Eligible uses.

CFR · 2024-01-01 · US · Title 12

(a) (1) (2) (3) (ii) (iii) (4) (B) For purposes of determining the reasonableness of a developer's fee for a project as a percentage of total development costs, a Bank may, in its discretion, include estimates of the market value of in-kind donations and volunteer professional labor or services (excluding the value of sweat equity) committed to the project as part of the total development costs. (ii) (5) (6) (i) Such costs are incurred in connection with counseling of homebuyers who actually purchase an AHP-assisted unit; and (ii) The cost of the counseling has not been covered by another funding source, including the member. (7) (8) (ii) Where an AHP subsidized advance is provided to a project, the net present value of the interest revenue foregone from making a subsidized advance at a rate below the Bank's cost of funds shall be determined as of the earlier of the date of disbursement of the subsidized advance or the date prior to disbursement on which the Bank first manages the funding to support the subsidized advance through its asset/liability management system, or otherwise. (b) (1) (i) The project is in financial distress that cannot be remedied through a project modification pursuant to § 1291.29; (ii) The prepayment of the subsidized advance is necessary to retain the project's affordability and income targeting commitments; (iii) Subsequent to such prepayment, the project will continue to comply (iv) Any unused AHP subsidy is returned to the Bank and made available

official document · source cfr-2024 · id 12:§ 1291.24