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FHA Multifamily
https://www.nmhc.org/industry-topics/finance-and-capital-markets/fha-multifamily/
Since its inception in 1934, FHA has been a cornerstone for the construction and permanent financing and refinancing of apartments. While it accounts for just 9.2 percent of the total outstanding mult
HUD's Project Capital Needs Assessments Requirements Include Accessibility Check
In late 2012, HUD issued a Mortgagee Letter (ML) H 2012-25: Revised Requirements for Project Capital Needs Assessments (PCNA), Estimated Reserves for Replacements and Remedies for Accessibility Deficiencies. PCNA reports have long been used to measure the capital requirements for major repairs and replacements of apartment building components during the life of an insured loan. In addition to increasing reserve requirements, the new rules require, for the first time, an accessibility assessment
FHA Interest Rate Reduction Polices
On April 22, 2013, FHA issued new guidance allowing select properties outside of the lockout period to benefit from historically low interest rates by requesting a rate reduction. Until now, FHA has only considered such requests to avoid possible default. Borrowers with performing loans had to refinance to secure lower rates.
The new guidelines apply to qualifying loans financed though the Section 223(f) or 223(a)(7) programs. They outline the conditions required to secure a rate reduction, t
FHA Large Loan Requirements
On December 29, 2011, FHA issued restrictive and costly new requirements (Notice H-2011-36 and FHA Mortgagee Letter ML-2011-40)
for loans over $50 million.The changes included requiring higher levels
of net worth, liquidity and experience for principals, changes in
property valuation and additional delays in the release of cash
proceeds.
FHA stepped up the requirements as loan size increases, with more
stringent requirements imposed for loans over $60 million. For those
larger loans, FHA r
HUD Issues Additional Guidance on Section 202 Refinancing
Following industry feedback, the U.S. Department of Housing and Urban Development issued guidance to its Hub and Field Offices on June 26, 2013, to modify Housing Notice H 2013-17, which deals with the developer fees and loan proceeds in the prepayment and refinancing of Section 202 direct loans.
The purpose of the Section 202 Direct Loan Program is to provide
direct, federal loans to assist private, nonprofit corporations and
consumer cooperatives in the development of new or substantially
FHA Large Loan Program
https://www.nmhc.org/research-insight/external-resources/fha--large-loan-program/
NMHC/NAA Comment Letter: Changes to FHA's Large Loan Program
4/6/2012 11:48:41 AM
FHA Issues New Guidelines for Radon Gas Testing at Insured Properties
On Jan. 31, 2013, HUD issued a mortgagee letter (ML 2013-07) to approved mortgage lenders amending the previous environmental review requirements for the assessment and remediation of radon gas at FHA-insured apartment properties. FHA will now require radon testing of 25 percent of ground level units; if the testing finds levels in excess of the action level, remediation is required. The changes will affect all pre-application and firm commitment packages submitted after June 1, 2013.
Radon is
FHA Makes Favorable Changes to LIHTC Pilot Program Underwriting
The Federal Housing Administration (FHA) issued a memorandum on March
4 to multifamily underwriters in its field offices nationwide that
should make it easier to finance Low-Income Housing Tax Credit (LIHTC)
properties under an FHA pilot program.
FHA’s memo
outlines the waivers necessary to modify the underwriting requirements
for LIHTC financed transactions, including the types of debt that will
be allowed to be considered, but not counted against, the maximum loan
amount (i.e. grants, c
HUD Loan Closing Documents Comments
https://www.nmhc.org/advocacy/comment-letters/2010/hud-loan-closing-documents-comments/
Industry Coalition Comments on HUD-Proposed Changes to FHA Multifamily Loan Closing Documents
3/23/2010 12:35:00 PM
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FHA Multifamily Underwriting Standards Comments
https://www.nmhc.org/advocacy/comment-letters/2010/fha-multifamily-underwriting-standards-comments/
Industry Coalition Comments on Proposed Changes to FHA Multifamily Underwriting Standards
3/22/2010 2:49:00 PM
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