702.09

New Property Condition Assessment (PCA)

Requirements

For any non-MAH PropertyMAH PropertyProperty that: complies with Part III, Chapter 7: Multifamily Affordable Housing Properties, Section 702: MAH Property Eligibility; and is underwritten per Part III, Chapter 7: Multifamily Affordable Housing Properties. , you must obtain a new full PCAPCAAssessment of the Property's physical condition and historical operation. per Form 4099 if the conversion extends the term of the fixed rate Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. beyond the original term of the ARM LoanARM LoanMortgage Loan with an interest rate that periodically adjusts based on an Index per the Note or Loan Documents. or SARM Loan.

You must obtain a full PCAPCAAssessment of the Property's physical condition and historical operation. every 5 years for an MAH PropertyMAH PropertyProperty that: complies with Part III, Chapter 7: Multifamily Affordable Housing Properties, Section 702: MAH Property Eligibility; and is underwritten per Part III, Chapter 7: Multifamily Affordable Housing Properties. per Part V, Chapter 4: Asset Management: Loan Document Administration, Section 408.04E: New Property Condition Assessments.

You must obtain the PCAPCAAssessment of the Property's physical condition and historical operation. by the earlier of

  • the final Loan YearLoan YearPeriod beginning on the date of the Note and ending on the last day of the month that is 12 full months after the date of the Note, and each successive 12-month period thereafter. of the ARM LoanARM LoanMortgage Loan with an interest rate that periodically adjusts based on an Index per the Note or Loan Documents. or SARM Loan if it had not been converted, or
  • Loan YearLoan YearPeriod beginning on the date of the Note and ending on the last day of the month that is 12 full months after the date of the Note, and each successive 12-month period thereafter. 10.