HUD has issued a new mortgagee letter (2010-26) and Housing Notice (2010-16) to all FHA-Approved Multifamily Mortgagees issuing further policy guidance to defer submission of final architectural plans and specifications introduced by Mortgagee Letter 2008-19, 19), titled “Streamlined Processing of Multifamily Mortgage Insurance Applications Involving Low Income Housing Tax Credits (LIHTC).” ML 08-19 authorizes owners associated with a MAP application for one of the FHA mortgage insurance programs listed to defer the submission of final architectural Drawings and Specifications until 30 days before the date scheduled for Initial Endorsement of the loan. The following guidance clarifies the type of MAP third-party assessments, field office review analyses and MAP Lender documentation that should be completed at the Firm Commitment stage in lieu of what is normally required when final plans and specifications are submitted.
This ML and Notice serves as a response to a stakeholder’s comment concerning Federal Register Notice 5299-N-01, Vol. 74. No. 81, published Wednesday, April 29, 2009, which requested recommendations on administrative and procedural changes that HUD should adopt to expedite approval of Multifamily Housing projects involving LIHTCs or Tax-exempt Bonds. Specifically, the commenter expressed concern about the scope of, or ability to provide, the plan review report required in the MAP Guide (See, for example, Chapter 5, Section 5.6B.2. and Appendix 4A II.A.17.), as part of the Firm Commitment application without final architectural Drawings and Specifications. Read More…
