Webinar Thursday, October 16, :00 PM ET

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Webinar Thursday, October 16, 2013 1:00 PM ET"

Transcription

1 Webinar Thursday, October 16, :00 PM ET Presented By: Anthony Luzzi, President Andrew J. Patykula, Senior Vice President Sims Mortgage Funding, Inc.

2 Webinar Objectives: To introduce HUD s major mortgage insurance programs for skilled nursing, assisted living and elderly housing to AJAS members. To provide an overview of each program s key eligibility requirements, underwriting guidelines and fee structures To determine how AJAS members could benefit from these programs. To summarize new developments at HUD (multi-family reorganization and Lean program for healthcare). 2

3 Sims Mortgage Funding at a Glance Subsidiary of HJ Sims dedicated to providing FHA-insured loan financing for healthcare, senior housing, multifamily and hospital projects. We are active in all of FHA s programs, from market-rate and affordable rental housing to skilled nursing and assisted living to hospitals. We have closed loans for new construction, expansions, renovations, acquisitions, and refinancings. We also have provided consulting and financial advisory services to clients with FHA-insured loans already in place that have enabled them to reposition existing projects efficiently and cost-effectively. Our success is largely based on providing hands-on service and offering a level of expertise and stability that few companies can match. Our senior staff averages 25 years of experience in FHA s programs and they have been recognized by national trade organizations as industry leaders. Further, we are a cohesive team whose average tenure with the Sims organization exceeds 20 years. The result is verysatisfied customers: over last three plus years, repeat clients have averaged 80% of our total of $500 million in loans closed. 3

4 What Are the General Features of HUD-Insured Loans? Fixed rates of interest determined based on current market conditions at time of loan funding. Sole purpose borrowing entity; non-recourse loan. Long terms: typically 35 year maximum on acquisition/ refinancing loans and 40 year maximum on new construction/ substantial rehabilitation loans. High loan-to-value (LTV) or loan-to-cost (LTC). Full amortization throughout entire term: no balloon payment. Loan is typically pre-payable at borrower s option after as short as a 1 to 2 year lockout period. Loan can be assumed by new owner upon the sale of a project pursuant to a Transfer of Physical Assets (TPA) process. Limitations on distribution of Surplus Cash in certain programs. 4

5 Major Insurance Programs: Section 232/223(f) Section 223(f)/202 Section 232 5

6 FHA SECTION 232/223(f) Lean Processing Loans to acquire or refinance Skilled Nursing, Assisted Living and Specialized Use Facilities. PROGRAM FEATURES All project types generally are underwritten at an 80% loan-to-value ratio (LTV) and a 1.45 X debt service coverage (DSC). Loan is pre-payable, assumable and non-recourse; maximum term is 35 years with full amortization. Cost of repairs, improvements and an initial deposit to a reserve for replacement fund based on a fifteen year projection are financeable; however, the cost of repairs and improvements may not exceed 15% of the project s value after repairs are completed or involve replacement of two or more major building components. Projects whose costs exceed these levels may qualify under Section 232 as substantial rehabilitation transactions. Projects must be at least three years old prior to filing an application and must not have been substantially rehabilitated within that period. Project debt incurred within two years of the filing of an application must be analyzed to determine program eligibility; project debt that is more than two years old does not require additional analysis. Facilities must comply with the State s eligibility requirements concerning licensure. 6

7 FHA SECTION 232/223(f) Lean Processing Cont. FEES 0.30% Application Fee to FHA 1.00% Mortgage Insurance Premium Up Front at Closing $30 per unit Inspection Fee 2.00% Maximum Financing (Origination) Fee 1.50% Maximum Placement Fee 2.00% Costs of Issuance for Tax-Exempt Bond Transactions An annual 0.65% Mortgage Insurance Premium (.45% for Tax Credit Transactions) is paid to FHA as part of the monthly mortgage payment requirements. Fees are required for market studies, environmental reports, appraisals, and project capital needs assessments (PCNA). The costs of these reports are financeable. ESCROWS Escrows required for property insurance, real estate taxes, and FHA mortgage insurance premium. Replacement reserve escrow for on-going replacement of depreciable items is required for the term of the loan. The amount of the annual deposit will be revised after 10 years based on a capital needs assessment. An escrow equal to 120% of the cost of repairs is required. Approximately 100% is funded from loan proceeds; the Borrower funds the remaining 20%, which is released upon completion of repairs. A debt service reserve may be required if the Project has not reached its targeted underwriting occupancy at time of loan approval. 7

8 FHA SECTION 223(f)/202 Multifamily Accelerated Processing (MAP) Loans to recapitalize Section 202 Elderly Housing Projects PROGRAM FEATURES Provides Section 202 projects with capital for repairs, renovations and enhanced programs. Maximum loan to value (LTV) is 90%; maximum term is 35 years with full amortization. Loan is pre-payable, assumable and non-recourse. Requires a 1.11 X debt service coverage based on a maximum of 95% occupancy. Underwriting based on Section 8 Housing Assistance Payment (HAP) Contract rents even if higher than market rents. HUD will extend HAP Contract for 20 years. The cost of repairs and initial deposit to a reserve fund for building/equipment replacement can be included in the financing. The cost of rehabilitation must not exceed the greater of a) 15% of the project s replacement cost or b) $6,500 per unit adjusted by a high cost percentage based on geographic location; or, c) involve the replacement of at least 2 major building components. Projects whose costs exceed these limits may qualify under the Section 221(d)(4) substantial rehabilitation program. Loan can include a Developer Fee equal to 15% of acceptable development costs. 8

9 FHA SECTION 223(f)/202 Multifamily Accelerated Processing (MAP) Cont. FEES 0.30% Application Fee to FHA 1.00% Mortgage Insurance Premium Up Front at Closing Inspection Fee - $30 per unit when repairs exceed $100,000 but are less than $3,000 per unit; the greater of $30 per unit or 1% of the cost of repairs when the repairs are greater than $3,000 per unit; or, $1,500 when the repairs are less than $100, % Maximum Financing (Origination) Fee 1.50% Maximum Placement Fee 2.00% Costs of Issuance for Tax-Exempt Bond Transactions An annual 0.45% Mortgage Insurance Premium is paid to FHA as part of the monthly mortgage payment requirements. Additional fees will be required for third party appraisals, environmental reports and project capital needs assessments (PCNA). The costs of these reports can be paid from existing reserve for replacement funds subject to HUD approval. ESCROWS Escrows required for property insurance, real estate taxes, and FHA mortgage insurance premium. Replacement reserve escrow for on-going replacement of depreciable items is required for the term of the loan. Projects must obtain a new PCNA every 10 years, with the reserve for replacement deposit adjusted based on the results of the PCNA. Repair escrow equal to 110% of the cost of repairs is required at closing. Approximately 100% is funded from loan proceeds; the Borrower is required to fund the remaining 10%, which is released upon completion of repairs. The Developer Fee can be used for these purposes. 9

