provided by this loan gt Save this loan gt Cancel Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 43 Additional Information on AHP Subsidized Loans AHP subsidized loans or advances as they are known here at the Bank are loans made from the Federal Home Loan Bank of Boston to a member financial institution The member then applies a spread or profit to the rate and lends it to the sponsor initiative The member must be making a similar structured loan to the sponsor borrower and the principal to the sponsor must equal or exceed the amount from the Bank All AHP subsidized advances are subject to terms conditions and prepayments similar to standard Fed
49. form will allow you to request access to the Bank s online AHP system for individuals associated with but not directly employed by your organization such as a development consultant or third party property manager Your Authorized Representative will have complete access to all of your AHP projects including AHP Applications disbursement requests monitoring reporting and extension requests Option to have representative sign You also have the option to allow your Authorized Representative to sign and certify all submissions on behalf of your organization Select the o not wish to give your authorized representative the authority to sign on behalf of your organization you or ne at your organization will need to login once the authorized representative has completed the report or application organization and the work and digitally sign and submit the project individual you would like to Request Authorize here pr Owner Organization Organization contact name and title will automatically display in these sections ame of Request Signer Title Date of Request Select Authorized Representative s Organization Help Topic gt Continue gt Enter a new organization gt Cancel Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 4 3 How the System Works System Navigation Navigate through the online AHP application system by clicking the links at the left or bottom of each scree
50. formation on the development team an initiative s empowerment services or activities an initiative s sources and uses of funds and more To use the Add function browse your computer for a file or enter the data requested then click the Add A list or chart of the items you have added will appear on the upper part of the screen as you enter each one Browse and Attach Also known as the Upload function this action option appears next to any field where additional documentation is requested to substantiate a response It cannot be used for those fields requiring a written response In those cases the Browse and Attach option will not appear If available in a standard file format the additional documentation can be uploaded using the appropriate field The documentation can also be faxed using the cover sheet provided upon completion of the application To use the Browse and Attach function click on Browse to search your hard drive or network for the needed files Once found highlight the file at should appear in the File Name box and click Open The file name should now appear in the box next to the Browse button Please note that file names may not contain commas the or characters There is also maximum file size on uploads of 10 MB If you are scanning multipage documents as single pages the Bank would prefer that you fax these Help Topics The words Help Topic app
51. gistration This section will be visible to Sponsors and Authorized Representatives only If a Sponsor has not completed the Sponsor Registration the system will automatically bring you to this section when you first select Begin application If the Sponsor Registration has been completed this link still appears but the registration can only be printed not changed Create Manage My Draft Applications In this section choose fill out and submit AHP applications This section also displays any applications that you have started to work on but have not yet submitted Instructions and FAQs This section contains documentation on how to use the system including frequently asked questions FAQs It also contains contact information for personal support Change Password If you would like to change your password you can do so here Log Out This link closes your session on the system It is important to close your Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 5 session by clicking on this link or by closing your web browser Otherwise others may access your AHP applications from your computer Use of Functions The labels for each of the following functions may differ slightly each time they are used but the operation of the functions will be fairly consistent Add This action option appears at the bottom of the screen where an answer may potentially require multiple items It is also used to enter in
52. gistration click on the Sponsor Registration link at left You will not be able to begin an application until the Sponsor Registration has been electronically signed and submitted FRLBBoston Building New England Step 1 Step 2 Step 3 Step 4 Step 5 WELCOME Sponsor Registration Member Invitation AHP Application Sponsor Signs Application Member Submits Application AHP APPLICATION CENTER SPONSOR REGISTRATION CREATE MANAGE MY DRAFT APPLICATIONS sponsor Registration Welcome to the Sponsor Registration of the Federal Home Loan Bank of Boston s online application for the Affordable Housing INSTRUCTIONS AND FAQS Program AHP PEACE Se Save The first step in applying is to register the developing organization as the lead sponsor Help Topic You cannot begin the LOG OUT application until the sponsordeveloper has completed the Sponsor Registration Sponsor Registration is required annually and provides basic information about your organization including but not limited to Key staff Development experience Financial information lf you have completed a Sponsor Registration in prior years you will need to update your information and submit the Registration Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 7 To begin the sponsor registration click begin your registration here and then follow the screen sequentially using Continue to next section to advance through the registration process
53. he various combinations of bedroom size and income range targeted 50 60 and 80 Market rate units are excluded from this table The table is generated by aggregating the locations information and it expects that the unis in each column cost the same to develop If not please click on split to subdivide this column Once you have split out to subdivide the column you will still need to click edit and enter the appropriate data Edit each column and enter the values for each house type in this initiative Split any line to accurately represent like units with like targeting but different sales price or construction costs Help Topic FYE Resetting house types will reset all housetypes House 1 Total split edit Number of houses 3 0 Number of beds 4 Persons per unit 6 0 Percent AMI target 307 Construction development Help Topic Total development costs 30 30 Less total AHP direct subsidy used to reduce develo 0 0 Less Total other grant exclude any inkind 30 30 Equals sales price 0 30 Mortgage programs downpayment closing cost assistance other Help Topic Total sales price Less total AHP direct subsidy used for mortgage assistance Less total other grant Equals net sales price Less owner downpayment equity Sess sses Total monthly housing expense Help Topic Rate APR Term months Monthly mortgage payment Pal Equals housing expense 3 S885 Ownership subsidy calc
54. his includes most Habitat for Humanity initiatives If this section applies to your application please complete the information requested on this screen This worksheet has two related purposes 1 The worksheet will calculate the discounted present value of the future cash flow created by the below market rate sponsor provided permanent financing to the homebuyer in order to be consistent with the AHP regulation and current regulatory interpretations This discounted cash is considered another cash source of funding from the sponsor for this application 2 The worksheet will determine the allowable amount of AHP subsidy for the project based on the discounted present value of the sponsor provided permanent financing mortgages as well as the cash and in kind sources and uses The data entered here is important because it should also correspond to the data listed in the subsidy calculation section later in the application The Bank uses this data to determine feasibility eligibility and need for the AHP subsidy This data is also used for monitoring and regulatory compliance purposes after the application is approved and the project is in development Please note the following The sales price for each home can be no more than the net result of the total development cost cash and in kind net the AHP subsidy any in kind sources and other subsidies allocated to this property The sponsor financed below market rate permane
