Hud Section 202 Use Agreement

10 avril 2021 par  
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In accordance with previous requirements, the user agreement was only extended until the original due date. Now, advance and refinancing are a long-term conservation tool. The contract notice provides for down payment procedures for all direct loans in Section 202 that require the secretary`s approval and do not do so, procedures for those who choose to enter into a long-term use contract (20 years) and procedures for those with Section 8 contracts that require further extensions and trademark waivers to a market. It replaces all current advance and refinancing guidelines. Section V of the notice deals with the requirements for approval of the prepayment of debt 202 if HUD approval is required. An important change is the requirement to sign and register a long-term user contract that extends the affordable price 20 years after the initial term of the mortgage. In this section, the owner must also react to the comments and include those responses in the prepayment application. HUD HQ`s Office of Asset Management will confirm the advance. If the project owner voluntarily meets the requirements of Sections V and VII of the contract notice and enters into a long-term use contract, the project is not put on the market after refinancing with federal housing administration (FHA) insurance. Otherwise, the project could be put on the market. Under current requirements, revenue can only be spent on current tenants of the property. For other funded projects, a use agreement must be reached at least ten years after the end of the refinancing. Approval of the advance request is interpreted as authorizing all proposed uses of products, including social services such as Congressional meals or service coordinators, which represent no more than 15 percent of the cost of the assistance service, unless the secretary waives the restriction to better serve seniors.

The waiver declaration should be part of the advance package. At that time, the real estate retained its exceptional rental status and was not bound by the market. Section XIII of the communication describes how HUD will process the application, including the requirement for a HUD multi-family HUB to evaluate the request within 30 days of receiving the full package after certain steps.

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