10 FHA SECTION Lean Processing Loans to construct or substantially rehabilitate Skilled Nursing, Assisted Living and Specialized Use Facilities PROGRAM FEATURES Combines construction and permanent financing into a single transaction approved at the same time. Skilled nursing facilities generally are underwritten at an 80% loan-to-value ratio (LTV) and a 1.45 X debt service coverage (DSC); assisted living transactions generally use a 75% LTV and 1.45 X DSC. Loan is pre-payable, assumable, and non-recourse; maximum term is 40 years with full amortization. Projects must comply with the State s eligibility requirements for licensure and operating standards. Construction and rehabilitation costs are subject to Davis-Bacon Prevailing Wage Requirements. Up to 25% of a Project s total bed count can be for unlicensed, independent living. 10

11 FHA SECTION Lean Processing Cont. FEES 0.30% Application Fee to FHA 0.77% Mortgage Insurance Premium (.45% for low income housing tax-credit deals) 0.50% Inspection Fee 2.00% Maximum Financing (Origination) Fee 1.50% Maximum Placement Fee 2.00% Costs of Issuance for Tax-Exempt Bond Transactions An annual 0.77% Mortgage Insurance Premium (.45% for Tax Credit Transactions) is paid to FHA as part of the monthly mortgage payment requirements. Additional fees are required for third party market studies, environmental reports, appraisals, architectural reviews and cost reports. The costs of these reports are financeable. ESCROWS Escrows required for property insurance, real estate taxes, and FHA mortgage insurance premium. Replacement reserve escrow for on-going replacement of depreciable items is required for the term of the loan. The amount of the annual deposit will be revised after 10 years based on a project capital needs assessment (PCNA). An operating deficit escrow and in some cases a debt service reserve escrow will be required by FHA. This escrow must be funded by the borrower at closing with cash or a letter of credit. A Working Capital deposit equal to 2% of the mortgage and escrow for Minor Movable Equipment of $450 per bed is required at closing. These deposits must be funded by the borrower at closing with cash or letters of credit. 11

12 What are Allowable Uses of Loan Proceeds Under New HUD Notice 13-17? Increase the availability or provision of supportive services, which may include the financing of service coordinators and congregate services. Rehabilitate, modernize, or retrofit project structures, common areas, or individual dwelling units. Construct an addition or other facility in the project, including assisted living facilities, or, upon the approval of HUD, facilities located in the community where the sponsor operates the project. Payment to the Project Owner or Sponsor of a Developer Fee. Cover the payment of transaction costs related to LIHTC s or other secondary financing Rent reductions of unassisted tenants residing in the project. 12

13 What is the Sequence of Events? Sponsor s (with assistance of consultant or banker) self-determination that a prepayment is beneficial; factors to evaluate: 1. Physical condition of project and level of aging of residents. 2. Level of reserve for replacements and residual receipts accts. 3. Interest rate on Section 202 Direct Loan. 4. What could be done to make project better to residents or to the community the project serves? Preliminary meeting with HUD Production and Asset Management teams to discuss prepayment plan and prospective underwriting. Tenant notification with 30-day review and comment period. Submission of formal request to prepay Direct Loan. Development of refinancing using HUD Section 223(f)/202 loan program. Receipt of HUD approval to prepay Direct Loan and issue Firm Commitment for Mortgage-Insurance. 13

14 Recent Developments: Lean Processing Update Multifamily Reorganization 14

HUD INSURED LOANS for ACQUISITION or REFINANCE of EXISTING OCCUPIED RENTAL APARTMENTS Section 223(f) and 202/223(f)

HUD INSURED LOANS for ACQUISITION or REFINANCE of EXISTING OCCUPIED RENTAL APARTMENTS Section 223(f) and 202/223(f) HUD INSURED LOANS for ACQUISITION or REFINANCE of EXISTING OCCUPIED RENTAL APARTMENTS Section 223(f) and 202/223(f) ~ Multifamily Accelerated Processing ~ PROGRAM FEATURES Fixed-rate, level pay Non-recourse

More information

THE OXBRIDGE FHA FACILITY FHA TERM SHEETS

THE OXBRIDGE FHA FACILITY FHA TERM SHEETS THE OXBRIDGE FHA FACILITY FHA TERM SHEETS Set forth below are the various types of FHA Loans for which the Oxbridge FHA Facility will provide GAP funding (i.e. funding of borrower equity requirement) to

More information

FHA INSURED LOANS ~ Multifamily Accelerated Processing (MAP) NEW CONSTRUCTION or SUBSTANTIAL REHABILITATION Of RENTAL APARTMENTS

FHA INSURED LOANS ~ Multifamily Accelerated Processing (MAP) NEW CONSTRUCTION or SUBSTANTIAL REHABILITATION Of RENTAL APARTMENTS FHA INSURED LOANS ~ Multifamily Accelerated Processing (MAP) NEW CONSTRUCTION or SUBSTANTIAL REHABILITATION Of RENTAL APARTMENTS Section 221(d) Family Apartments, all Areas Section 220 Family Apartments,

More information

Get Your Multifamily Deal Done With FHA

Get Your Multifamily Deal Done With FHA January 7, 2009 Get Your Multifamily Deal Done With FHA Arbor Commercial Mortgage, LLC Overview In 2008, the housing finance system came to a near standstill as creditors began losing confidence in the

More information

HUD Mortgage Insurance Program Section 232 LEAN

HUD Mortgage Insurance Program Section 232 LEAN HUD Mortgage Insurance Program Section 232 LEAN Skilled Nursing, Intermediate Care, Assisted Living, Board & Care Benefits: The LEAN program offers more efficient processing through a centralized application,