55. ication Manual 15 Select your member financial institution from the predefined list The list includes all current members of the Federal Home Loan Bank of Boston If you have any questions please contact your community investment manager After selecting the member name click Continue FHLBBoston Bunting New Engla Step 1 Step 2 Step 3 Step 4 Step 5 aiian Sponsor Registration Member Invitation AHP Application Sponsor Signs Application Member Submits Application Initiative Description Participating Member Development Management Team 3 Indicates require Save amp Exit gt Continue gt Cancel Select the name of your contact at the member institution If you do not see his her name choose Enter a new contact and enter the person s name Click Continue on either screen to proceed FHLBBOston Buil rier aie Step 1 Step 2 Step 3 Step 4 Step 5 MEE AHPAPRECIE ATEN Sponsor Registration Member Invitation AHP Application Sponsor Signs Application Membe Initiative Description Participating Member Development Management Team 3 Save amp Exit Select contact Help Topic Select v Continue Enter a new contact Cancel Application for the Affordable Housing Program Federal Home Loan Bank of Boston An e mail to the member will be automatically generated based on the contact information in the Bank s database If the Bank does not have an e mail address for the contact you have e
56. ied with the Sponsor s and or borrower s credit standing development experience and performance track record tis understood that formal underwriting may not be started or complete atthe time of application However AHP relies on the member s evaluation of the sponsor borrower and the project Please complete the information to the best of your ability below and attach the available underwriting documentation Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 58 Please summarize your analysis underwriting of the sponsor and or borrower s performance track record Please summarize your analysis underwriting of the application s physical feasibility and financial feasibility Help Topic Please upload a copy of the underwriting summary documentation The member underwriting should be on letterhead and signed or have a cover sheet from the member on letterhead and signed Please upload term letters or documentation of firm and or conditional commitment on letterhead and signed or have a cover sheet from the member on letterhead and signed Please also attach any letters of intent documenting the amount rate term and any specific conditions of any loan Low Income Housing Tax Credit or Historic Tax Credit purchase grant or other financial contribution other than an AHP grant Help Topic Attach Fle gt Return to previous section gt Continue to next section Feder
57. in all significant components and dollar amounts that contribute to the differences listed below if any Include related reasons costs project features significant site work other Soft construction costs are less than 15 percent or more than 30 percent of the total development cost Detailed quantitative explanation here This projects sot consiruction costs are 45 4 percent of total development cost Total Residential Uses Residential Builder OH ProfitGeneral Requirements Residential Construction Rehab Residential Construction Contingency Residential Acquisition WTotal Residential Uses Hard cost contingency is less than five or more than 10 percent of hard construction cost for new construction Detailed quantitative explanation here This projects hard cost contingency is 137 percent of fhe hard construction costs Residential Construction Contingency Residential Construction Rehab Residential Builder OH Profit General Requirements Builder OH Profit seneral Requirements must be less than 16 percent of hard costs Detailed quantitative explanation here Builder OHP roit General Requirements are 46 percent of hard construction cost Residential Builder OH Profit seneral Requirements Residential Construction Rehab Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 61 File Uploads Screen The file uploads screen will summarize all of the uploaded exhibits and attachmen
58. ion or rehabilitation of affordable housing and as discussed below interest earned on the lending ofthe subsidy should also Sustainable be used for AHP eligible purposes Development Building Practices AHP subsidy may not be used for purposes such as to pay for predevelopment operating or other costs that are Efficient Building unrelated to the purchase construction or rehabilitation of housing Operations Other Requirements Second District Priority A revolving loan fund s interest rates must be reasonable and comply with the financing costs requirement of the AHP Regulation where the rate of interest points fees and any other charges for all loans that are made in conjunction with Type of Construction the AHP subsidy shall not exceed a reasonable market rate of interest points fees and other charges for loans of similar maturity terms and risk Units REQUEST FOR FUNDING Organization SCORING Is your organization APPLICATION ISSUES A certified Community Development OiYes No J ye zi VALIDATE AND SUBMIT Financial Institution fyes please upload a copy ofthe PRINTABLE VERSION T23 p p py Attach File cenification documentation aor ee A CARS rated CDFI Oves ONo What is the CDFI s rating SAVE amp EXIT Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 30 Donated up to five points Important Please consider your answer carefully on this screen The response to this quest
59. ion results in different questions on the next screens A Yes answer will be followed up with specific questions on the donated versus total units square footage of the lot s or square footage of the building s before construction as well as conveyance price and appraised value INITIATIVE PARTICIPANTS INITIATIVE DESCRIPTION Readiness Description Revolving Loan Fund Donated Location s Empowerment Smart Growth Sustainable Development Building Practices Donated Please indicate whether any of the properties to be developed inthis application are donated or conveyed by the federal government or any agency or instrumentality or any other panty For those units donated or conveyed bY any other party the price must be nominal or transferred for 50 or less of the documented fair market value evidenced by an appraisal see help topics below for more information We ask slightly different questions if any or all of the properties are donated conveyed For scoring and other information see Help Topic Are any properties or buildings in this Yes project donated or conveyed for a nominal price or at 50 or less of the fair market value or are any properties to be conveyed by federal government Help Topic Return to previous section gt Continue to next section Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 31 Additional questions related to donated properties appear on the Locatio
60. it should also correspond to the data listed in the subsidy calculation section later in the application The Bank uses this data to determine feasibility eligibility and need for the AHP subsidy This data is also used for monitoring and regulatory compliance purposes after the application is approved and the project is in development Please note the following The sales price for each home can be no more than the net result of the total development cost cash and inkind net the AHP subsidy inkind and other subsidies allocated to this property The sponsor financed below market rate permanent financing can be no more than the net result of the price net any home buyer downpayment any AHF subsidy used at the purchase of the home and any other subsidy used at the purchase of the home The totals here should match the totals in the subsidy calculation Number of units 0 In kind sources uses Per Unit Value of donated land Value of donated labor Value of donated materials subtotal Per Unit Construction Construction contingency Developer fees Developer overhead Developer consultant Capitalized operating reserve Capitalized replacement reserve nae a Td masa Other development costs Total dev cost Cash TOC Worksheet for Habitat for Humanity and Other Initiatives continued on the next page Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 38 Cash s
