HUD issued Notice H 2013-25 regarding updates to the 236 decoupling process. All decoupling submissions will be sent to HUD’s Washington DC offices rather than local hubs. Some items in the notice include: a. IRP assistance may be suspended if owner fails to meet use agreement conditions. b. Continuation of IRP subsidy may not exceed the total subsidy amount established for the original 236 mortgage. The term may be extended by reducing monthly IRP payments. c. The use agreement must be extended for five years beyond IRP assistance. d. IRP payments must be paid to mortgagees and a public agency must provide oversight. e. HAP contracts must be renewed for twenty years. f. All outstanding HUD debt must be repaid to the extent that it is financially feasible. g. Decoupling proposals may request a potential annual distribution that is greater than the current distribution based on a several formulas. h. An appraisal is required prior to a sale or equity takeout.
Posted on: Thu, 12 Sep 2013 13:31:22 +0000
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