More information

FHA Section 223(f) FHA - Insured Financing for the Acquisition or Refinance ofexisting Multi-Family Rental Housing

FHA Section 223(f) FHA - Insured Financing for the Acquisition or Refinance ofexisting Multi-Family Rental Housing FHA Section 223(f) FHA - Insured Financing for the Acquisition or Refinance ofexisting Multi-Family Rental Housing Through the FHA Section 223(f) Mortgage Insurance Program, RKO Capital LLC. ("RKO CAPITAL")

More information

FHA Sections 220, 221 (d)(4) & 221 (d)(3)

FHA Sections 220, 221 (d)(4) & 221 (d)(3) FHA Sections 220, 221 (d)(4) & 221 (d)(3) FHA-Insured Financing for the New Construction or Substantial Rehabilitation Of Multifamily Rental Housing FHA Section 220 provides mortgage insurance for housing

More information

Multi-family Affordable. Becky Christoffersen, Midwest Housing Development Fund, Inc.

Multi-family Affordable. Becky Christoffersen, Midwest Housing Development Fund, Inc. Multi-family Affordable Housing Capital Solutions Becky Christoffersen, Midwest Housing Development Fund, Inc. Midwest Housing Development Fund, Inc. CDFI since 2000 Revolving loan fund Affordable Housing

More information

FHA Section 542(c) Risk-Sharing Program for Multifamily Housing Program Rules

FHA Section 542(c) Risk-Sharing Program for Multifamily Housing Program Rules FHA Section 542(c) Risk-Sharing Program for Multifamily Housing Program Rules Purpose Kentucky Housing Corporation (KHC) has partnered with HOPE of Kentucky, LLC, and the Community Reinvestment Fund, USA

More information

202 Refinancing Alterna0ves. Aileen Gribbin, Forsyth Street Advisors agribbin@forsythstreet.com 212-697- 1640

202 Refinancing Alterna0ves. Aileen Gribbin, Forsyth Street Advisors agribbin@forsythstreet.com 212-697- 1640 202 Refinancing Alterna0ves Aileen Gribbin, Forsyth Street Advisors agribbin@forsythstreet.com 212-697- 1640 202 Refinancing Products Overview Option: 221(d)(4) FHA-insured Tax-Exempt Bonds with 4% LIHTC

More information

221(d)4/221(d)3 Multifamily Apartments- New Construction/Substantial Rehabilitation

221(d)4/221(d)3 Multifamily Apartments- New Construction/Substantial Rehabilitation 221(d)4/221(d)3 Multifamily Apartments- New Construction/Substantial Rehabilitation 83.3% Loan-to-Cost (Higher for affordable and/or rent subsidized projects) Future Value NOT PROJECTED OR UTILIZED Interest-only

More information

FHA INSURED LOANS ~ Multifamily Accelerated Processing (MAP)

FHA INSURED LOANS ~ Multifamily Accelerated Processing (MAP) FHA INSURED LOANS ~ Multifamily Accelerated Processing (MAP) STREAMLINED REFINANCE Of EXISTING OCCUPIED RENTAL APARTMENTS with EXISTING FHA INSURED LOAN Section 223(a)(7) Family & Elderly Family Apartments

More information

Achieving your goals through Financing. Cooperative Financing Models that may work for you

Achieving your goals through Financing. Cooperative Financing Models that may work for you Achieving your goals through Financing Cooperative Financing Models that may work for you Overview Cooperative Financing Mortgage programs for Cooperatives Overview of current rate environment Reasons

More information

Welcome! Presented by: Don Bernards, Partner Baker Tilly Brian Coate, Vice President Lancaster Pollard Ryan Miles, Vice President Lancaster Pollard

Welcome! Presented by: Don Bernards, Partner Baker Tilly Brian Coate, Vice President Lancaster Pollard Ryan Miles, Vice President Lancaster Pollard Welcome! HUD 202 refinancing: i Preserving multifamily il properties Presented by: Don Bernards, Partner Baker Tilly Brian Coate, Vice President Lancaster Pollard Ryan Miles, Vice President Lancaster Pollard

More information

Section C. Maximum Mortgage Amounts on Streamline Refinances Overview

Section C. Maximum Mortgage Amounts on Streamline Refinances Overview Section C. Maximum Mortgage Amounts on Overview In This Section This section contains the topics listed in the table below. Topic Topic Name See Page 1 General Information on 3-C-2 2 Without an Appraisal

More information

LeadingAge Missouri Annual Conference. Update on FHA LEAN HUD Financing for Senior Living Providers

LeadingAge Missouri Annual Conference. Update on FHA LEAN HUD Financing for Senior Living Providers LeadingAge Missouri Annual Conference Update on FHA LEAN HUD Financing for Senior Living Providers September 19, 2013 Offering Financial Advice and Solutions to Health Care, Senior Living, and Housing

More information

September 4, 2014 MORTGAGEE LETTER 2014-18

September 4, 2014 MORTGAGEE LETTER 2014-18 U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER September 4, 2014 MORTGAGEE LETTER 2014-18 TO: All Mortgagees All

More information

EQUIVENTURE. Insured Loan Program. Multifamily. Capital,LLC. 90% Loan-to-Cost. 40 Year amortization. 40 Year Term (no balloon) No maximum loan amount

EQUIVENTURE. Insured Loan Program. Multifamily. Capital,LLC. 90% Loan-to-Cost. 40 Year amortization. 40 Year Term (no balloon) No maximum loan amount New Construction / Substantial Rehabilitation Multifamily 90% Loan-to-Cost 40 Year amortization 40 Year Term (no balloon) spreads over the Ten Year Treasury yield. Developer s Fee of 10% of cost allowed

More information

FHA 242 Loan Insurance: Background & General Characteristics

FHA 242 Loan Insurance: Background & General Characteristics FHA 242 Loan Insurance: Background & General Characteristics FHA Insurance Programs (Numbers reference sections of National Housing Act) FHA 242: for acute care hospitals with > 50% acute care days FHA

More information

Section B. Maximum Mortgage Amounts on No Cash Out/Cash Out Refinance Transactions Overview

