tag:blogger.com,1999:blog-10009992104519810252024-03-04T22:28:50.695-08:00FHA 232 Lean LoansWork with one of the top FHA 232 and Apartment Lending teams, We have spent over twenty five years each, lending on Apartments and Healthcare properites using FHA and FNMA programsChuck Kendallhttp://www.blogger.com/profile/13354984631507860472noreply@blogger.comBlogger28125tag:blogger.com,1999:blog-1000999210451981025.post-86044074232205180342013-04-12T13:30:00.000-07:002013-04-12T13:30:42.439-07:00 Loan Rates FHA 223 F FHA 232 Lean Assisted Living Scott Kendall 847-903-7578<iframe frameborder="0" height="300" src="https://docs.google.com/spreadsheet/pub?key=0Ap3HfXzExHJ3dEZYVmc5MHRzaXRXSThDazNoV1FiSUE&single=true&gid=0&output=html&widget=true" width="500"></iframe>Anonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1000999210451981025.post-47525962848245187862013-03-01T08:13:00.003-08:002013-03-01T08:19:20.745-08:00How much should my insurance plan cost in 2014t?<h3 class="post-title entry-title" itemprop="name">
<a href="http://selfemployedhealthinsurancesolutions.blogspot.com/2013/02/how-much-should-my-insurance-plan-cosin.html">How much should my insurance plan cost in 2014t?</a><br />
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HST Ranked #1 A nationwide team of optimists, problem solvers and
medical advocates. We’re a passionate blend of resourcefulness,
compassion and drive. We’re a crew of true believers. Scott Kendall
Agent Health Savings Consultant 847-903-7578
skendall@aplanforeveryone.com
We shop for you and if we can't save you money you pay nothing!
Health Insurance - HRA's - great plans Anonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1000999210451981025.post-62043985217391097802013-02-27T10:22:00.000-08:002013-02-27T11:42:53.146-08:00FHA 223 F rates FHA 232 refinances now moving very fast for FHA<iframe frameborder="0" height="300" src="https://docs.google.com/spreadsheet/pub?key=0Ap3HfXzExHJ3dEZYVmc5MHRzaXRXSThDazNoV1FiSUE&single=true&gid=0&output=html&widget=true" width="500"></iframe>Anonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1000999210451981025.post-44410582465178691662013-01-11T09:15:00.001-08:002013-01-11T09:15:37.392-08:00Apartment loan rates FHA 223 f FHA 232 Rates senior housing<iframe width='500' height='300' frameborder='0' src='https://docs.google.com/spreadsheet/pub?key=0Ap3HfXzExHJ3dEZYVmc5MHRzaXRXSThDazNoV1FiSUE&single=true&gid=0&output=html&widget=true'></iframe>Anonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1000999210451981025.post-32700601763247812832012-10-11T11:16:00.000-07:002012-10-11T11:16:58.191-07:00FHA 232 LEAN rates<iframe frameborder="0" height="300" src="https://docs.google.com/spreadsheet/pub?key=0Ap3HfXzExHJ3dEZYVmc5MHRzaXRXSThDazNoV1FiSUE&single=true&gid=0&output=html&widget=true" width="500"></iframe> <a href="http://www.kendallrealtyadvisors.com/">http://www.kendallrealtyadvisors.com/</a>Anonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1000999210451981025.post-88949085353266406752012-07-31T10:55:00.001-07:002012-07-31T10:55:12.013-07:00Apartment Loan Rates FHA 223F FNMA<br />
<a href="https://docs.google.com/spreadsheet/ccc?key=0Ap3HfXzExHJ3dEZYVmc5MHRzaXRXSThDazNoV1FiSUE">Apartment Loan Rates FHA 223F FNMA</a><br />
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<a href="https://docs.google.com/spreadsheet/ccc?key=0Ap3HfXzExHJ3dEZYVmc5MHRzaXRXSThDazNoV1FiSUE">Apartment Loan Rates FHA 223F FNMA</a><br />Anonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1000999210451981025.post-89802346406315446022012-06-21T07:38:00.000-07:002012-06-21T07:38:31.320-07:00FHA 232 LEAN refinance loan pricing add 20 basis points to 223 f apartment rate<br />
<a href="https://docs.google.com/spreadsheet/ccc?key=0Ap3HfXzExHJ3dEZYVmc5MHRzaXRXSThDazNoV1FiSUE" target="_blank"> Loan Pricing - </a><br />
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<a href="https://docs.google.com/spreadsheet/ccc?key=0Ap3HfXzExHJ3dEZYVmc5MHRzaXRXSThDazNoV1FiSUE" target="_blank"> Loan Pricing - </a><br />
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<br />Anonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1000999210451981025.post-61132608767708100712012-06-19T07:38:00.003-07:002012-06-19T07:38:36.794-07:00FHA 232 LEAN Rates add 20 basis point to standard FHA 223(f) rate 847 903 7578<br />
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<a href="http://fha232lenderlean.blogspot.com/2012/06/fha-232-lean-rates-add-20-basis-point.html" style="color: #6699cc; text-decoration: none;">FHA 232 LEAN Rates add 20 basis point to standard FHA 223(f) rate</a></h3>
