If a homeowner sells their AHP-assisted dwelling prior to the conclusion of the Retention Period, must the AHP subsidy be repaid?
• • In the event that the property is sold to another household whose documented income does not exceed 80% of the area median, no AHP subsidy needs to be repaid. Otherwise, the household must repay a pro rata share of the AHP subsidy to the Member which, in turn, must be returned to the FHLB-NY forthwith. For every month that the household owned and occupied their dwelling in accordance with the regulatory requirements of the AHP, 1/60th of the AHP subsidy shall be forgiven and not subject to recovery.
Related Questions
- If the homeowner chooses to refinance any other mortgages on the property prior to the conclusion of the Retention Period, must the AHP subsidy be repaid??
- If the homeowner dies before the conclusion of the Retention Period, is the estate responsible for repaying the AHP subsidy?
- If the homeowner refinances the first mortgage before the end of the 5-year retention period, must they repay the subsidy?
