If the homeowner dies before the conclusion of the Retention Period, is the estate responsible for repaying the AHP subsidy?
• • If an income-eligible heir inherits the property, the AHP subsidy does not need to be repaid, provided that the heir will occupy the dwelling and comply with the AHP regulatory requirements for the duration of the Retention Period. Otherwise, the estate is liable to the Member for a pro rata share of the AHP subsidy 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 a homeowner sells their AHP-assisted dwelling prior to the conclusion of the Retention Period, must the AHP subsidy be repaid?
- If the homeowner refinances the first mortgage before the end of the 5-year retention period, must they repay the subsidy?
