§ 1291.62. Bank reimbursement of AHP fund.
139 words·~1 min read·
/us/cfr/t12/s§ 1291.62·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)By the Bank. A Bank shall reimburse its AHP fund in the amount of any AHP subsidies (plus interest, if appropriate) not used in compliance with the commitments in an AHP application or the requirements of this part as a result of the actions or omissions of the Bank.
(b)By FHFA order. FHFA may order a Bank to reimburse its AHP fund in an appropriate amount upon determining that:
(1)The Bank has failed to reimburse its AHP fund as required under paragraph
(a)of this section; or
(2)The Bank has failed to recover the full amount of AHP subsidy due from a project sponsor, project owner, or member pursuant to the requirements of §§ 1291.60 and 1291.61, and has not shown that such failure is reasonably justified, considering factors such as those in § 1291.60(c)(2)(i).