If you want to know how lexology can advance your content marketing strategy, email [email protected]. 9. Fiduciary contract for non-critical and delayed repairs (HUD-92476.1M) 13. Construction contract (HUD-92442M)/Supp. To Construction Contract (HUD-92554M-SUPP) The U.S. Department of Housing and Urban Development (HUD) has issued revised final documents to be used for all transactions involving a commitment made after August 10, 2014. HUD introduced additional time in situations where (1) a loan application was under review for 60 days or more prior to August 10, 2014 and (2) the loan was closed within 180 days as of August 10, 2014 (approximately February 5, 2015). Here are the key changes to the loan documents that highlight revisions that change the borrower`s or lender`s obligations. Copies of the new forms that are turned against the old forms are available atportal.hud.gov/hudportal/HUD?src=/program_offices/housing/mfh/mfhclosingdocuments.
Each document number mentioned below contains links to the corresponding document in the HUD portal. 12. Building Loan Agreement (HUD-92441M) /Supp. to Building Loan Agreement (HUD-92441M-SUPP) “I find news feeds very useful and relevant to my field of practice and the issues facing my company. As I am very satisfied with the News Feed (this is one of the best I get), I have no suggestions for improvement at this time. The changes to the BLA are purely cosmetic. These amendments show that the payment agreement is attached in Appendix C. In the absence of a payment agreement, Schedule C is accompanied by a payment schedule. No changes were made to the BLA supplement. Section 9 has been revised to deal with situations in which all or part of the repair costs are required to support the loan amount.
If repair costs are lower than expected, HUD requires additional cost certification. Excess loan revenues must be used for additional repairs, reduced outstanding credit or an additional payment for the replacement reserve. 7. Consolidated Certifications – Borrowers (HUD-91070M) Please note that the rules for conducting “all appropriate investigations” (IAAs) for Phase I environmental site assessments have changed significantly to qualify for certain provisions relating to the protection of owners` liability and lenders in accordance with the CERLA. ASTM standards are regularly updated – the last two updates were in 2013 and 2005. Previously, the EPO had indicated that the implementation of a phase I after “05” or “13” would be sufficient to establish AAI. However, since the beginning of this week, CEPOL has made it clear that only the standard for 2013 is possible. So make sure your consultants use the 2013 standards for maximum protection under CERLA.
A new provision was added to this document, requiring the lender to confirm that all necessary authorizations and licences were obtained on the basis of the lender`s duty of due diligence. No substantial changes have been made to this document. 6. Notice from the Borrower Advisor and Borrower Certification (HUD-91725M/91725M-CERT) This is a new document designed to contain the provisions of the EEOC, Title VI certification, the borrower`s Byrd Amendment certification and the LIHTC certificate.