61. itiatives Only Member Involvement Member Analysis 11 Application Scoring Validation and Exhibits Screens e Scoring Screen new for 2015 e Validation and Application Issues Screens e File Uploads Screen 12 Application Sign and Submit Screens 13 Uploading and Faxing 14 Contact Information Please be advised that the screen prints included in this manual are sample or prototype screens the wording or layout may have changed and may be slightly different from the online application 1 Overview of the AHP Online Application Process This manual provides instruction on how to begin and submit an application for the current Affordable Housing Program AHP Member financial institutions and sponsor developers can access the online AHP application on the Bank s web site at https housing fhlbboston com The AHP online application is a web based tool that allows member financial institutions members and sponsor developers sponsors to complete and submit applications for the AHP The application is intended not only to collect the basic data for the application but also to assist the user in verifying and validating scoring parameters validating the data and reviewing certain feasibility issues This manual and the AHP online application should be used along with the current Affordable Housing Program Implementation Plan Please see this document found on the Bank s web site for specific deadlines and timelines The AHP
62. ive initiatives that demonstrate the conveyance of ownership to residents within 24 months are treated as hameownership applications for AHF scoring feasibility review and retention requirements The system cannot accommodate the mixing of owner development and mortgage financing applications Please submittwo separate applications If you have any questions on how to classify an application please contact your Community Investment Manager or an HCl staff member at 1 588 424 3063 Please carefully select the type of i Homeownership application Help Topic Click Invite a member to participate FALBBoston MY AHP APPLICATION Initiative Description Participating Member 3 Save amp Exit ie Rental lf this is a homeownership Yes No initiative are you offering self financed zero interestloans for example Habitat For Humanity Help Topic Is the sponsor organization a yes No revolving loan fund applying for AHP direct subsidy funds to be used in arevolving loan fund Building New Engl Step 1 Step 2 Step 3 Step 4 Step 5 Sponsor Registration Member Invitation AHP Application Sponsor Signs Application Member Submits Application Participating Member s Indicates requir Sponsor Participating member s gt Invite a member to participate Application for the Affordable Housing Program Federal Home Loan Bank of Boston Federal Home Loan Bank of Boston 2015 AHP Online Appl
63. k cannot guarantee the interest rate but will provide the amount of interest rate subsidy requested in the AHP application as long as the initiative s progress is acceptable However the advance s rate principal and term may be adjusted Example to illustrate the subsidy calculation See Attachment A of the current AHP Implementation Plan Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 44 Non AHP or Non Subsidized Loans or Grants also known as Other Loans or Grants from the Member A non AHP or non subsidized loan or grant from the member is entered in this section to track member provided financing or grants for eligibility of Member Financial Participation points This would include a grant directly from the member to the initiative or loans directly from the member to the initiative If this loan or grant is a permanent source of funding please click yes on the radio button Note Member funding or financing other than Tax Credit equity not entered through this screen may not be picked up for Member Financial Participation points To enter the non AHP or nonsubsidized loan or grant from the member please click on Enter non AHP subsidized loan or grant Choose the member and complete the required fields If this loan or grant is a permanent source of funding please click yes on the radio button If the permanent loan is not fixed for the entire duration of the loan term the applica
64. meownership or rental project Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 33 Census Tract The census tract takes the form of four numbers to the left of a decimal and two to the right for example 0106 01 If you are unsure of the census tract code click on the FFIEC link and enter the address The census tract is labeled Tract Code on the Geocode Search Result screen AHP Application Initiative Name Sample Please enter the specific address of the property including street address city state zip code and county This information is required for each property for which you are requesting AHP funds Location address of property being developed do not use sponsor address Street Help Topic City State fip USPS County Help Topic gt Continue gt Cancel Targeting Grid Enter only those units at this location Example For a building with three two bedroom units targeting one at 50 AMI and two at 51 to 60 of AMI enter 1 in the first input column next to the 2 at left and enter 2 in the second input column next to the 2 at left The grid will calculate the totals across and down Income Limits The income limits currently being used are based on the HUD Income Limits that are in effect at the opening of this AHP funding round For initiatives funded using housing tax credits the income limits used for 50 and 60 percent of the area median
65. n The primary links listed on the left are described briefly below The links may change as you move from section to section but the functionality remains the same click on any link to move to that page In additional the road map at the top of the Application Center is a helpful tool to mark your progress through the application process FHLBBoston Building New England WELCOME Step 1 Step 2 Step 3 Step 4 Step 5 Sponsor Registration Member Invitation AHP Application Sponsor Signs Application Member Submits Application AHP APPLICATION CENTER AHP Application Center SPONSOR REGISTRATION CREATE MANAGE MY DRAFT APPLICATIONS 2014 Affordable Housing Program AHP Funding Round INSTRUCTIONS AND FAQS The Federal Home Loan Bank of Boston s AHP funding round is open CHANGE PASSWORD To navigate through the sponsor registration and application use the menu on left The road map above is a helpful tool to mark Loc ONT your progress through the application process For more information please consult the 2014 AHP Implementation Plan and other application documents available on the Federal Home Loan Bank of Boston s website your senior community investment manager or any of the other Housing and Community investment staff We look forward to working with you on this and future affordable housing initiatives AHP Application Center This is your starting point for online AHP applications The Bank may also post relevant messages here Sponsor Re
66. n Address screens Hein Topic What i the appraised wals required if transfer is Hm of less of iar market wale Pease upload a copy of the Amacn Fie appraical The appraisal nyus t be no okder than sic months prior to the date of cheing transfer is required and must be wecheded However if the property ic mot tranrsfenrsd at the time of application the wate wall be determined based on the purchas and sss aQrSemMment option ta purchase of other purchase ae ar extension of Paice anal BES at the tiene of the sale will be reviewed if the purchase price differs from the purchase agreement Onh required if transfer is BOT or ess of fair market valus What i the square footage of the donated portion of the lot Help Topic aa What thee Suan Peotag r of the donated Porton of the budding before coms trection Help Tapie Hera many tmts on this bot are being donated Hip Topic Plesce review the data abowe for accuracy Click Dave this locetion address to Save this data and proceed to the next step Clicking Cancel or back will result in the boss of this data gt Dave this locetion sacdress gt Cancel Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 32 Location s Please complete this section before proceeding further into the application Do not skip over this section The questions asked here form the basis of other sections later in the ap
