Expanded Housing Choice

Requirements

To be eligible for the Expanded Housing Choice pricing incentive, all of the following must be met:

• The BorrowerBorrowerPerson who is the obligor per the Note. :
  • agrees to accept Housing Choice VouchersHousing Choice VouchersAny rental assistance payment or voucher to an eligible tenant under Section 8 of the United States Housing Act of 1938, 42 U.S.C. § 1437f, as amended. at the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). throughout the 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. term;
  • agrees not to discriminate against applicants, tenants, their family members, and occupants for using Housing Choice VouchersHousing Choice VouchersAny rental assistance payment or voucher to an eligible tenant under Section 8 of the United States Housing Act of 1938, 42 U.S.C. § 1437f, as amended. to pay rent and other lawful fees, including
    • applying stricter screening standards,
    • charging larger security deposits, rent, or fees, or
    • subjecting them to additional community rules;
  • agrees to advertise the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). and/or available units 
    • with participating Public Housing Agencies, and 
    • on https://www.affordablehousing.com (or successor site); and
  • executes a 
    • Modification to Multifamily Loan and Security Agreement (Expanded Housing Choice) (Form 6273), and 
    • Payment Guaranty (Pricing Incentive Recapture) (Form 6020.PIR).
• The PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). :
  • is located in
    • Texas, or
    • North Carolina;
  • is not already required to accept Housing Choice VouchersHousing Choice VouchersAny rental assistance payment or voucher to an eligible tenant under Section 8 of the United States Housing Act of 1938, 42 U.S.C. § 1437f, as amended. as a financing condition, such as per
    • an Affordable Regulatory AgreementAffordable Regulatory AgreementRegulatory, land use, extended use, or similar agreement or recorded restriction limiting rents, imposing maximum income restrictions on tenants, or placing other affordability restrictions on the use or occupancy of the Property (whether imposed by a government entity or self-imposed by a Borrower…,
    • Sponsor-Initiated Affordability Agreement, or
    • LIHTCLIHTCFederal program offering tax credits to owners of eligible properties that contain low-income occupants and rent restrictions. agreement; and
  • on the Mortgage Loan Origination DateMortgage Loan Origination DateDate you fund a Mortgage Loan to the Borrower. , has at least 20% of its units within the applicable HUDHUDU.S. Department of Housing and Urban Development Fair Market Rent or Small Area Fair Market Rent, as adjusted per the applicable Public Housing Agency payment standard, with the qualifying unit mix being in proportion to the Property'sProperty'sMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). overall unit mix.