Section 2202
Compliance
Requirements
You must:
- ensure the Borrower’sBorrower’sPerson who is the obligor per the Note.
execution of the:
- Modifications to Multifamily Loan and Security Agreement (Sponsor-Dedicated Workforce Housing) (Form 6271.SDW); and
- Modifications to Security Instrument (Sponsor-Dedicated Workforce Housing) (Form 6325);
- require 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). compliance within 12 months after the Mortgage Loan Origination DateMortgage Loan Origination DateDate you fund a Mortgage Loan to the Borrower. ; and
- ensure the SDW units are at least proportional 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.
Guidance
An example of an acceptable unit mix is:
| Sample 100-Unit Building | ||
|---|---|---|
| Apartment Type | Number of Units | Minimum 20% Unit Mix |
| Studio | 10 | 2 |
| 1 Bedroom | 50 | 10 |
| 2 Bedroom | 30 | 6 |
| 3 Bedroom | 10 | 2 |
| Total | 100 | 20 |
Operating Procedures
You must use the Sponsor-Dedicated Workforce (SDW) Housing Job Aid to commit and DeliverDeliverSubmission of all correct, accurate, and certifiable documents, data, and information with all applicable documents properly completed, executed, and recorded as needed, and any deficiencies resolved to Fannie Mae’s satisfaction. a 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. qualifying for a Sponsor-Dedicated Workforce Housing pricing incentive.