67. n Bank of Boston 2015 AHP Online Application Manual 50 Homeownership Affordability Calculation previously titled as Subsidy Calculation The purpose of this section is to determine the ratio of the housing payments relative to the targeted income levels of the AHP assisted home buyers and assess the affordability of these units The table on the screen below is organized based on the location information given earlier Each House column represents the various combinations of bedroom size and income range targeted 50 60 and 80 Market rate units are excluded from this table By completing the table on the screen you will demonstrate that the sales price and or the mortgage amount are reduced by the AHP funds making these units affordable to the incomes you are targeting The table is generated by aggregating the location s information and it expects the units in each column to cost the same to develop If they do not please click Split to subdivide this column Please edit each column and enter the values for each House type For owner development initiatives begin with the Construction Development section and continue through each row to the bottom For mortgage financing initiatives begin with the Mortgage Programs section and continue through each row to the bottom It is expected that the total in these screens correspond to the sources and uses screens and the detailed development source
68. nanced zero interest loans for example Habitat For Humanity Help Topic Is the sponsor organization a revolving loan O Yes No fund applying for AHP direct subsidy funds to be used in a revolving loan fund gt Return to previous section gt Continue to next section Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 21 Member Acceptance to Participate Screen To acknowledge your participation click Accept invitation To decline click Do not accept invitation In either case an e mail will be sent to the sponsor notifying them of your decision FHLBBoston Building New England Step 1 Step 2 Step 3 Step 4 Step 5 Sponsor Registration Member Invitation AHF Application Sponsor Signs Application Member Submits Application AHP Application Indicates required fields Financial institutions that are members ofthe Federal Home Loan Bank of Boston the Bank may apply to the Affordable Housing Program AHP for subsidized financing and grants in support of programs or developments that meetthe eligibility guidelines of homeownership and rental initiatives that target households earning at or below 60 percent ofthe area median income For rental housing applications the sponsor must target atleast 20 percent of the units for households earning at or below 50 percent of the area median income The member financial institution submitting this application has the responsibility to analyze the submi
69. ncial report audit Copy of your organization s most recent IRS Form 990 Attach File Attach File Attach File Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 10 Validate and Submit If any required information is missing you will be prompted to return to those sections to complete the fields FHLBBoston Building New England 4 MY REGISTRATION step 1 Step 2 Step 3 Step Step 5 Sponsor Registration Member Invitation AHP Application Sponsor Signs Application Member Submits Application Contact Information Organization Pipeline Validate and Submit Indicates required fields Financial Information 3 These sections are not valid Financial Information Housing Staff e You must enter the financials as of date a You can click on the section names to jump e You mustindicate your organization type of entity to that section and make the appropriate e You must indicate if your organization is audited annually Validate and Submit edits e You must indicate ifthe auditors reportis unqualified e You must indicate ifthe auditors report contains any findings Printable Version Then you can use the links under My e You must enter your current assets Registration at left or at the bottom of the e You must enter your current liabilities SAVE amp EXIT screen to jump back to the Validate and e You must indicate why the current ratio is less than 1 1 Submit section e You must indicate if there are any restricted assets
70. nd other If an organization or individual does not appear click Enter a new and fill in the fields Each team member must be added individually one at a time FHLBBoston Building New England Step 1 Step 2 Step 3 Step 4 Step 5 Sponsor Registration Member Invitation AHP Application sponsor Signs Application Member Submits Application AHP Application Initiative Name Sample Select organization Help Topic gt Continue gt Enter a new development organization gt Cancel Application for the Affordable Housing Program Federal Home Loan Bank of Boston If this section has already been completed the development team members will appear on this screen and you can click on Continue to next section to skip over this section FHLBBoston MY AHP APPLICATION INITIATIVE PARTICIPANTS Co Sponsors Team Identity of Interest INITIATIVE DESCRIPTION REQUEST FOR FUNDING SCORING APPLICATION ISSUES VALIDATE AND SUBMIT PRINTABLE VERSION VERIFY FILE UPLOADS SAVE amp EXIT Building New England Step 1 Step 2 Step 3 Step 4 Step 5 Sponsor Registration Member Invitation AHP Application Sponsor Signs Application Member Submits Application Development Management Team Initiative Name Sample Please identify the key members of your development team including consultants or property managers as applicable Sponsor Sponsor information will appear here Development Team will appear here DevelopmentM
71. nitiative Description s Save amp Exit Indicates required fields Regarding selection of application type In the case where an application is 50 percent ownership and 50 percent rental the type selected should be Homeownership and will be scored as such Only one type is allowed per application The AHP Application can only be used to fund the homeownership or the rental units not both Limited equity cooperatives and lease purchase initiatives are treated as rental applications for AHP Scoring feasibility review and retention requirements However cooperative initiatives that demonstrate the conveyance of ownership to residents within 24 months are treated as homeownership applications for AHP scoring feasibility review and retention requirements The system cannot accommodate the mixing of owner development and mortgage financing applications Please submittwo separate applications Note please note that applications cannot be submitted combining initiatives with sponsor provided mortgages 8 9 Habitat for Humanity and initiatives with non sponsor provided mortgages Please separate into two applications Ifyou have any questions on how to classify an application please contact your Community Investment Manager or an HCI staff member at 1 886 424 3863 Please carefully select the type of C Homeownership application Help Topic O Rental If this is a homeownership initiative are you O Yes No offering self fi
72. nt financing can be no more than the net result of the sales price net any home buyer downpayment any AHP subsidy used at the purchase of the home and any other subsidy used at the purchase of the home The cash totals here should match the totals in the subsidy calculation page Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 37 INITIATIVE DESCRIPTION REQUEST FOR FUNDING Member Funding Habitat Worksheet Commitment Letters Development Budget Subsidy Calculation Member Involvement SCORING APPLICATION ISSUES VALIDATE AND SUBMIT PRINTABLE VERSION VERIFY FILE UPLOADS SAVE amp EXIT Worksheet for Habitat for Humanity and Other Initiatives with Sponsor Provided Below Market Rate Financing Initiative Name Editing Completion of this section is generally required only for initiatives sponsored by Habitat for Humanity affiliates or those organizations that utilized sponsor provided low interest financing If you have any questions on this please contact us at housing fhibboston com Help Topic The purpose of this worksheet is to determine the allowable amount of AHP subsidy for the project To do so please identify all of the development costs both cash and in kind and all of the sources of _ both cash and in kind including the discounted net present value of the future income generated by the sponsor financed below market rate permanent financing The data entered here is important because
