The U.S. Department of Agriculture Rural Development has issued an unnumbered letter (UL) clarifying underwriting guidance for Transfer and Multi-Family Housing Preservation and Revitalization (MPR) loans and grants. Agency underwriters currently use the underwriting template (UWT) available on the RD website to document decisions. The intent of this UL is to generate a broader understanding of transfer and MPR revitalization principles, focusing primarily on factors considered to determine financial feasibility. More specifically the memo covers general underwriting principles, important underwriting factors for transfer transactions, and important underwriting factors for specifically MPR transactions. The UL does not delve into aspects of the transaction process such as determining the suitability of the borrower, assessing environmental compliance or evaluating fair housing compliance.
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