On November 10, HUD issued Notice H 2011-31, which provided guidance on the agency’s policy regarding the use of sale proceeds by nonprofits that sell multifamily projects with an FHA-insured, HUD-held or formerly FHA-insured mortgages. The notice states that the nonprofit may retain all proceeds from the sale of the property provided the new owner maintains the property’s long term affordability and other criteria is met. Notice H2011-31 expires on November 30, 2012.
To read the notice, click here.