73. ntered you will be prompted to provide one Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 16 In the lower part of this screen there is a field for you to enter a brief description of the project Any information typed into this field will be provided to the member contact in the e mail message Please be clear and concise The idea is to provide enough information that the member can recognize your initiative from this e mail based on your prior discussions with him her so that they can be comfortable accepting the invitation to participate To further assistthe member please include afew sentences describing your project Help Topic gt Yes want to send this invitation gt No I do not want to send this invitation Application for the Affordable Housing Program Federal Home Loan Bank of Boston On the next screen you have the ability to add other members to application or you can click Done inviting members which will launch the next screen FHLBBoston Building Step 1 Step 2 Step 3 Step 4 Step 5 ee eee Sponsor Registration Member Invitation AHP Application Sponsor Signs Application Member Submits 4 Initiative Description Participating Member s My AHP Application Save amp Exit Once the participating member s has accepted your invitation you will receive an e mail notification and can contin this application gt Continue Application for the Affordable Housing Program Federal H
74. of Boston FHLB Boston has established policies and is committed to implementing and maintaining processes and controls to discover and report suspicious activity including but not limited to fraud and money laundering All parties participating in the AHP are expected to support FHLB Boston s efforts in identifying suspicious activity by immediately providing written notification of any suspicious activity in relation to their dealings with FHLB Boston Should any party participating in the AHP believe there is suspicious activity related to an FHLB Boston business transaction such party must notify the FHLB Boston immediately All parties participating in the AHP will also provide FHLB Boston with all information documentation and assistance reasonably requested by FHLB Boston in response to FHLB Boston s receipt of any such notice from such party Certification The Sponsor Applicant certifies that the information submitted in FHLB Boston s Sponsor Registration the Registration is true and accurate in all material respects and all required exhibits are attached or have been separately submitted All materials and required exhibits are due by the AHP application deadline The Registration describes and defines the Applicant s and development team s organizational capacity The Applicant agrees to report promptly to FHLB Boston s Housing and Community Investment Department any material changes in the financial structure
75. of the Applicant or any other material changes in the Applicant s organizational capacity The Applicant agrees that FHLB Boston is authorized to verify with other parties and to make any investigation of the matters set forth in the Registration and this Certification either directly or through any agency or third party employed by FHLB Boston for that purpose FHLB Boston may disclose to any other interested parties information as to FHLB Boston s experiences or transactions with the Applicant or other matters set forth in the Registration or this Certification The Applicant understand that FHLB Boston will retain the Registration this certification and any other supporting information received even if the Applicant is not selected to receive an AHP subsidy or other assistance The Applicant further authorizes FHLB Boston to provide any such interested party any information and documentation FHLB Boston may decide in its sole discretion to provide with respect to the Applicant and all related material parties to the Applicant These representations and authorizations extend not only to FHLB Boston but also to any investor with whom FHLB Boston may share information and the Federal Housing Finance Agency or any successor agency thereto By signing this Registration the Applicants represent and warrant that they have full organizational power and authority and have received all corporate and governmental authorizations and approvals as may be re
76. ome Loan Bank of Boston The system will send an email notification to the member contact at the email address you entered As indicated this email instructs the member contact to log into the AHP application in order to accept the sponsor s invitation Once the member has accepted the invitation you will receive an e mail notifying you that the member has accepted or has not accepted your invitation to participate in the application You will not be able to continue with the application process until the member s has accepted the invitation Please note If the sponsor has invited multiple members all members must accept before the sponsor can proceed with the application Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 17 6 Member Instructions for Participation Acceptance Once a sponsor has added or invited a member financial institution to participate in an AHP application the member will receive an e mail requesting that they accept the sponsor s invitation to participate in the AHP application The member if willing to submit an application on behalf of the sponsor must accept this invitation before the sponsor can continue with the preparation of this AHP application o Itis recommended that the sponsor registration and member invitation acceptance be completed at least two weeks prior to the application submission deadline to allow sufficient time for the completion of the application o Iti
77. ot a binding commitment to submit the AHP application However the member will be asked to review and sign the application once it is completed At that point the member will have the option to sign If the member decides he she is not comfortable signing the application he she can decline the option to sign and submit it An application cannot be submitted to the Bank without a commitment from a member financial institution Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 18 Login and View Once a member financial institution is logged in a version of the screen below will appear All outstanding invitations will be listed here Click on the initiative to proceed with accepting the invitation FHLBBoston Building New Englanc WELCOME Step 1 Step 2 Step 3 Step 4 Step 5 Sponsor Registration Member Invitation AHF Application Sponsor Signs Application Member Submits Application AHP APPLICATION CENTER AHP Application Center CREATE MANAGE MY DRAFT APPLICATIONS INSTRUCTIONS AND FAQS 2014 Affordable Housing Program AHP Funding Round CHANGE PASSWORD The Federal Home Loan Bank of Boston s AHP funding round is open LOG OUT To navigate through the sponsor registration and application use the menu on left The road map above is a helpful tool to mark your progress through the application process Ifyou encounter any technical difficulties please contact the community investment manager serving your area or M
78. ources Downpayment Sponsors cash contribution Member cash sources Other cash sources Total cash sources excluding AHP Present value calculation Market rate Sponsor provided note morngage amount Mortgage term Mortgage interest rate APR Mortgage P amp l payment Present Value of Sponsor Provided 1st Mortgage Funding gap AHP subsidy requested Totals Total sources Total uses PF PF 7 16 months 6 Please indicate how the grant will be allocated among the following uses AHP uses Landfacquisition Construction Construction contingency Developer fees Developer overhead Developer consultant Capitalized replacement reserve Financing fees Legal fees Other soft costs Other development costs Total AHP Uses gt Return to previous section gt Continue to next section Per Unit Per Unit Per Unit max 330 000 Per Unit Per Unit Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 39 Tax Credits Complete the sections appropriate to your initiative Net equity results will be carried to the Sources section automatically INITIATIVE DESCRIPTION Tax Credits REQUEST FOR FUNDING Initiative Name Sample Tax Credits if your initiative is using Tax Credits please click Update Tax Credits at the bottom of the page then complete the AHP and Member appropriate sections below If not click on Continue to next section