Section B. Maximum Mortgage Amounts on No Cash Out/Cash Out Refinance Transactions Overview Section B. Maximum Mortgage Amounts on No Cash Out/Cash Out Refinance Transactions Overview In This Section This section contains the topics listed in the table below. Topic Topic Name See Page 1 No Cash

More information

HUD-Insured Financing For Long-Term Care Facilities

HUD-Insured Financing For Long-Term Care Facilities Portfolio Media, Inc. 860 Broadway, 6 th Floor New York, NY 10003 www.law360.com Phone: +1 646 783 7100 Fax: +1 646 783 7161 customerservice@portfoliomedia.com HUD-Insured Financing For Long-Term Care

More information

FHA Direct Lender. HUD Section 242 Mortgage Insurance Program

FHA Direct Lender. HUD Section 242 Mortgage Insurance Program FHA Direct Lender HUD Section 242 Mortgage Insurance Program HUD SECTION 242 MORTGAGE INSURANCE PROGRAM CBRE is an FHA MAP approved direct lender providing competitive financing for hospitals. CBRE can

More information

STATE OF NEW YORK MORTGAGE AGENCY MORTGAGE INSURANCE FUND NEW YORK STATE HOUSING FINANCE AGENCY NYHOMES CONSTRUCTION LOAN FINANCING PROGRAM

STATE OF NEW YORK MORTGAGE AGENCY MORTGAGE INSURANCE FUND NEW YORK STATE HOUSING FINANCE AGENCY NYHOMES CONSTRUCTION LOAN FINANCING PROGRAM STATE OF NEW YORK MORTGAGE AGENCY MORTGAGE INSURANCE FUND NEW YORK STATE HOUSING FINANCE AGENCY NYHOMES CONSTRUCTION LOAN FINANCING PROGRAM NYHOMES CONSTRUCTION LOAN FINANCING PROGRAM The State of New

More information

Chapter 3. Maximum Mortgage Amounts on Refinance Transactions Table of Contents

Chapter 3. Maximum Mortgage Amounts on Refinance Transactions Table of Contents Chapter 3, Table of Contents Chapter 3. Maximum Mortgage Amounts on Refinance Transactions Table of Contents Section A. Refinance Transaction Overview Overview... 3-A-1 1. General Information on Refinance

More information

administered by the Office of Healthcare Programs.

administered by the Office of Healthcare Programs. U.S. DEPART M E NT O F H O USING A ND URB AN DE V E L OPM E NT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER December 29, 2011 MORTGAGEE LETTER 2011-40 TO: All

More information

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER Special Attention of Notice H 2011-36 All Multifamily Hub Directors

More information

U.S. Department of Housing and Urban Development

U.S. Department of Housing and Urban Development U.S. Department of Housing and Urban Development Special Attention of Notice H 2010-11 All Multifamily Hub Directors All Program Center Directors All Project Managers Issued: July 6, 2010 All Field Office

More information

NEW YORK STATE HOMES AND COMMUNITY RENEWAL S MITCHELL-LAMA REHABILITATION AND PRESERVATION PROGRAM

NEW YORK STATE HOMES AND COMMUNITY RENEWAL S MITCHELL-LAMA REHABILITATION AND PRESERVATION PROGRAM NEW YORK STATE HOMES AND COMMUNITY RENEWAL S MITCHELL-LAMA REHABILITATION AND PRESERVATION PROGRAM PROGRAM GOALS To offer flexible low cost financing to allow statefinanced Mitchell Lama rental properties

More information

Lesson 4: Tools for Preservation of FHA-Insured Properties

Lesson 4: Tools for Preservation of FHA-Insured Properties Lesson 4: Tools for Preservation of FHA-Insured Properties 1 Lesson 4: Objectives 2 Analyze the risks and benefits of recapitalization associated with the Section 236 Decoupling process. Explore the benefits

More information

Cambridge Realty Capital Companies

Cambridge Realty Capital Companies presents HUD 232 LEAN Financing A Primer HUD Nursing Home and Assisted Living Financing Answers To All Your Questions And Many Questions You Never Thought To Ask! June 2009 Telephone: 312-357-1601 Fax

More information

Chapter 7. Mortgage Insurance Premiums (MIPs) Table of Contents

Chapter 7. Mortgage Insurance Premiums (MIPs) Table of Contents HUD 4155.2 Chapter 7, Table of Contents Chapter 7. Mortgage Insurance Premiums (MIPs) Table of Contents Chapter 7. Mortgage Insurance Premiums (MIPs) 1. Types of MIPs... 7-1 2. Up Front Mortgage Insurance

More information

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER Special Attention of All Multifamily Hub Directors Notice H 2011-05

More information

Community Investments Vol. 15, Issue 2 Ginnie Mae Project Loans Maintain Affordability

Community Investments Vol. 15, Issue 2 Ginnie Mae Project Loans Maintain Affordability Community Investments Vol. 15, Issue 2 Ginnie Mae Project Loans Maintain Affordability August 2003 Introduction Multifamily mortgage-backed securities issued by Ginnie Mae offer investors the opportunity

More information

8.1 Subordinate Debt

8.1 Subordinate Debt 8.1 Subordinate Debt Table of Contents Page 8.1.1 Introduction... 1 8.1.2 Uses and Types of Subordinate Finance... 1 A. Uses... 1 B. Types... 2 8.1.3 Basic Terms and Conditions... 3 8.1.4 Required HUD

More information

FHA TAX CREDIT PILOT LOAN COMMITTEE (PLC) GUIDE As Of February 2014

FHA TAX CREDIT PILOT LOAN COMMITTEE (PLC) GUIDE As Of February 2014 FHA TAX CREDIT PILOT LOAN COMMITTEE (PLC) GUIDE As Of February 2014 I. Background This document provides an overview of the responsibilities, procedures, composition and authority of the Tax Credit Pilot

More information

Developing a Cooperative through FHA Financing. A model that works for Individuals, developers and the community

Developing a Cooperative through FHA Financing. A model that works for Individuals, developers and the community Developing a Cooperative through FHA Financing A model that works for Individuals, developers and the community Contents Basic Cooperative Concepts Basic Cooperative Qualities Cooperative Legal Documents

More information

HUD Launches New Federal Mortgage Insurance Program for Acquisition and Refinancing of Acute Care Hospitals

