Streamlined Procedures for LIHTC Projects Announced in 2012 MAP Guide
In advance of HUD's expected Mortgagee Letter outlining the pilot multifamily insurance program for LIHTC project finance, HUD has included some of the changes to the process in Chapter 5 of the new MAP Guide. To view this section of the guide, click here.
HUD to Allow Financing of Sprinkler Systems
HUD’s Office of Healthcare Programs announced a pilot program to finance the installation of fire suppression sprinkler systems. This important program is in response to the Center for Medicare and Medicaid’s requirement that all long-term-care facilities have sprinkler systems installed by August of 2013. For more information, LEAN approved lenders should contact Vance Morris at HUD at firstname.lastname@example.org.
HUD Issues Mortgagee Letter on Underwriting Policies and Procedures for Commercial Space and Income
On Thursday, September 1st, HUD issued a mortgagee letter (ML 2011-32) giving instructions and guidance pertaining to the recognition of commercial income from non-residential uses in calculating the maximum insurable mortgage. These guidelines are effective immediately. To read the letter, click here.
Via the Mortgage Bankers Association