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<br /><span style="background-color: #cfe2f3; font-family: arial, sans, sans-serif; font-size: 31px; font-weight: bold; text-align: center; white-space: pre-wrap;">FHA 232 LEAN<a href="https://docs.google.com/spreadsheet/ccc?key=0Ap3HfXzExHJ3dEZYVmc5MHRzaXRXSThDazNoV1FiSUE" style="color: #6699cc; text-decoration: none;" target="_blank"> RATES 847 903 7578</a> Scott Kendall</span></div>Anonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1000999210451981025.post-8105094787239373642012-06-16T15:07:00.001-07:002012-06-16T15:07:10.522-07:00FHA 232 LEAN Rates add 20 basis point to standard FHA 223(f) rate<br />
<span style="background-color: #cfe2f3; font-family: arial, sans, sans-serif; font-size: 31px; font-weight: bold; text-align: center; white-space: pre-wrap;">FHA 232 LEAN<a href="https://docs.google.com/spreadsheet/ccc?key=0Ap3HfXzExHJ3dEZYVmc5MHRzaXRXSThDazNoV1FiSUE" target="_blank"> RATES 847 903 7578</a></span><br />
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<span style="background-color: #cfe2f3; font-family: arial, sans, sans-serif; font-size: 31px; font-weight: bold; text-align: center; white-space: pre-wrap;">FHA 232 LEAN</span><a href="https://docs.google.com/spreadsheet/ccc?key=0Ap3HfXzExHJ3dEZYVmc5MHRzaXRXSThDazNoV1FiSUE" style="font-family: arial, sans, sans-serif; font-size: 31px; font-weight: bold; text-align: center; white-space: pre-wrap;" target="_blank">RATES 847 903 7578</a><br />Anonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1000999210451981025.post-8211418994634326172012-06-06T09:56:00.001-07:002012-06-06T09:56:19.631-07:00#FHA223F #Apartment #Lender Apartment #Loan Pricing FNMA National Loan rates Kendall Realty<br />
<a href="https://docs.google.com/spreadsheet/ccc?key=0Ap3HfXzExHJ3dEZYVmc5MHRzaXRXSThDazNoV1FiSUE" target="_blank">Apartment Lender Apartment Loan Pricing -</a><br />
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<a href="https://docs.google.com/spreadsheet/ccc?key=0Ap3HfXzExHJ3dEZYVmc5MHRzaXRXSThDazNoV1FiSUE" target="_blank">Apartment Lender Apartment Loan Pricing -</a><br />Anonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1000999210451981025.post-34548850018227612342012-05-30T09:03:00.001-07:002012-05-30T09:03:14.506-07:00Record low #Apartment #Loan #apartmentLender #Apartment Loan<br />
<a class=" twitter-hashtag pretty-link" data-query-source="hashtag_click" href="https://twitter.com/#%21/search/%23fright" title="#fright"><s>#</s><b>fright</b></a> to safety interest rates go down as <a class=" twitter-hashtag pretty-link" data-query-source="hashtag_click" href="https://twitter.com/#%21/search/%23EU" title="#EU"><s>#</s><b>EU</b></a> money flocks to safety of US treasuries <a class=" twitter-hashtag pretty-link" data-query-source="hashtag_click" href="https://twitter.com/#%21/search/%23Dollar" title="#Dollar"><s>#</s><b>Dollar</b></a><br />
<span style="font-size: large;"><b><a href="http://www.blogger.com/goog_1607582638">RECORD LOW APARTMENT LOAN RATES</a></b></span><br />
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<span style="font-size: large;"><br /></span><br />
<span style="font-size: large;"><b>As rumors of LEFTIST gaining popularity in Greece over REVOLT OVER AUSTERITY </b></span><br />
<span style="font-size: large;"><b>everyone buys US currency and stashes it in their pillow. THE normal suspects go <span style="color: red;">down </span>as <span style="color: lime;">dollar gains</span> in value <span style="color: red;">oil, interest rates and stocks go down</span> on <span style="color: #e69138;">fright to safety moves</span></b></span><br />
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Stocks fell sharply Wednesday as worries about Europe's debt, specifically the Spanish banking system,again shook confidence.</div>
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Investors flooded into <a href="http://money.cnn.com/data/bonds/?iid=EL" style="background-color: transparent; border: 0px; color: #004276; font-weight: bold; margin: 0px; outline: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;">U.S. Treasuries</a>, raising prices and pushing the yield on the benchmark 10-year note down to a <a href="http://money.cnn.com/2012/05/30/investing/treasuries/index.htm?iid=EL" style="background-color: transparent; border: 0px; color: #004276; font-weight: bold; margin: 0px; outline: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;">record low</a> of 1.656%.</div>