HUD Launches New Federal Mortgage Insurance Program for Acquisition and Refinancing of Acute Care Hospitals HUD Launches New Federal Mortgage Insurance Program for Acquisition and Refinancing of Acute Care Hospitals By Steven Hunt Senior Director - Hospital Finance, Love Funding and Cole Powell, CPA Principal

More information

FHA Office of Single Family Housing. Training: Origination Through Post-Closing/ Endorsement

FHA Office of Single Family Housing. Training: Origination Through Post-Closing/ Endorsement Training: Origination Through Post-Closing/ Endorsement 1 Module 8A Programs and Products: Refinance Single Family Housing Policy Handbook 4000.1 Title II Insured Housing Program Forward Mortgages Origination

More information

TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY

TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY IHDA 47 ILLINOIS ADMINISTRATIVE CODE 310 TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY PART 310 MULTIFAMILY RENTAL HOUSING MORTGAGE LOAN PROGRAM SUBPART

More information

July 6, 2010 Mortgage Letter 2010-21. This Mortgagee Letter (ML) revises underwriting standards, policies and procedures for mortgage

July 6, 2010 Mortgage Letter 2010-21. This Mortgagee Letter (ML) revises underwriting standards, policies and procedures for mortgage U.S. DEPART M E NT O F H OUSING AND URBAN DE V E L OPM ENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER July 6, 2010 Mortgage Letter 2010-21 TO: All FHA-Approved

More information

Billing Code 4210-67 DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT. [Docket No. FR-5876-N-02] Changes in Certain Multifamily Mortgage Insurance Premiums

Billing Code 4210-67 DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT. [Docket No. FR-5876-N-02] Changes in Certain Multifamily Mortgage Insurance Premiums This document is scheduled to be published in the Federal Register on 01/28/2016 and available online at http://federalregister.gov/a/2016-01511, and on FDsys.gov Billing Code 4210-67 DEPARTMENT OF HOUSING

More information

HEALTHCARE EXPANSION LOAN PROGRAM II (HELP II)

HEALTHCARE EXPANSION LOAN PROGRAM II (HELP II) CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY HEALTHCARE EXPANSION LOAN PROGRAM II (HELP II) OVERVIEW LOW FIXED INTEREST RATE LOANS FOR CALIFORNIA S NON-PROFIT SMALL AND RURAL HEALTH FACILITIES 915

More information

LENDING GUIDELINES AND TERM SHEETS FOR:

LENDING GUIDELINES AND TERM SHEETS FOR: LENDING GUIDELINES AND TERM SHEETS FOR: THE OHIO AFFORDABLE HOUSING LOAN FUND THE OHIO PRESERVATION LOAN FUND THE OCFC PERMANENT LOAN PRODUCT For information, please contact:, 614.224.8446 (p) 614.224.8452

More information

PASS-THROUGH SHORT-TERM BOND PROGRAM. (Debt Financing Under Section 44c of the Authority's Act)

PASS-THROUGH SHORT-TERM BOND PROGRAM. (Debt Financing Under Section 44c of the Authority's Act) PASS-THROUGH SHORT-TERM BOND PROGRAM (Debt Financing Under Section 44c of the Authority's Act) The Authority s Act permits the Michigan State Housing Development Authority (the Authority ) to participate

More information

The following requirements or program features apply to all HUD mortgage insurance programs:

The following requirements or program features apply to all HUD mortgage insurance programs: Eligible Multifamily Mortgage Insurance Programs 3.1 Introduction This chapter contains the basic program requirements for the HUD/FHA multifamily mortgage insurance programs for which MAP Lenders can

More information

SUBJECT: Updated Requirements for Prepayment and Refinance of Section 202 Direct Loans

SUBJECT: Updated Requirements for Prepayment and Refinance of Section 202 Direct Loans U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER Special Attention of: All Multifamily Hub Directors Notice H 2013-17

More information

CREATIVE FINANCING STRATEGIES. 2015 Affordable Housing Conference

CREATIVE FINANCING STRATEGIES. 2015 Affordable Housing Conference CREATIVE FINANCING STRATEGIES 2015 Affordable Housing Conference Panelist Moderator: Lewis Diaz, Partner Dinsmore & Shohl LLP lewis.diaz@dinsmore.com Speakers: Jeff Banker, Vice President Lancaster Pollard

More information

MORTGAGE TERMS. Assignment of Mortgage A document used to transfer ownership of a mortgage from one party to another.

MORTGAGE TERMS. Assignment of Mortgage A document used to transfer ownership of a mortgage from one party to another. MORTGAGE TERMS Acceleration Clause This is a clause used in a mortgage that can be enforced to make the entire amount of the loan and any interest due immediately. This is usually stipulated if you default

More information

Cross References: H 00-8; H 2011-31;

Cross References: H 00-8; H 2011-31; Special Attention of: Notice H 2013-25 Office of Affordable Housing Preservation All Multifamily Hub Directors Issued: August 23, 2013 All Multifamily Program Center Directors All Multifamily Mortgagors

More information

PRESERVATION OF SECTION 202 DIRECT LOAN PROPERTIES: KEY CONCEPTS

PRESERVATION OF SECTION 202 DIRECT LOAN PROPERTIES: KEY CONCEPTS PRESERVATION OF SECTION 202 DIRECT LOAN PROPERTIES: KEY CONCEPTS HUD Office of Multifamily Housing Programs Preservation Clinics V9.16.15 SECTION 202 DIRECT LOAN PROGRAM OVERVIEW Bishop Boardman Senior

More information

Niche Multifamily Markets: Challenges and Opportunities. Manufactured Home Communities

Niche Multifamily Markets: Challenges and Opportunities. Manufactured Home Communities Niche Multifamily Markets: Challenges and Opportunities Manufactured Home Communities Chad Thomas Hagwood Senior Vice President and Branch Manager GMAC Commercial Mortgage Birmingham, Alabama Discussion

More information

REQUEST FOR PROPOSAL. for REFINANCE OF FIRST MORTGAGE FOR FOOTHILLS COMMUNITY. for BOULDER HOUSING PARTNERS

REQUEST FOR PROPOSAL. for REFINANCE OF FIRST MORTGAGE FOR FOOTHILLS COMMUNITY. for BOULDER HOUSING PARTNERS REQUEST FOR PROPOSAL for REFINANCE OF FIRST MORTGAGE FOR FOOTHILLS COMMUNITY for BOULDER HOUSING PARTNERS June 24, 2013 Requested Return: July 12, 2013 Boulder Housing Partners 4800 Broadway Boulder, Co.

