702.03D
Properties with Either Rent Restrictions or Income Restrictions
Requirements
By the Mortgage Loan Origination DateMortgage Loan Origination DateDate you fund a Mortgage Loan to the Borrower. , you must confirm the following.
| For Properties with... | You must confirm... |
|---|---|
| Rent restrictions (but no income restrictions) | The rent roll reflects the restricted rents are implemented. |
| Income restrictions (but no rent restrictions) | The restricted units are occupied by income eligible tenants. |
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). must have:
- 20% @ 50%: at least 20% of all units restricted:
- to occupancy by households earning no more than 50% of AMI, as adjusted for family size; or
- with rents not exceeding 30% of 50% of AMI, as adjusted for family size; or
- 40% @ 60%: at least 40% of all units restricted:
- to occupancy by households earning no more than 60% of AMI, as adjusted for family size; or
- with rents not exceeding 30% of 60% of AMI, as adjusted for family size.