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The Dow Jones industrial average (<span class="inlink_chart" style="background-image: url(http://i2.cdn.turner.com/money/.element/img/5.0/buttons/assorted_icons.gif); background-position: -200px -160px; border: 0px none; margin: 0px; outline: none 0px; padding: 0px 0px 2px 19px; position: relative; vertical-align: baseline;"><a class="inlink" href="http://money.cnn.com/data/markets/dow/?source=story_quote_link" style="background-color: transparent; border: 0px; color: #004276; font-weight: bold; margin: 0px; outline: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;">INDU</a></span>) was down 150 points, or 1.2%, in early trading. The S&P 500 (<span class="inlink_chart" style="background-image: url(http://i2.cdn.turner.com/money/.element/img/5.0/buttons/assorted_icons.gif); background-position: -200px -160px; border: 0px none; margin: 0px; outline: none 0px; padding: 0px 0px 2px 19px; position: relative; vertical-align: baseline;"><a class="inlink" href="http://money.cnn.com/data/markets/sandp/?source=story_quote_link" style="background-color: transparent; border: 0px; color: #004276; font-weight: bold; margin: 0px; outline: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;">SPX</a></span>) sank 17 points, or 1.2%, and the Nasdaq (<span class="inlink_chart" style="background-image: url(http://i2.cdn.turner.com/money/.element/img/5.0/buttons/assorted_icons.gif); background-position: -200px -160px; border: 0px none; margin: 0px; outline: none 0px; padding: 0px 0px 2px 19px; position: relative; vertical-align: baseline;"><a class="inlink" href="http://money.cnn.com/data/markets/nasdaq/?source=story_quote_link" style="background-color: transparent; border: 0px; color: #004276; font-weight: bold; margin: 0px; outline: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;">COMP</a></span>) declined 38 points, or 1.3%.</div>
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The European Central Bank issued a statement Wednesday saying it had not been consulted on the bailout for Bankia, the No. 4 bank in Spain, and that such a recapitalization could not be provided by the Eurosystem.</div>
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In addition, independent ratings agency Egan-Jones downgraded Spain's sovereign debt late Tuesday. The move raised more questions about the country's ability to fund <a href="http://money.cnn.com/2012/05/25/investing/spain-banks/index.htm?iid=EL" style="background-color: transparent; border: 0px; color: #004276; font-weight: bold; margin: 0px; outline: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;">bank bailouts</a> that could reach as much as €100 billion.</div>
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Yields on 10-year Spanish debt soared to 6.62% Wednesday.</div>
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In addition, the European Commission's economic sentiment index fell for the second month in a row, hitting the lowest level since October 2009.</div>
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<a href="http://money.cnn.com/data/world_markets/?iid=EL" style="background-color: transparent; border: 0px; color: #004276; font-weight: bold; margin: 0px; outline: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;">World markets</a> were sharply lower on European concerns. Britain's FTSE 100 (<span class="inlink_chart" style="background-image: url(http://i2.cdn.turner.com/money/.element/img/5.0/buttons/assorted_icons.gif); background-position: -200px -160px; border: 0px none; margin: 0px; outline: none 0px; padding: 0px 0px 2px 19px; position: relative; vertical-align: baseline;"><a class="inlink" href="http://money.cnn.com/data/world_markets/ftse100/?source=story_quote_link" style="background-color: transparent; border: 0px; color: #004276; font-weight: bold; margin: 0px; outline: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;">UKX</a></span>) dropped 1.6% in afternoon trading, the DAX (<span class="inlink_chart" style="background-image: url(http://i2.cdn.turner.com/money/.element/img/5.0/buttons/assorted_icons.gif); background-position: -200px -160px; border: 0px none; margin: 0px; outline: none 0px; padding: 0px 0px 2px 19px; position: relative; vertical-align: baseline;"><a class="inlink" href="http://money.cnn.com/data/world_markets/dax/?source=story_quote_link" style="background-color: transparent; border: 0px; color: #004276; font-weight: bold; margin: 0px; outline: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;">DAX</a></span>) in Germany lost 1.3% and France's CAC 40 (<span class="inlink_chart" style="background-image: url(http://i2.cdn.turner.com/money/.element/img/5.0/buttons/assorted_icons.gif); background-position: -200px -160px; border: 0px none; margin: 0px; outline: none 0px; padding: 0px 0px 2px 19px; position: relative; vertical-align: baseline;"><a class="inlink" href="http://money.cnn.com/data/world_markets/cac40/?source=story_quote_link" style="background-color: transparent; border: 0px; color: #004276; font-weight: bold; margin: 0px; outline: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;">CAC40</a></span>) plunged 1.7%.</div>