79. p 2 Step 3 Sponsor Registration Member Invitation AHP Application Documentation Building New England Step 4 Step 5 Sponsor Signs Application Member Submits Application Indicates required fields The following documentation is required as part of your sponsor registration Certificate of Good Standing Please upload a current within two months ofthe opening of the round Certificate of Good Standing or its equivalent from your organization s state of origin Any equivalent or alternative documentation will be evaluated and accepted atthe sole discretion of the Bank Sponsor Statement of Current Obligations Please complete the attached statement regarding the status of all current obligations of your organization and verification of compliance with all major funders including loan and tax payments This statement needs to be printed on your letterhead and signed by your organization s board and or board chair In the case of a for profit sponsor that does not have a board of directors the statement may be signed by the chief executive officer ofthe organization Please upload or fax the completed document This must be completed for all sponsors and or single purpose entities involved in the initiative for which you are applying for AHP subsidy al Attach File Attach File Sponsor Statement of Current Obligations Revised 07 03 13 docx 501 cM3 certificate Copies of your organization s most recent fina
80. partment is available to answer any questions you may have You can reach e Mary Ellen Jutras vice president at 617 292 9607 or mary ellen jutras fhlbboston com e Fatima Razzaq hci compliance analyst at 617 425 9564 or fatima razzaq fhlbboston com e Paulette Vass community development advance manager at 617 292 9792 or paulette vass fhlbboston com e Ken Willis first vice president at 617 292 9631 or kenneth willis thlbboston com e Susan Younis equity builder program manager at 617 292 9606 or susan younis fhlbboston com Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 66
81. plication If the property location is edited data on subsequent screens may also be impacted Specific screens appear based on application type and your response in the Donated section In this section use the Add function to enter each location or address See System Navigation in this guide for more help with this function When completed click Save this location AHP Application Initiative Name Sample Please include the addresses of all the properties on which you are developing housing and requesting AHP funding for This includes both donated and purchased properties Ifyou are developing on multiple locations addresses you will have to enter each location address separately by using the Add location address links below Information and facts will be gathered in this section for use in the following scoring categories Donated Targeting Economic Diversity Rural and the Second District Priority Revolving Loan Fund program a cants Use headquarters as your location Caution If you Edit an address at any point data on subsequent screens rental subsidy calculation operating summary and tax credits will be impacted gt Return to previous section Type Using the drop down list please indicate the type of housing to be developed at this location for example detached single family or multifamily rental units The lists displayed are based on whether the initiative is a ho
82. quired to enter into and perform their obligations under this Registration and that at all times they will adhere to the terms and conditions submitted herein Signature I hereby agree to the terms and conditions set forth in the certification above Please retype your name do not retype your title as proof of your signature E Sign By clicking the button below you are executing the certification electronically You agree your electronic signature is the legal equivalent of your manual signature on the certification By clicking the button below you consent to be legally bound by the certification s terms and conditions You further agree that your use of a key pad mouse or other device to select the button below constitutes your signature hereafter referred to as E Signature acceptance Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 12 and agreement as if the certification were actually signed by you in writing You also agree that no certification authority or other third party verification is necessary to validate your E Signature and that the lack of such certification or third party verification will not in any way affect the enforceability of your E Signature or any resulting contract between you and FHLB Boston You further acknowledge that you are the party identified above and that you are willing and authorized to execute the certification on behalf of your organization If you do not int
83. restructured including amount current rate terms and conditions Help Topic FYI Applications may use AHP subsidies AHF subsidized advance or direct subsidies grants to refinance an existing single family or multifamily mortgage loan provided that the refinancing produces equity proceeds equal to atleastthe amount of the AHP used for refinancing and F such equity proceeds up to the amount of total AHP subsidy in the project shall be used only for the purchase construction or rehabilitation of AHP eligible housing units Whatis the amount of debt keina Please answer as completely as possible the square footage questions based on the initiative after completion The responses to these questions will be used in assessing the feasibility parameters See Attachment A of the AHP Implementation Plan Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 36 10 Application Request for Funding The Request for Funding screens are designed to collect detailed development and operating information to determine the eligibility and feasibility of your housing AHP application This includes subsidy calculation screens for both rental and homeownership applications to determine respectively the income targeting and affordability rents or sales prices of the units in the initiative See Attachment A of the current implementation plan for more information Initiatives with Sponsor provided Below Market Rate Financing T
84. s and uses budget exclusive of any market rate units or nonresidential uses and costs For Initiatives with sponsor provided below market rate permanent financing This screen relies on cash development sources and uses Please do not include the value of any in kind sources our uses here Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 51 INITIATIVE DESCRIPTION REQUEST FOR FUNDING AHP and Member Funding Sources Commitment Letters Uses AHP Uses Development Budget Subsidy Calculation Member Involvement SCORING APPLICATION ISSUES VALIDATE AND SUBMIT PRINTABLE VERSION VERIFY FILE UPLOADS SAVE amp EXIT Subsidy Calculation Initiative Name Sample By completing the following table from top to bottom you will demonstrate that the sales price and or the mortgage amount are reduced by the AHP funds making these units affordable to the incomes you are targeting Construction Development Initiatives Start in the section labeled Construction development and continue down through the table Enter the AHP subsidy in only one section either in the Construction development section or the Sales Price section Mortgage Financing Programs downpaymenticlosing cost assistance other Start in the section labeled Sales price and continue down through the remainder of the table The table below is organized based on the locations information given earlier Each House column represents t
85. s fully expected that the sponsor will have contacted the member and discussed the initiative with them before inviting the member to review the application If the sponsor has not done this or has not allowed sufficient time for the member to review the proposal the member is not obligated to accept the invitation to participate e Financial institutions that are members of the Federal Home Loan Bank of Boston the Bank may apply to the AHP for subsidized financing and grants in support of programs or developments that meet the eligibility guidelines for homeownership and rental initiatives targeting households earning at or below 80 percent of the area median income For rental housing applications the sponsor must target 20 percent of the units for households earning no more than 50 percent of the area median income e In addition the member submitting an application has the responsibility to analyze and or underwrite the submitted application regardless of the level of its financial participation e If you have any questions regarding the member s responsibilities to the Federal Home Loan Bank of Boston with regard to the submission of an AHP application please contact your community investment manager see the contact information at the end of the manual By accepting the sponsor s invitation to review the application the member allows the sponsor to continue with the preparation of this AHP application However this acceptance is n
