The U.S. Department of Housing and Urban Development (HUD) has released the newest version of the Multifamily Accelerated Processing (MAP) Guidebook. Among the many notable changes made to this newest version of the MAP Guidebook, HUD has added new market study requirements, and incorporated a portion of the language from NCAHMA’s Model Content Standards.
Other significant updates include:
- Added Sections 231 Housing for the Elderly as a new program eligible for processing under MAP. Removed Section 232 Residential Care Facilities as an eligible MAP program;
- Modified to reflect new guidance regarding MAP training;
- Added LIHTC streamlined processing instructions;
- Clarifies that the appraisal and market study should be completed by separate entities;
- New instructions for Site Value for Subsidized and/or Low Income Housing Tax Credit Applications;
- Adds more detailed clarifications around Environmental Reporting requirements;
- Eliminated need for cost certification on LIHTC, Historic tax credits, or New Markets tax credits projects where the ratio of the loan proceeds to the actual cost of the project is less than 80 percent;
- Added new chapter (Chapter 14) for LIHTC Guidance;
- Added new chapter (Chapter 16) for Master Lease to Facilitate the Use of Tax Credits