More information

PRIMING THE PUMP: PROGRAMS TO ENCOURAGE LENDERS TO LEND. By: Sheelagh Allston, Esq.

PRIMING THE PUMP: PROGRAMS TO ENCOURAGE LENDERS TO LEND. By: Sheelagh Allston, Esq. PRIMING THE PUMP: PROGRAMS TO ENCOURAGE LENDERS TO LEND By: Sheelagh Allston, Esq. Despite the difficulty potential borrowers are facing when it comes to obtaining financing for their real estate projects

More information

Elderly Mortgage Prepayments by State

Elderly Mortgage Prepayments by State Elderly Mortgage Prepayments by State State Properties Units California 46 5,221 Colorado 2 227 Connecticut 1 159 Delaware 1 169 Florida 1 176 Illinois 2 183 Indiana 1 48 Maine 1 200 Massachusetts 3 342

More information

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER Special Attention of: All Multifamily Hub Directors Notice H 2012-20

More information

Section 1: Loan Characteristics

Section 1: Loan Characteristics Home Flex Quick Reference: Program Summary The following is an outline of the underwriting and closing requirements of New Hampshire Housing Home Flex program, which is available to lenders who have signed

More information

EXPLANATORY NOTES TO SCHEDULE 10-B: ESTIMATED DEVELOPMENT COSTS AND CAPITAL REQUIREMENTS.

EXPLANATORY NOTES TO SCHEDULE 10-B: ESTIMATED DEVELOPMENT COSTS AND CAPITAL REQUIREMENTS. EXPLANATORY NOTES TO SCHEDULE 10-B: ESTIMATED DEVELOPMENT COSTS AND CAPITAL REQUIREMENTS. 1. SOURCES OF FUNDS DURING CONSTRUCTION List all funding sources to be used during the construction of the project

More information

Special Attention of: NOTICE H 2012-1 All FHA Approved Multifamily Mortgagees Issued: February 3, 2012 Expires: February 28, 2013

Special Attention of: NOTICE H 2012-1 All FHA Approved Multifamily Mortgagees Issued: February 3, 2012 Expires: February 28, 2013 U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER Special Attention of: NOTICE H 2012-1 All FHA Approved Multifamily

More information

NEW YORK STATE HOMES AND COMMUNITY RENEWAL S 80/20 HOUSING PROGRAM

NEW YORK STATE HOMES AND COMMUNITY RENEWAL S 80/20 HOUSING PROGRAM NEW YORK STATE HOMES AND COMMUNITY RENEWAL S 80/20 HOUSING PROGRAM ELIGIBILE PROJECTS New construction of multifamily rental housing properties. Generally, HFA expects that applications for project loans

More information

Mortgage Terms Glossary

Mortgage Terms Glossary Mortgage Terms Glossary Adjustable-Rate Mortgage (ARM) A mortgage where the interest rate is not fixed, but changes during the life of the loan in line with movements in an index rate. You may also see

More information

b e r k e l e y p o i n t

b e r k e l e y p o i n t Property Type Conventional Multifamily Multifamily Affordable Housing Student Housing Manufactured Housing Seniors Housing Products Fixed and Adjustable Rate Loans Early Rate Lock Interest-Only and Fully

More information

Section 232 New Construction and Substantial Rehabilitation. Section 223(f) for Refinance or Purchase of Existing Apartments

Section 232 New Construction and Substantial Rehabilitation. Section 223(f) for Refinance or Purchase of Existing Apartments Appendix 4 Application Requirements Checklist Table of Contents Appendix 4A 4B 4C 4D Title Sections 221(d)(3), 221(d)(4), and 220 New Construction and Substantial Rehabilitation Section 232 New Construction

More information

CALHOME MORTGAGE ASSISTANCE PROGRAM GUIDELINES

CALHOME MORTGAGE ASSISTANCE PROGRAM GUIDELINES PLANNING AND DEVELOPMENT DEPARTMENT HOUSING AND COMMUNITY DEVELOPMENT DIVISION CALHOME MORTGAGE ASSISTANCE PROGRAM GUIDELINES PROGRAM OVERVIEW The CalHome Mortgage Assistance Program is a program funded

More information

Achieving your goals through Financing. Cooperative Financing Models that may work for you

Achieving your goals through Financing. Cooperative Financing Models that may work for you Achieving your goals through Financing Cooperative Financing Models that may work for you Overview Cooperative Financing Overview of the environment Interest Rates Why now is the best time to borrow Reasons

More information

Do FHA Multifamily Mortgage Insurance Programs Provide Affordable Housing and Serve Underserved Areas? 1

Do FHA Multifamily Mortgage Insurance Programs Provide Affordable Housing and Serve Underserved Areas? 1 Do FHA Multifamily Mortgage Insurance Programs Provide Affordable Housing and Serve Underserved Areas? 1 An Analysis of FHA s Fiscal Year 1997 Book of Business and Comparison with the GSEs I. Introduction

More information

Assumable mortgage: A mortgage that can be transferred from a seller to a buyer. The buyer then takes over payment of an existing loan.

