Primary Changes

• In Part II, Chapter 1: Attributes and Characteristics, added Expanded Housing Choice pricing incentive eligibility criteria for Properties in North Carolina or Texas when the Borrower agrees to accept Housing Choice Vouchers as rent payment. 
• In Part V, Chapter 4: Asset Management: Loan Document Administration, added requirements for Mortgage Loans Delivered with the Expanded Housing Choice pricing incentive.
• Added the following new required form Loan Documents:
  • Modifications to Multifamily Loan and Security Agreement (Expanded Housing Choice) (Form 6273); and
  • Supplemental Annual Loan Agreement Certification (Expanded Housing Choice) (Form 6620.Supplemental.Expanded Housing Choice).

Source of Income Protections

You should monitor whether a Property jurisdiction has a Source of Income Protections statute that the Borrower must comply with per the Multifamily Loan Agreement.

Questions

Please contact Amy Bernier, at [email protected], or Susan Filanowicz, at [email protected], with any questions.