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CNNMoney's <a href="http://money.cnn.com/data/fear-and-greed/?iid=EL" style="background-color: transparent; border: 0px; color: #004276; font-weight: bold; margin: 0px; outline: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;">Fear & Greed Index</a>, which measures investor sentiment, remains firmly in "extreme fear" territory.</div>
<div style="background-color: white; border: 0px; color: #333333; font-family: Arial, helvetica, sans-serif; font-size: 14px; line-height: 19px; margin: 0px; outline: 0px; padding: 0px 0px 20px; text-align: left; vertical-align: baseline;">
<a href="http://money.cnn.com/2012/05/29/investing/stocks-markets/index.htm?iid=EL" style="background-color: transparent; border: 0px; color: #004276; font-weight: bold; margin: 0px; outline: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;">U.S. stocks</a> ended higher Tuesday, as investors welcomed a lack of negative headlines out of Europe and hopes that China would announce a new massive stimulus program </div>Anonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1000999210451981025.post-27788127203522458812012-05-24T08:24:00.001-07:002012-05-24T08:24:39.246-07:00commercial property, prices recovered to mid-2003 Levels CoStar 2012 News APARTMENT LOAN RATES LINK<br />
<a href="https://docs.google.com/spreadsheet/ccc?key=0Ap3HfXzExHJ3dEZYVmc5MHRzaXRXSThDazNoV1FiSUE" target="_blank">APARTMENT LOAN RATES LINK</a><br />
<span style="font-size: x-large;"><span style="background-color: white; color: black; display: inline !important; float: none; font-family: Arial, Helvetica, sans-serif;"><a href="http://www.costar.com/News/Article/CRE-Price-Recovery-Continues-Despite-Seasonal-Volatility/138593" target="_blank">Despite a generally flat March for pricing of commercial property, prices recovered to mid-2003</a> levels in the first quarter as improving fundamentals and liquidity causing a broadening of the recovery into non-core </span><a href="http://www.showcase.com/" style="background-color: white; color: #3366cc; font-family: Arial, Helvetica, sans-serif; margin: 0px; padding: 0px; text-decoration: none;" target="_blank">commercial real estate</a><span style="background-color: white; color: black; display: inline !important; float: none; font-family: Arial, Helvetica, sans-serif;"> and secondary markets, according to </span><a href="http://www.costar.com/ccrsi/index.aspx" style="background-color: white; color: #3366cc; font-family: Arial, Helvetica, sans-serif; margin: 0px; padding: 0px; text-decoration: none;" target="_blank">this month's CoStar Commercial Repeat Sale Indices (CCRSI) report.</a><span style="background-color: white; color: black; display: inline !important; float: none; font-family: Arial, Helvetica, sans-serif;"> </span></span><br />
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<span style="font-size: x-large;"><span style="background-color: white; color: black; display: inline !important; float: none; font-family: Arial, Helvetica, sans-serif;">At this rate it will be 2006 in ten short years. Oprah sells her Chicago condo for about 1/2 of what she paid. say $3,000,000 on $6,0</span></span><br />Anonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1000999210451981025.post-26522210215463875432012-05-23T09:50:00.001-07:002012-05-23T09:50:53.236-07:00Apartment Loan rates FHA FNMA Small Loans - Assisted Living Healthcare<br />
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<br class="Apple-interchange-newline" />FHA FNMA DUS</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjb0Mqh4ovNcaovWQ6DtPpoc4iZ5BK5_6YjxWMm5alfvFL48a2ToR5ElEGrandC1sl17V12tRoLiq69mgZz-5CbkYT1dEzyxDEFqCFyie35GmjirIEvbN8SyZQpVz27qostj6bSqlapOrAQ/s1600/apartment+loan+rates+may+23+2012.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="346" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjb0Mqh4ovNcaovWQ6DtPpoc4iZ5BK5_6YjxWMm5alfvFL48a2ToR5ElEGrandC1sl17V12tRoLiq69mgZz-5CbkYT1dEzyxDEFqCFyie35GmjirIEvbN8SyZQpVz27qostj6bSqlapOrAQ/s640/apartment+loan+rates+may+23+2012.jpg" width="640" /></a></div>
<a href="https://docs.google.com/spreadsheet/ccc?key=0Ap3HfXzExHJ3dEZYVmc5MHRzaXRXSThDazNoV1FiSUE" target="_blank">Apartment Loan rates FHA FNMA Small Loans - Assisted Living Healthcare</a><br />Anonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1000999210451981025.post-41100803209366218482012-05-19T09:29:00.001-07:002012-05-19T09:29:31.745-07:00Apartment Lender Apartment Loan Pricing historically lows<a href="https://docs.google.com/spreadsheet/ccc?key=0Ap3HfXzExHJ3dEZYVmc5MHRzaXRXSThDazNoV1FiSUE" target="_blank">Apartment Lender Apartment Loan Pricing - </a>Anonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1000999210451981025.post-4007879485894048162012-05-15T08:25:00.001-07:002012-05-15T08:25:13.269-07:00Apartment Loan rates and This Is Clearly Going To Cost JPMorgan Much More Than $2 Billion<br />