Assumable mortgage: A mortgage that can be transferred from a seller to a buyer. The buyer then takes over payment of an existing loan. MORTGAGE GLOSSARY Adjustable Rate Mortgage (ARM): A mortgage loan with payments usually lower than a fixed rate initially, but is subject to changes in interest rates. There are a variety of ARMs that

More information

FROM: Tammye Treviño (Signed by Tammye Treviño) Administrator Housing and Community Facilities Programs

FROM: Tammye Treviño (Signed by Tammye Treviño) Administrator Housing and Community Facilities Programs RD AN No. 4635 (1980-D) April 2, 2012 TO: State Directors Rural Development ATTENTION: Rural Housing Program Directors, Guaranteed Loan Coordinators, Area Directors and Area Specialists FROM: Tammye Treviño

More information

SECTION 4 REHABILITATION MORTGAGES 203(k) Standard & 203(k) Limited

SECTION 4 REHABILITATION MORTGAGES 203(k) Standard & 203(k) Limited SECTION 4 REHABILITATION MORTGAGES 203(k) Standard & 203(k) Limited 4.1 Program Descriptions 4.2 Borrower Eligibility 4.3 Property Eligibility 4.4 Principal Residence Requirement 4.5 Rehabilitation Loan

More information

3.2 Underwriting Benchmarks for Section 232 New Construction, 232 Substantial Rehabilitation, 232 Blended Rate and 232/223(f) Loans

3.2 Underwriting Benchmarks for Section 232 New Construction, 232 Substantial Rehabilitation, 232 Blended Rate and 232/223(f) Loans Section II Production Chapter 3 Loan Sizing 3.1 Introduction This chapter contains the loan sizing requirements for the Section 232 Mortgage Insurance for Residential Care Facilities program. Each loan

More information

10-Yr U.S. Treasury Yield Since 1962. 10-Yr U.S. Treasury Yield Forecast. HUD 232 LEAN Overview

10-Yr U.S. Treasury Yield Since 1962. 10-Yr U.S. Treasury Yield Forecast. HUD 232 LEAN Overview Why Has HUD Exploded in Popularity as a Financing Option for SNF, PCH, and AL Facilities? Ken Gould Senior Vice President and Northeast Regional Manager Lancaster Pollard 10-Yr U.S. Treasury Yield Since

More information

With interest rates at or near historical lows, it s

With interest rates at or near historical lows, it s Oak Grove Capital originated a Fannie Mae loan for Whistler s Grove in Naples, Florida Photo courtesy of Oak Grove Capital. Prime Time Low Rates, Variety of Debt Products Are Available to Affordable Housing

More information

Roadmap to Financing Your Long Term Care Project

Roadmap to Financing Your Long Term Care Project Roadmap to Financing Your Long Term Care Project Panelists: Gerald M. Swiacki, Lancaster Pollard Senior Vice President Southeast Regional Manager Alec Blanc III, Regions Bank Senior Vice President F. Donald

More information

HOME FINANCING GUIDE

HOME FINANCING GUIDE HOME FINANCING GUIDE SECTION 1: Mortgage Loans Available Fixed Rate Mortgages A fixed rate mortgage is a home loan with a rate that remains the same over the entire term of the loan, regardless of how

More information

Guide to FHA Streamline Refinances. By J.J. Sawicki, CMP AVP Third Party Lending/Merrimack Mortgage

Guide to FHA Streamline Refinances. By J.J. Sawicki, CMP AVP Third Party Lending/Merrimack Mortgage Guide to FHA Streamline Refinances By J.J. Sawicki, CMP AVP Third Party Lending/Merrimack Mortgage What is a streamline refinance? The FHA streamline refinance has become an increasingly attractive option

More information

First Time Home Buyer Glossary

First Time Home Buyer Glossary First Time Home Buyer Glossary For first time home buyers, knowing and understanding the following terms are very important when purchasing your first home. By understanding these terms, you will make

More information

The FHA-242 Financing Program

The FHA-242 Financing Program The FHA-242 Financing Program Background FHA-insured hospital mortgages were made possible by the Housing and Urban Development Act of 1968, which added a new section, Section 242, to Title II of the National

More information

EHDOC Robert Sharp Towers II Limited Partnership (A Florida Limited Partnership) Financial Report October 31, 2014

EHDOC Robert Sharp Towers II Limited Partnership (A Florida Limited Partnership) Financial Report October 31, 2014 EHDOC Robert Sharp Towers II Limited Partnership Financial Report October 31, 2014 Contents Independent Auditor's Report 1 Financial Statements Balance sheet 2 3 Statement of income 4 Statement of changes

More information

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER Special Attention of: All Multifamily Hub Directors Notice H 2012-25

More information

SBA 504 Loan Program. Jobs, Communities

SBA 504 Loan Program. Jobs, Communities SBA 504 Loan Program Growing Small Businesses, Jobs, Communities What is 504? Economic Development Financing Tool Financesfixed assets for healthy, expanding businesses Low down payment to preserve cash

More information

Recommendations Regarding HUD s Proposed Changes FHA Multifamily Mortgage Insurance Programs Underwriting Requirements March 2010

Recommendations Regarding HUD s Proposed Changes FHA Multifamily Mortgage Insurance Programs Underwriting Requirements March 2010 Background Recommendations Regarding HUD s Proposed Changes FHA Multifamily Mortgage Insurance Programs Underwriting Requirements March 2010 HUD is proposing significant changes to its multifamily mortgage

More information

Chapter 7. Mortgage Insurance Premiums (MIP) 1. Types of Mortgage Insurance Premiums (MIP)

Chapter 7. Mortgage Insurance Premiums (MIP) 1. Types of Mortgage Insurance Premiums (MIP) HUD 4155.2 Chapter 7 Chapter 7. Mortgage Insurance Premiums (MIP) 1. Types of Mortgage Insurance Premiums (MIP) Introduction This topic contains information on the types of mortgage insurance premiums

More information

CHAPTER 6: LOAN PURPOSES 7 CFR 3555.101

CHAPTER 6: LOAN PURPOSES 7 CFR 3555.101 CHAPTER 6: LOAN PURPOSES 7 CFR 3555.101 6.1 INTRODUCTION SFHGLP loan funds can be used to acquire new or existing housing that will be the applicant s principal residence, and to pay costs associated with

More information

Non-Recourse Financing for a Self-Directed IRA Investment

Non-Recourse Financing for a Self-Directed IRA Investment Non-Recourse Financing for a Self-Directed IRA Investment Transaction Summary Date: September 2012 Property Description: 12,720 SF retail building built in 2001 in good condition. The property is 100%

More information

Quick Reference Program Summary. The following is an outline of the underwriting and closing requirements of New Hampshire Housing.

Quick Reference Program Summary. The following is an outline of the underwriting and closing requirements of New Hampshire Housing. Quick Reference Program Summary The following is an outline of the underwriting and closing requirements of New Hampshire Housing. Specific Program Rules are attached to this reference. A reservation cannot

More information

Room 206 AB Tuesday, October 8 2:15-3:30pm T9: Get Shorty!