86. screens ask questions to determine the nature of the housing initiative application and AHP eligibility and scoring categories This includes Readiness Initiative Description Revolving Loan Fund Sponsorship Donated Properties Locations Empowerment Community Stability Smart Growth Sustainable Development Building Practices Efficient Building Operations Second District Priority Units Type of Construction Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 28 Readiness The Readiness screen asks a series of questions concerning your initiative s development schedule site control zoning status and funding status These questions and documentation are required For more information please consult Attachment A of the AHP Implementation Plan FHLBBOston MY AHP APPLICATION INITIATIVE PARTICIPANTS INITIATIVE DESCRIPTION Readiness Description Donated Location s Empowerment Smart Growth Sustainable Development Building Practices Efficient Building Operations Second District Priority Units Type of Construction REQUEST FOR FUNDING SCORING APPLICATION ISSUES VALIDATE AND SUBMIT PRINTABLE VERSION VERIFY FILE UPLOADS SAVE amp EXIT Initiative Description Step 2 Step 3 Sponsor Registration Member Invitation AHP Application Readiness Initiative Name CR Rental Test 6 3 Site Control Atthe time of application can site control of 100 percent of the location s be d
87. section If you disagree with the calculation please use the Debt Service Payment Override field to provide an explanation Debt Coverage Ratio and Adjusted Debt Coverage Ratio The screen calculates the debt coverage ratio two ways with operating reserves and without operating reserves The second is the adjusted debt coverage ratio Trending Indicate your Income and Expense trending percentages and explain how these factors were selected Positive 15 Year Cash Flow If the project does not show positive cash flow over the entire 15 years please explain Also prepare and attach A 15 year projected income and expense pro forma operating budget with explanatory notes Specify assumptions utilized at the bottom of the Operating Summary Statement screen This is a required exhibit The information included here should correspond to the 15 year income and expense proforma If other funders are requiring debt service after cash flow please detail expected annual payments and attach supporting documentation Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 53 Income FHLBBoston MY AHP APPLICATION INITIATIVE PARTICIPANTS INITIATIVE DESCRIPTION REQUEST FOR FUNDING Tax Credits AHP and Member Funding Sources Commitment Letters Uses AHP Uses Development Budget Rental Subsidy Calculation Operating Summary Statement Member Involvement SCORING APPLICATION ISSUES VALIDATE AND
88. subsidized advance as the source of funding click on Enter an AHP Development Budget subsidized loan HENA SODENI For member loans to the project not utilizing AHP funds click on Enter a Non AHP other member loan or grant Calculation Operating Summary gt Enter an AHP grant Statement gt Enter an AHP subsidized loan Member Involvement SCORING gt Return to previous section Appia iae gt Continue to next section VALIDATE AND SUBMIT Application for the Affordable Housing Program Federal Home Loan Bank of Boston PRINTABLE VERSION AHP Grants If you are requesting an AHP grant or direct subsidy for your initiative please click on Enter an AHP grant Choose the member supplying the grant and enter the amount that the member will be passing through to the project Click on Save this grant and you will be returned to the first screen and the grant entered will appear in a list on the upper part of the screen If it was entered in error click on Remove next to the entry to delete the grant If there are additional members participating on a portion of the AHP grant click on Enter an AHP grant and repeat the process Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 41 AHP Application Initiative Name Sample Which member will be passing this grant to the sponsor What is the amount of the AHP grant Po project max 500 000 gt Save this grant gt Cancel
89. t If it is your first time through the system please use Begin to ensure that you complete the required sequential steps FHLBBOStON Building New Engl MY AHP APPLICATION INITIATIVE PARTICIPANTS My AHF Application eee PESEM Use the links under My AHP Application tat left or atthe bottom of each screen to view and complete each section PSST SOS Seer Use Sign and Submit at left to finalize your application en You have until 5 00 p m EST on Friday September 28 2012 to complete and submit this application After that APPLICATION ISSUES time the current AHP application cycle closes and any unsubmitted applications will be removed from the system VALIDATE AND SUBMIT gt Begin application PRINTABLE VERSION Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 23 New Application IMPORTANT The screen below will only appear when you begin an application Indicate whether this application is either for a rental or homeownership initiative This is critical because other application screens and prompts will appear in the rest of the application based upon the responses to the questions If you have any questions regarding your initiative and whether to classify it as a homeownership or rental project please contact your community investment manager or a member of the HCI staff FALBBOston WY AHP APPLICATION ie eai Initiative Description Participating Member Regarding selection of
90. the application within six months after project approval Attach File OiYes No The initiative description screens differ depending upon the type of initiative or project Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 29 Revolving Loan Funds The FHLB Boston added the Revolving Loan Fund section in 2012 Eligible revolving loan funds may apply as housing sponsors to lend and re lend AHP Direct Subsidy funds This page asks questions regarding the revolving loan fund s organization the initial lending plan purpose the re lending plan and how the revolving loan fund will track the use of funds FRLBBoston Building New England Step 1 Step 2 Step 3 Step 4 Step 5 my AIP AEP Sponsor Registration Member Invitation AHP Application Sponsor Signs Application Member Submits Application INITIATIVE PARTICIPANTS INITLATIVE DESCRIPTION Revolving Loan Fund Initiative Name CR RLF test Readiness Desenpien Revolving Loan Funds Applying for AHP Direct Subsidy to be Used in Revolving Loan Fund Revolving Loan Fund Please see Attachment E ofthe 2014 Affordable Housing Program Implementation Plan revised 03 21 14 for more Donated information The Plan is available on the Bank s web site at www fhlbboston com under Housing and Economic Growth Location s ee Initial Project Disbursement Requirements Empowerment dii aaa AHP funds disbursed through a revolving loan may only be used for the financing of purchase construct
91. tion were actually signed by you in writing You also agree that no certification authority or other third party verification is necessary to validate your E Signature and that the lack of such certification or third party verification will not in any way affect the enforceability of your E Signature or any resulting contract between you and FHLB Boston You further acknowledge that you are the party identified above and that you are willing and authorized to execute the certification on behalf of your organization If you do not intend to sign the certification or signed the certification electronically in error click Cancel 13 Uploading and Faxing All required documentation must be either uploaded or faxed to the FHLBBoston by the application due date The application contains several browse upload buttons so that the required exhibits and documentation may be uploaded After you move through the Validation and Sign and Submit screens both member and sponsor will be able to print the bar coded fax cover sheet Bar Coded Fax Cover Sheet This bar coded fax cover sheet is unique to your application Please use the bar coded fax cover sheet attach all documentation fax to the number on the sheet 617 261 3421 This will ensure that your documentation is filed electronically corresponding to your application and stored appropriately The Bank is not responsible for materials faxed without the cover sheet Federal Home Loan Bank of Bos
