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Multifamily

8 Helpful Tips for HOME Loan Closings

April 15, 2020

AHFA's Multifamily Division has compiled a list of tips for to ease the HOME loan closing process:

  • The person designated in the Project Application as the Project Contact is the single point of contact to whom all closing correspondence will be directed. Any changes to this contact are the responsibility of the Responsible Owner. 

  • Submit the Certificate of Occupancy to AHFA upon receipt. Certificates of Occupancy are a critical step in the preparations for closing and are the first document which should be submitted to AHFA.

  • Make note of the HOME Closing Deadline in the HOME Written Agreement. The closing deadline is an important date which should be met. However, should unforeseen delays in construction occur, an extension request (detailing delays and additional time requested) should be submitted to AHFA as soon as possible. Please note, not all extension requests may be granted as there are hard deadlines tied to HOME funding which, if not met, can result in the loss of HOME funds.

  • A Closing Checklist and AHFA Closing Document Templates will be provided (or made available) to the Project Contact. Collect and prepare the documents required by AHFA prior to closing as soon as they become available. These documents should be submitted to AHFA (in hard copy and digital format) together, at one time. All documentation must be received before a tentative closing date is discussed. 

  • Execute signatures on AHFA Certifications just prior to sending document package to AHFA. All certifications must be original and should be dated as close to the closing as possible. 

  • A final Rent Roll (in AHFA format) must be brought to closing. It will be certified at closing. 

  • AHFA staff may only notarize AHFA documents.

  • Disbursement of HOME funds will only occur after the AHFA legal counsel receives confirmation that the closing documents have been recorded.