Guide Update 22-03
:  Multifamily Affordable Housing Properties
Effective:
Retired: 04/03/23
Multifamily Affordable Housing Properties (Redline).pdf

HIGHLIGHTS

Effective for Mortgage Loans Committed on or after March 18, 2022, Part III, Chapter 7: Multifamily Affordable Housing Properties was updated to

 

  • clarify requirements,
  • expand delegation for Florida property tax exemptions, and
  • remove delegation for not-for-profit multi-asset Borrowers.

 

Primary Changes

  • Eliminated the 30% rent restriction requirement for Special Public Purpose Properties.
  • Clarified gross rental income underwriting for vacant units.
  • Expanded the delegated Florida state affordable housing property tax exemption.
  • Removed delegation for multi-asset not-for-profit Borrowers.
  • Clarified Subordinate Financing requirements, including 
    • loan terms, 
    • collateral and credit support, 
    • soft financing, 
    • Subordination Agreement, and 
    • LIHTC Equity Bridge Loans.
       

Questions

Please contact Georgia Hessick, at [email protected] or Sos Klu, at [email protected], with any questions.