92. tion will request additional information on the loan Only the fixed portion of the permanent loan is eligible for long term Member Financial Participation points You will be returned to the first screen and the loan or grant entered will appear in a list on the upper part of the screen If it was entered in error or if some portion of it is incorrect click on Remove next to the entry to delete the loan If there are additional non AHP subsidized loans or grants that need to be added click on Enter non AHP subsidized loans or grants and repeat the process Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 45 AHP Application Intiative Name Sample Which member will be passing this advance to the sponsor Sample Member Instructions Describe the loan grant from the member to the sponsor If this is a grant please enter zero 0 in the rate term and amortization fields If this is a non amortized loan such as construction loan enter zero 0 in the amortization field Member Grants and Member Financial Participation scoring points Grant from members will have terms matching the term of the retention period rental 15 years owner 5 years for the purpose of the calculation Type Select we Anticipated Rate Help Topic Ps Teron rnin a OO empezan l this loan grant a permanent cash source to be included in the Sources section If this is a construction or short term lo
93. ton 2015 AHP Online Application Manual 65 14 Contact Information For more information on the Bank s online AHP application or if you have questions about submitting the online application please contact your community investment manager Housing and Community 1 888 424 3863 toll free housing fhlbboston com Investment HCI Manager of Programs and Theo Noell 617 292 9668 theodore noell fhlbboston com Outreach Theo works with members and their community development partners in Fairfield Hartford Litchfield and New Haven counties in western Connecticut Senior Community Investment Tobi Goldberg 617 292 9653 tobi goldberg fhlbboston com Managers Tobi works with members and their community development partners in Maine and Massachusetts Essex county Kathy Naczas 617 292 9646 kathy naczas fhlbboston com Kathy works with members and their community development partners in New Hampshire Vermont and Massachusetts Berkshire Franklin Hampden Hampshire and Worcester counties Christine Rogers 617 292 9653 christine rogers fhlbboston com Christine works with members and their community development partners in eastern Connecticut Middlesex New London Tolland and Windham counties eastern and southeastern Massachusetts Barnstable Bristol Dukes Middlesex Nantucket Norfolk Plymouth and Suffolk counties and Rhode Island Additionally all of the staff in the Housing and Community Investment de
94. ts to the online application This is intended to be a helpful checklist and reminder to ensure no required documentation is omitted Step 1 Sponsor Registration Step 2 Member Invitation Step 3 AHP Application Step 4 Sponsor Signs Application Step 5 Member Submits Application Verify File Uploads Initiative Name CR June 30 rental test This is a review of all associated files that either have been or should be submitted with this AHP application They are listed in the order that they appear in the application Ifthe files have not been attached you will have the opportunity to FAX copies to the Bank with a cover sheet that will display after you sign this application Documentation thatis notuploaded or faxed according to the instructions may not be accepted All documentation must be received by the Bank by 5 00 p m on Friday September 12 2014 Please tab or label all submissions for easy and accurate identification Documentation Development Schedule site Control Documentation zoning Documentation Capital needs assessment Organizational Deal chart Displacement or relocation plan Market Study The letter of commitment Workforce Readiness The letter of commitment Homeownership Readiness The letter of commitment Self Sufficiency The letter of commitment Healthcare Services The letter of commitment Resident Leadership Reuse Documentation Transportation Services Evidence of Undevelopable Land
95. tted application regardless of the level of ifs financial participation Help Topic lf you have any questions regarding the member financial institution s responsibilities to the Federal Home Loan Bank of Boston with regard to the submission of this AHP application please contact your community investment manager Thank you in adyance for your consideration of participation in this initiative Your acceptance allows the sponsor to continue with the aration of this AHP application This acceptance is not bi that point you will have the op from a member financial institution However you will be asked to review and sign the application once itis completed At sign the application or not It cannot be submitted to the Bank without a commitment gt Accept invitation gt Do not accept invitation Application for the Affordable Housing Program Federal Home Loan Bank of Boston Acceptance Thank You Screen FHLBBoston Build AHP Application Thank you for your confirmation of participation in this project Your confirmation allows the gt sponser to continue with the preparation of this AHP application This confirmation is not binding However you willbe asked to review and sian the application once itis completed At that point you will have the option to sign the application or not t cannot be submitted to the Bank without your signature You must sign and submit the application prior to the application deadline
96. turn to previous section gt Continue to next section Note In all of the text response fields entering see attached or similarly worded language is not acceptable attachments may not be reviewed or evaluated All text fields allow you to paste text copied from a Word document Next please complete the following sections including organization and financial information about the sponsor organization Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 8 FHLBBoston Building New England Step 1 Step 2 Step 3 Step 4 Step 5 iaiia Sponsor Registration Member Invitation AHP Application Sponsor Signs Application Member Submits Application Contact Information Organization Pipeline Financial Information Indicates required fields Financial Information p Using your most current financial statements please complete the following Housing Staff BERSERTA Financials As of Date eame 01 31 2011 Validate and Submit Type of Entity Printable Version Audited OYes ONo ONIA SAVE amp EXIT If not audited what level of review was select Vv performed on your current financial statements Is the Auditors Report Unqualified OyYes ONo if no please explain the qualification Next enter your key housing development staff If you are a key housing staff member include your information Click on Enter another housing staff member to save each entry FHLBBosion Building New England
97. ulation and affordability Help Topic Maximum family income Total housing expense as a percent of targeted income 0 00 Federal Home Loan Bank of Boston 2015 AHP Online Application Manual 52 Operating Summary Statement Rental Initiatives Only The Operating Summary Statement reflects the operating projections for the first full year of operation Several of the line items are calculated based on information gathered in previous sections The information is broken out between housing operating summary and commercial nonresidential operating summary If your application includes income generating nonresidential spaces please also enter the income expenses debt service and cash flows for the first full year of operation here Gross Rent The gross rent is calculated based upon the Rental Subsidy Calculation on the screen immediately preceding this screen If you disagree with the calculation please use the Gross Rent Override field to provide an explanation Vacancy Enter the percent and the vacancy discount will be calculated based upon the Gross Rent or the Gross Rent Override if there is a value in that field Operating Reserves Include contributions from operating reserves as either income or as an addition to cash flow but not as both Note AHP funds may not be used for capitalized operating reserves Debt Service Payments The debt service payments are calculated based on information provided in the Permanent Sources

2015 AHP Application Manual - Federal Home Loan Bank of Boston

Contents

Download Pdf Manuals

Related Search

Related Contents