Finally, many properties have benefited from additional assistance in the form of a rent increase (Rent Supp), rental assistance payment (RAP) and/or Section 8 of Project-Based Rental Assistance Contracts (PBRA). Owners whose loans are maturing or maturing very soon should immediately contact HUD to discuss their options. Among the issues that should be discussed with HUD are: any project insured, uninsured or supported by HUD under Section 236 may be considered as part of the decoupling program. Conservation projects (which are dealt with under the Low-Income Housing Preservation and Resident Homeownership Act (LIHPRHA) and Emergency Low-Income Housing Preservation Act (ELIHPA) programs) can only participate if no rent increase is necessary or caused by the decoupling transaction. The requirements and procedures for setting the rents of these properties are set out in an action plan. Tenant Notification Requirements (Wellstone Notice) The guide describes a landlord`s financing opportunities, including refinancing to raise capital, prepayment of the initial Section 236 loan, decoupling the balance of an ICCR from the original mortgage, and applying the IORP grant stream to a new loan as part of a down payment and refinancing transaction. and facilitating hot air balloon payments due for certain flexible grant loans. The guide also describes rental assistance options, including renewing expiring contracts in Section 8, with a potential increase in contract rents, making tenant protection vouchers available to residents, and converting real estate into PBRA coupons or projects as part of Stream 2 of the Rental Support Event. The same applies to Article 236 of the basic and market rent calculations during the term of the decoupling contract and the distributions authorised during the term of the contract for IRP.
>>What is the loan due under section 236? How many months are left on the IRP? Documents must answer these critical questions. . Homeowners can “decouple” the remaining iRP grant in case of prepayment and apply it to a new loan. In other words, although the loan is paid in advance in accordance with Article 236, the interest reduction subsidy may remain in the property. These funds can contribute to the use of new debt capital for the project. The new lender receives the remaining IRP payments from HUD. * Check the latest REAC report to check capital and repair requirements, know your score and understand the issues. Distributions may only be withdrawn from excess cash and, in the case of HFA-funded Section 236 agreements, national or local legislation controls the distributions.
The retention options for Section 236 Properties are available from bit.ly/1qAdYdP* nonprofits, real estate with Flex Sub Loans, and some FHA loans with additional leases. * Unit conversion requirements (combination of efficiency gains into units with a bedroom). . . .
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