<span style="background-color: white; font-family: arial, helvetica, sans-serif; font-size: 13px; line-height: 15px; text-align: left;"><a href="https://docs.google.com/spreadsheet/ccc?key=0Ap3HfXzExHJ3dEZYVmc5MHRzaXRXSThDazNoV1FiSUE" target="_blank">APARTMENT LOAN RATES</a></span><br />
<span style="background-color: white; font-family: arial, helvetica, sans-serif; font-size: 13px; line-height: 15px; text-align: left;"><br /></span><br />
<span style="background-color: white; font-family: arial, helvetica, sans-serif; font-size: 13px; line-height: 15px; text-align: left;">Whale Ahoy</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhgwfPgHp8CSEB91ofgA9yR6ZAGXzlskDdazNhEaeai6NpBcX54TTu2Mu-XjHICp0PYoUuifmui7XI9iR8zoYAJQvbfHDzXuUiZPU9mxVnA4NoT0VetUD7Kf0n8pVjIBaNKJ-1S79yWI1k/s1600/JP+MORGAN+WHALE.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="192" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhgwfPgHp8CSEB91ofgA9yR6ZAGXzlskDdazNhEaeai6NpBcX54TTu2Mu-XjHICp0PYoUuifmui7XI9iR8zoYAJQvbfHDzXuUiZPU9mxVnA4NoT0VetUD7Kf0n8pVjIBaNKJ-1S79yWI1k/s320/JP+MORGAN+WHALE.jpg" width="320" /></a></div>
<span style="background-color: white; font-family: arial, helvetica, sans-serif; font-size: 13px; line-height: 15px; text-align: left;"><br /></span><br />
<span style="background-color: white; font-family: arial, helvetica, sans-serif; font-size: 13px; line-height: 15px; text-align: left;">JPMorgan announced a $2 billion loss Friday. W</span><span style="background-color: white; font-family: arial, helvetica, sans-serif; font-size: 13px; line-height: 15px; text-align: left;">hen compared to i</span><span style="background-color: white; font-family: arial, helvetica, sans-serif; font-size: 13px; line-height: 15px; text-align: left;">ts market cap and other indicators, that goes </span><em style="font-family: arial, helvetica, sans-serif; font-size: 13px; line-height: 15px; text-align: left;">Ouch!</em><span style="background-color: white; font-family: arial, helvetica, sans-serif; font-size: 13px; line-height: 15px; text-align: left;">, but not much more. However, there’s more going on. The bank has refused to state where in its operations the loss was incurred. For good reason perhaps: the positions that caused the loss are still rumored to be open.</span><br />
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The main problem JPMorgan may be facing, and the 8% loss in pre-market trading may be a sign players are on to this, is that we probably already know where the loss is. A few weeks ago, the financial sphere was full of stories about the London Whale, a JPM trader in London named Bruno Michel Iksil, who had taken such massive - synthetic - derivative (gambling) positions in a 125 company index that they were moving the market itself.</div>
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Back then, some hedge funds took counter positions just for the sheer fact that he had bet so much; they figured he couldn't last forever on all trades. The underlying notion was he was long a bunch of companies; well, not a lot has gone well in the markets lately. And if you have overweight derivative positions in one direction (in this case credit default swaps) , you can make a killing or you can get punished fast and furious. He did the latter.</div>
<span style="font-family: arial, helvetica, sans-serif; font-size: 13px; line-height: 15px; text-align: left;"><br /><br />Read more: <a href="http://theautomaticearth.org/Finance/jpmorgan-a-tale-of-whales-and-sharks.html#ixzz1uwnfvREt" style="color: #003399; text-decoration: none;">http://theautomaticearth.org/Finance/jpmorgan-a-tale-of-whales-and-sharks.html#ixzz1uwnfvREt</a></span><br />Anonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1000999210451981025.post-77089172974642524432012-04-17T09:02:00.001-07:002012-04-17T09:02:23.999-07:00I'd rather climb up into bed with a rattlesnake than have #MITT #ROMNEY as PRESIDENT #FHA killer #HUD RURAL HOSPITAL NURSING HOME APARTMENT FINANCE AFFORDABLE RENTAL LARGEST SINGLE FAMiLY LENDER<br />
<h1 class="title entry-title" itemprop="name">
<a href="http://beyondoccupy.blogspot.com/2012/04/rich-mitt-to-kill-fha-hud-department-of.html" itemprop="url" rel="bookmark">I'd
rather climb up into bed with a rattlesnake than have #MITT #ROMNEY as
PRESIDENT #FHA killer #HUD RURAL HOSPITAL NURSING HOME APARTMENT
