§ 1291.51. Monitoring under Homeownership Set-Aside Programs.
239 words·~1 min read·
/us/cfr/t12/s§ 1291.51·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Adoption and implementation. Pursuant to written policies adopted by a Bank, the Bank shall monitor compliance with the requirements of its Homeownership Set-Aside Programs, including monitoring to determine, at a minimum, whether:
(1)The AHP subsidy was provided to households meeting all applicable eligibility requirements in § 1291.42(b) and the Bank's Homeownership Set-Aside Program policies; and
(2)All other applicable eligibility requirements in § 1291.42 and the Bank's Homeownership Set-Aside Program policies are met, including that the AHP-assisted units are subject to retention agreements, as required under § 1291.15(a)(7), where the AHP subsidy was used for purchase of the unit, or for purchase of the unit in conjunction with rehabilitation.
(b)Member certifications; back-up and other documentation. The Bank's written monitoring policies shall include requirements for:
(1)Bank review of certifications by members to the Bank, prior to disbursement of the AHP subsidy, that the subsidy will be provided in compliance with all applicable eligibility requirements in § 1291.42;
(2)Bank review of back-up documentation regarding household incomes maintained by the member; and
(3)Maintenance and Bank review of other documentation in the Bank's discretion.
(c)Sampling plan. The Bank may use a reasonable sampling plan to select the households to be monitored, and to review the back-up and any other documentation received by the Bank, but not the member certifications required in paragraph
(b)of this section. The sampling plan and its basis shall be in writing.