303.01

Rehabilitation Work Evaluation Report

Requirements

If the Rehabilitation WorkRehabilitation WorkAggregate repairs, replacements, or improvements (including all Completion/Repairs) required to be performed and completed within a specified time period after the Mortgage Loan Origination Date for a Moderate Rehabilitation Property. will cost more than $20,000 per unit and includes structural additions or modifications, then in addition to the other requirements in this Chapter, you must obtain a rehabilitation work evaluation report from either the PCA ConsultantPCA ConsultantIndividual or firm conducting a PCA and preparing a PCA Report. or a licensed architect or engineer.

This rehabilitation work evaluation report must include:

  • a review and evaluation of 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). ;
  • the scope of Rehabilitation WorkRehabilitation WorkAggregate repairs, replacements, or improvements (including all Completion/Repairs) required to be performed and completed within a specified time period after the Mortgage Loan Origination Date for a Moderate Rehabilitation Property. ; and
  • all significant construction contracts related to the Rehabilitation WorkRehabilitation WorkAggregate repairs, replacements, or improvements (including all Completion/Repairs) required to be performed and completed within a specified time period after the Mortgage Loan Origination Date for a Moderate Rehabilitation Property. .

The report must also address, and you must evaluate, the following:

  • Is the planned Rehabilitation WorkRehabilitation WorkAggregate repairs, replacements, or improvements (including all Completion/Repairs) required to be performed and completed within a specified time period after the Mortgage Loan Origination Date for a Moderate Rehabilitation Property. structurally sound and physically feasible?
  • Is the estimated cost of the Rehabilitation WorkRehabilitation WorkAggregate repairs, replacements, or improvements (including all Completion/Repairs) required to be performed and completed within a specified time period after the Mortgage Loan Origination Date for a Moderate Rehabilitation Property. reasonable?
  • Will the work be completed within the Borrower’sBorrower’sPerson who is the obligor per the Note. scheduled time frame, but not later than 36 months after the anticipated Mortgage Loan Origination DateMortgage Loan Origination DateDate you fund a Mortgage Loan to the Borrower. ?
  • Will the work comply with all zoning, building, and fire code regulations?
  • Is there any additional work that is not already planned but that should be undertaken?