FINANCE AFFORDABLE RENTAL LARGEST SINGLE FAMiLY LENDER</a></h1>Anonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1000999210451981025.post-70016838536602237972012-04-16T09:15:00.001-07:002012-04-16T09:15:11.406-07:00Apartment Loans Nationally $2,000,000 and up Small Apartment loans Chicago FNMA FHA and Community Banks<br />
Apartment Loans Nationally $2,000,000 and up<br />
<a href="http://www.blogger.com/goog_1026090946">Small Apartment loans Chicago</a><br />
<a href="http://www.kendallrealtyadvisors.com/commercialmortgages.html" target="_blank">FNMA FHA and Community Banks</a><br />
<br />
<a href="http://www.kendallrealtyadvisors.com/rates.html">RATES </a><br />Anonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1000999210451981025.post-31090907446535912592011-05-13T10:51:00.000-07:002011-05-13T10:51:17.796-07:00Weekly Update, April 10, 2009/U.S. Department of Housing and Urban Development (HUD)<a href="http://portal.hud.gov/hudportal/HUD?src=%2Ffederal_housing_administration%2Fhealthcare_facilities%2Fsection_232%2Flean_processing_page%2Funderwriting_guidance_home_page%2Fprevious_e_newsletters%2Fweekly_update_april_10_2009">Weekly Update, April 10, 2009/U.S. Department of Housing and Urban Development (HUD)</a>Anonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1000999210451981025.post-40439553888338973622011-03-24T12:27:00.000-07:002011-03-24T12:27:49.355-07:00FHA 232 LEAN Letter<div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><u><span style="color: black; text-transform: uppercase;">LOW INCOME HOUSING TAX CREDITS AND SECTION 232 NEW CONSTRUCTION/SUBSTANTIAL REHABILITATION PROJECTS:</span></u></b><b></b></div></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b>Provided the Firm Applications are submitted in a timely manner, HUD reserves the right to adjust its Other Queue to give preference to processing new construction and substantial rehabilitation Section 232’s that include Low Income Housing Tax Credits (LIHTC) to meet placed in service deadlines on specific projects. We encourage lenders to submit the Firm Applications on these projects in such a manner that will allow as much time as possible for HUD to act on the applications – including reviewing whether our 2 Stage Firm Application process will provide for such. </b></div></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><u><span style="color: black; text-transform: uppercase;">CHANGES TO OUR PROCEDURE FOR HANDLING SEASONING OF DEBT:</span></u></b><b></b></div></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b>The April 10, 2009 Email Blast discussed our definition of Eligible Debt and the two and five year seasoning rules. Although this language was silent on the date that the seasoning is based upon, we have consistently required that the two or five year period must have passed prior to the application being submitted (entering our queue). Because of the length of time that projects are spending in our queues, we are changing how we will handle this. Effective immediately, the two and five year time period will be based upon when a project is assigned to an OHP Underwriter (exits our queue). Lenders may choose to submit a project prior to the seasoning period expiring, however, if the project reaches the top of the queue prior to the debt being properly seasoned, the project will be placed on hold. <span style="color: red;">Lenders submitting projects in such a manner must regularly monitor the project’s progression through the queue and contact a Workload Manager at HUD (prior to the project being assigned to an OHP Underwriter) if it becomes evident that the project will be assigned prior to the seasoning period expiring. </span></b></div></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><u><span style="color: black; text-transform: uppercase;">REFUNDS OF HUD APPLICATION FEE:</span></u></b><b></b></div></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b>We understand that HUD is no longer issuing refund checks - all refunds are being handled by Direct Deposit. To accommodate this procedure, when requesting refunds in the future, please use the attached document as a template for your letter requesting the refund. This document will be posted to <a href="http://hud.gov/" style="color: #0000cc;" target="_blank">HUD.GOV</a> in the future.</b></div></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><u><span style="color: black; text-transform: uppercase;">MANAGEMENT AGENT AND OPERATOR GRID:</span></u></b><b></b></div></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b>Please see the attached grid. This document addresses HUD’s closing document requirements for operators and management agents to ensure that HUD has a valid security and regulatory interest in the project assets of the healthcare facility. Particularly of note, this grid addresses the document signing requirements of the operator and/or management agent for the operating lease, license, equipment, provider agreements, deposit accounts and facility repairs. This document will be posted to “Sample Closing Documents” on <a href="http://hud.gov/" style="color: #0000cc;" target="_blank">HUD.GOV</a> in the future.