Kendall Realty Advisors LLC
Thursday, October 25, 2012
Thursday, October 11, 2012
Tuesday, October 2, 2012
Wednesday, March 18, 2009
FHA Three Year Waivers
TO: All FHA-Approved Multifamily Mortgagees
SUBJECT: Temporary Authority for Multifamily Hubs to Process Waiver Requests Pertaining to the Three-Year Rule for Section 223(f)
Purpose
This mortgagee letter sets forth the Department’s policy to grant temporary authority to Multifamily Hub Directors to grant waivers of the Three Year Rule for Section 223(f) (MAP Guide, Section 3.8.a Eligible Property), for the purpose of providing liquidity to recently constructed, self sustaining properties that are unable to secure permanent long term financing due to the freeze in the capital markets. This mortgagee letter will benefit applications that meet all of the qualifications of the Section 223(f) program, except for the fact that the property was originally constructed or substantially rehabilitated less than three years prior to the date of application for Firm Commitment. Eligible applications will have a Certificate of Occupancy dated no later than July 31, 2008. The waiver authority granted under this Mortgagee Letter expires six months from publication. The Department will evaluate the effectiveness of this waiver authority based upon applications received and may elect to extend the program based upon that evaluation.
SUBJECT: Temporary Authority for Multifamily Hubs to Process Waiver Requests Pertaining to the Three-Year Rule for Section 223(f)
Purpose
This mortgagee letter sets forth the Department’s policy to grant temporary authority to Multifamily Hub Directors to grant waivers of the Three Year Rule for Section 223(f) (MAP Guide, Section 3.8.a Eligible Property), for the purpose of providing liquidity to recently constructed, self sustaining properties that are unable to secure permanent long term financing due to the freeze in the capital markets. This mortgagee letter will benefit applications that meet all of the qualifications of the Section 223(f) program, except for the fact that the property was originally constructed or substantially rehabilitated less than three years prior to the date of application for Firm Commitment. Eligible applications will have a Certificate of Occupancy dated no later than July 31, 2008. The waiver authority granted under this Mortgagee Letter expires six months from publication. The Department will evaluate the effectiveness of this waiver authority based upon applications received and may elect to extend the program based upon that evaluation.
The State of FHA Commercial Lending
FHA lending is about to enter a new era with the Obama Administration and changes to its FHA 232 program. FHA has attempted during several administrations to stream line and centralize with limited success. The lean and hospital programs are success stories now.
The FHA new construction programs should be busy with so many lenders lowering loan to cost and value amounts. Our rates have held relatively steady but the spreads over treasuries are still much higher than a few years ago. Overall FHA lending will be very busy and I hope the new administration brings in good people and continues to streamline, modernize and centralize the FHA programs.
President Obama has stated that helping families with rent is more important than giving them unaffordable home ownership. I hope he expands rental help for those in need since we have seen what happens when all the government help just goes to home ownership.
Good luck and God Speed
Mr. President
Barack Obama.
The FHA new construction programs should be busy with so many lenders lowering loan to cost and value amounts. Our rates have held relatively steady but the spreads over treasuries are still much higher than a few years ago. Overall FHA lending will be very busy and I hope the new administration brings in good people and continues to streamline, modernize and centralize the FHA programs.
President Obama has stated that helping families with rent is more important than giving them unaffordable home ownership. I hope he expands rental help for those in need since we have seen what happens when all the government help just goes to home ownership.
Good luck and God Speed
Mr. President
Barack Obama.
Subscribe to:
Comments (Atom)
Evanston Windows Doors Home Repair Siding Headline Animator
Commercial Mortgage - Apartment - Healthcare
