418.04

Multifamily Affordable Housing (MAH) Properties

The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must collect annual compliance documentation in the form of:

  • for an MAH PropertyMAH PropertyProperty that: complies with Part III, Chapter 7: Multifamily Affordable Housing Properties, Section 702: MAH Property Eligibility; and is underwritten per Part III, Chapter 7: Multifamily Affordable Housing Properties. with SponsorSponsorPrincipal equity owner and/or primary decision maker of the Borrower (often the Key Principal or the Person Controlling the Key Principal). -Initiated Affordability, certifications from the BorrowerBorrowerPerson who is the obligor per the Note. and Administering AgentAdministering AgentThird-party compliance monitoring company. of compliance with the Sponsor-Initiated Affordability AgreementSponsor-Initiated Affordability AgreementVoluntary agreement signed by the Borrower and recorded in the land records against the Property, putting rent and income restrictions in place to preserve or create multifamily affordable housing. ; or
  • for any other MAH PropertyMAH PropertyProperty that: complies with Part III, Chapter 7: Multifamily Affordable Housing Properties, Section 702: MAH Property Eligibility; and is underwritten per Part III, Chapter 7: Multifamily Affordable Housing Properties. , the annual recertification of 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 with the Affordable Regulatory AgreementAffordable Regulatory AgreementRecorded or unrecorded regulatory, land use, extended use, restrictive covenant, or similar agreement or restriction that is imposed by a Public Entity, placing rent, income, or other affordability restrictions on the use or occupancy of the Property, but which does not include a HAP Contract. from the agency or entity that imposed any applicable rent or occupancy restrictions or, if not available, an explanation of why it is not available. 

The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must immediately submit a Non-Monetary Default Borrower Request in the MAMPMAMPMultifamily Asset Management Portal used to submit Property inspections, operating statements, requested modifications, asset management reports, and data corrections for loan or property attributes. to notify Multifamily Asset ManagementMultifamily Asset ManagementTeam that can be contacted at [email protected]. if this documentation reveals any event of default or noncompliance with the applicable:

  • Sponsor-Initiated Affordability AgreementSponsor-Initiated Affordability AgreementVoluntary agreement signed by the Borrower and recorded in the land records against the Property, putting rent and income restrictions in place to preserve or create multifamily affordable housing. ; or
  • Affordable Regulatory AgreementAffordable Regulatory AgreementRecorded or unrecorded regulatory, land use, extended use, restrictive covenant, or similar agreement or restriction that is imposed by a Public Entity, placing rent, income, or other affordability restrictions on the use or occupancy of the Property, but which does not include a HAP Contract. .

 The ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must retain the annual compliance documentation in its Servicing FileServicing FileYour file for each Mortgage Loan serviced. .