</b></div></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><u><span style="color: black; text-transform: uppercase;">STALE DATE ON PHASE I ENVIRONMENTAL REPORTS:</span></u></b><b><u><span style="font-size: 14pt;"></span></u></b></div></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b>We have been asked numerous times in the past few months to waive the stale date on Phase I Environmental Reports – listed in the endnotes on our Checklists. We have turned down all such requests as we are unable to waive this<span style="color: #1f497d;"> </span>requirement. </b></div></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><u><span style="color: black; text-transform: uppercase;">CLOSING QUEUE:</span></u></b><b><u><span style="font-size: 14pt;"></span></u></b></div></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b>We will soon be posting our closing queues to <a href="http://hud.gov/" style="color: #0000cc;" target="_blank">HUD.GOV</a>. Until these are posted, please see the attached two spreadsheets, which list the projects in our closing queues. Projects will be assigned from the top to bottom of the spreadsheets. Currently we have three closing coordinators working on the non 223(a)(7) queue (one of these individuals concentrates on Insured Advances projects).</b></div></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><u><span style="color: black; text-transform: uppercase;">CLARIFICATION ON MINIMUM LEASE PAYMENTS:</span></u></b><b><u><span style="font-size: 14pt;"></span></u></b></div></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b>During the closing of Section 232 loans, OHP and OGC have encountered confusion on the minimum lease payment required for closing documents and operating leases. For the actual leases, we are requiring that the annual lease payment be calculated using a minium of a 1.05 coverage ratio - annual principal + annual interest + annual mortgage insurance premium + annual reserve for replacement deposit + annual property and liability insurance + annual property taxes times a multiplier of 1.05. This minimum coverage level required for executed leases is different than the test measurement used in the 223 F Lender’s Narrative, which remains unchanged - it will continue at the 1.17 coverage level.</b></div></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><u><span style="color: black; text-transform: uppercase;">REVISED CONSTRUCTION SPECIFICATION TEMPLATE:</span></u></b><b><u><span style="font-size: 14pt;"></span></u></b></div></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b>OHP will be following the revised construction specification template discussed in HUD Mortgagee Letter 2010-41 – see attached. All Firm Applications submitted to HUD on or after April 25, 2011, must use the new CSI MasterFormat 2010. Future revisions to our checklists and other documents posted to <a href="http://hud.gov/" style="color: #0000cc;" target="_blank">HUD.GOV</a> will reflect this revised document. </b></div></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><u><span style="color: black; text-transform: uppercase;">CHANGES TO OUR STANDARD DOCUMENTS:</span></u></b><span style="color: black; text-transform: uppercase;"></span></div></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b>Please do not change <span class="il" style="background-attachment: initial; background-clip: initial; background-color: #ffff88; background-image: initial; background-origin: initial; color: #222222;">Lean</span> Approved exhibits posted on <a href="http://hud.gov/" style="color: #0000cc;" target="_blank">HUD.GOV</a>. This includes, but is not limited to, submitting exhibits in MS Excel or QuattroPro when they are to be in original Word format, adding or subtracting fields of information in current documents, and changing language in Firm Commitments. When these changes are made it takes Underwriters and Closing Coordinators extra time to identify and mitigate these unapproved changes and is contrary to the standardization required under <span class="il" style="background-attachment: initial; background-clip: initial; background-color: #ffff88; background-image: initial; background-origin: initial; color: #222222;">Lean</span>. We will be following the February 19, 2010 Email Blast and requesting a revision to the Firm Application when this situation is present.