Homeownership developments: there is typically a third-party monitoring agent under contract
with the Subsidizing Agency (usually MassHousing, except that for Local Initiative Program developments, the Subsidizing Agency is DHCD). The monitoring agent’s role is to review the AFHMP,
monitor the initial sales, and determine substantive compliance with the affordable housing restriction.
On an ongoing basis, the monitoring agent oversees unit resales, monitors requests for refinancing and capital improvements by the affordable unit owners, and provides annual reports about the project’s overall compliance with the affordable housing restriction.