Room 206 AB Tuesday, October 8 2:15-3:30pm T9: Get Shorty! Room 206 AB Tuesday, October 8 2:15-3:30pm T9: Get Shorty! Housing Washington October 8, 2013 How Short Term Bonds with FHA Financing Can Enhance your Bottom Line Mark Dean Managing Director Citi Mark.W.Dean@citi.com

More information

MB LOAN FUND CHURCH LOAN APPLICATION

MB LOAN FUND CHURCH LOAN APPLICATION L1.1010 MB LOAN FUND CHURCH LOAN APPLICATION CHURCH NAME ADDRESS CITY, STATE, ZIP CONTACT NAME PHONE E-MAIL ADDRESS FAX FED. ID # PASTOR NAME LOAN AMOUNT REQUESTED REPAYMENT PLAN (i.e. 5, 10, 15, 20 or

More information

COMMERCIAL MORTGAGE FINANCING SOLUTIONS

COMMERCIAL MORTGAGE FINANCING SOLUTIONS COMMERCIAL MORTGAGE FINANCING SOLUTIONS Attached is an introduction to NORTHERN RANGE CAPITAL CORP describing some of our unique mortgage financing programs. At Northern Range Capital we assist our clients

More information

HUD Update. Novogradac & Company Affordable Housing Preservation: Challenges and Opportunities

HUD Update. Novogradac & Company Affordable Housing Preservation: Challenges and Opportunities HUD Update Novogradac & Company Affordable Housing Preservation: Challenges and Opportunities Ritz Carlton South Beach Miami, FL January 12-13, 2012 Monica H. Sussman, Esq. Nixon Peabody LLP 401 9th Street,

More information

Recent and Projected and Affordable Housing Share Multifamily Rental Housing Starts

Recent and Projected and Affordable Housing Share Multifamily Rental Housing Starts Western Mortgage Advisory Council (WMAC) Annual Western Lender s Conference April 15-17, 2015 The Curtis Hotel Denver, Colorado Recent and Projected and Affordable Housing Share Multifamily Rental Housing

More information

Share Loan and Underlying Mortgage Financing. Jeremy Morgan, NCB Larry Mathe, NCB

Share Loan and Underlying Mortgage Financing. Jeremy Morgan, NCB Larry Mathe, NCB Share Loan and Underlying Mortgage Financing Jeremy Morgan, NCB Larry Mathe, NCB About NCB NCB is the premier lender to housing cooperatives nationwide. NCB has financed over $6 Billion to housing cooperatives

More information

SBA 504 Non Bank Business Model. Presented by Sok Cordell

SBA 504 Non Bank Business Model. Presented by Sok Cordell SBA 504 Non Bank Business Model Presented by Sok Cordell CH Capital Partners LLC (SBA Non Bank Lending Program) The information contained in this presentation has been obtained from sources believed to

More information

Loan Estimate. Loan Terms. Projected Payments. Costs at Closing. Save this Loan Estimate to compare with your Closing Disclosure.

Loan Estimate. Loan Terms. Projected Payments. Costs at Closing. Save this Loan Estimate to compare with your Closing Disclosure. Loan Estimate DATE ISSUED APPLICANTS PROPERTY SALE PRICE Loan Terms Save this Loan Estimate to compare with your Closing Disclosure. LOAN TERM 30 years PURPOSE Purchase PRODUCT 5 Year Interest Only, 5/3

More information

1030HARP DU REFI PLUS (6/8/12)

1030HARP DU REFI PLUS (6/8/12) 1030HARP DU REFI PLUS (6/8/12) DESCRIPTION REQUIRED BORROWER BENEFIT DU Refi Plus is a limited cash-out refinance program that allows for expanded eligibility criteria, as well as reduced documentation

More information

Jim Provenzale Associate Regional Counsel for Housing Finance and Programs James.V.ProvenzaleIII@hud.gov

Jim Provenzale Associate Regional Counsel for Housing Finance and Programs James.V.ProvenzaleIII@hud.gov Jim Provenzale Associate Regional Counsel for Housing Finance and Programs James.V.ProvenzaleIII@hud.gov Background information on HUD multifamily housing programs Modifications to HUD programs geared

More information

CDA BLF LOAN APPLICATION

CDA BLF LOAN APPLICATION CDA BLF LOAN APPLICATION Name of of Business (Legal Name): Address: City, State, Zip: Business Phone // Fax: Federal Tax ID#: Principals Principal 1 Principal 2 Name: Address: City, State, Zip: Phone:

More information

Chapter 11: Refinances

Chapter 11: Refinances Chapter 11: Refinances 11.1 Overview 11.2 Trust Land Documentation 11.3 Type of Refinances 11.1 Overview The Section 184 loan can be used to refinance a single family one- to- four unit dwellings located

More information

HOUSING GENERAL AND SPECIAL RISK INSURANCE FUND 2012 Summary Statement and Initiatives (Dollars in Thousands)

HOUSING GENERAL AND SPECIAL RISK INSURANCE FUND 2012 Summary Statement and Initiatives (Dollars in Thousands) GENERAL AND SPECIAL RISK INSURANCE FUND 2012 Summary Statement and Initiatives (Dollars in Thousands) FHA--GENERAL AND SPECIAL RISK INSURANCE FUND Enacted/ Request Carryover Supplemental/ Rescission Total

More information

Affordable Housing: LIHTC Accounting Overview. July 30, 2014

Affordable Housing: LIHTC Accounting Overview. July 30, 2014 Affordable Housing: LIHTC Accounting Overview July 30, 2014 Tax Credits 101 TOPIC Welcome and Overview Project Proforma Roles, Motivations and Responsibilities of Developer and Investor 10% Test 50% Test

More information

Cooperative Housing/ Share Loan Financing. Larry Mathe Chris Goettke National Cooperative Bank

Cooperative Housing/ Share Loan Financing. Larry Mathe Chris Goettke National Cooperative Bank Cooperative Housing/ Share Loan Financing Larry Mathe Chris Goettke National Cooperative Bank The NCB Story NCB delivers banking and financial services to cooperative organizations complemented by a special

More information

FHA Refinance of Borrowers in Negative Equity Positions

FHA Refinance of Borrowers in Negative Equity Positions U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER August 6, 2010 MORTGAGEE LETTER 2010-23 TO: ALL APPROVED MORTGAGEES

More information