</b></div></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b>In addition, if a section of the Lender Narrative or an exhibit is not applicable to your project, please note that it is “not applicable” and explain why you believe this is not applicable. No sections are to be left blank or deleted from the Template. Your cooperation with this request will help us process your application more quickly.</b></div></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><u><span style="color: black; text-transform: uppercase;">MARKET INTEREST RATE ABOVE RATE USED IN SECTION 223(A)(7) APPLICATIONS:</span></u></b><b></b></div></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b>Given the recent rise in interest rates, interest rates proposed in applications under <span class="il" style="background-attachment: initial; background-clip: initial; background-color: #ffff88; background-image: initial; background-origin: initial; color: #222222;">Lean</span> Section 223(a)(7) may not longer be achievable. Please advise your assigned OHP Underwriter if this is the case so you can work to ensure your application is consistently updated throughout to reflect a more accurate interest rate at the time of Firm Commitment issuance. For applications still in the queue that are no longer feasible due to interest rate hikes, lenders can opt to withdraw their application and have the application fee returned. </b></div></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><br />
</b></div></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><span class="Apple-style-span" style="font-weight: normal;"></span></b></div></div><div class="MsoNormal" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><b><u><span style="color: black; font-size: 10pt;">Need to Reference Previous <span class="il" style="background-attachment: initial; background-clip: initial; background-color: #ffff88; background-image: initial; background-origin: initial; color: #222222;">LEAN</span> 232 Updates?</span></u></b><span style="color: black;"></span></b></div></div><div class="MsoNormal" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><b><span style="color: black; font-size: 10pt;">Previous E-Newsletters (Email Updates) can be found at:</span></b><span style="color: black;"></span></b></div></div><div class="MsoNormal" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><b><span style="color: #9900cc; font-size: 10pt;"><a href="http://portal.hud.gov/portal/page/portal/HUD/federal_housing_administration/healthcare_facilities/section_232/lean_processing_page/underwriting_guidance_home_page/previous_e_newsletters" style="color: #0000cc;" target="_blank"><span style="color: #9900cc;">http://portal.hud.gov/portal/<wbr></wbr>page/portal/HUD/federal_<wbr></wbr>housing_administration/<wbr></wbr>healthcare_facilities/section_<wbr></wbr>232/lean_processing_page/<wbr></wbr>underwriting_guidance_home_<wbr></wbr>page/previous_e_newsletters</span></a></span></b></b></div></div>Anonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1000999210451981025.post-3772750872365696602011-01-25T16:42:00.000-08:002011-01-25T16:42:30.125-08:00Lean Update Correction - No pre-approval on master lease on non portfolio application<div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div align="center" class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; text-align: center;"><span style="color: #1f497d;"><img alt="---" height="10" src="https://mail.google.com/mail/?ui=2&ik=d4e4ccbd22&view=att&th=12dbfbbaab50f56a&attid=0.0.1&disp=emb&zw" width="618" /></span><span style="color: black;"></span></div><div align="center" class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0.0001pt; margin-left: 0.5in; margin-right: 0.5in; margin-top: 0px; text-align: center;"><b><u><span style="color: black; font-size: 16pt;">HUD’s LEAN 232 Program</span></u></b><span style="color: black;"></span></div><div align="center" class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0.0001pt; margin-left: 0.5in; margin-right: 0.5in; margin-top: 0px; text-align: center;"><b><span style="color: black; font-size: 16pt;">Office of Healthcare Programs (OHP)</span></b><span style="color: black;"></span></div><div align="center" class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0.0001pt; margin-left: 0.5in; margin-right: 0.5in; margin-top: 0px; text-align: center;"><span style="color: black;"> </span><b><u><span style="color: black; font-size: 16pt;">Update as of January 25, 2011</span></u></b><span style="color: black;"></span></div><div align="center" class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; text-align: center;"><span style="color: #1f497d;">=<img alt="---" height="10" src="https://mail.google.com/mail/?ui=2&ik=d4e4ccbd22&view=att&th=12dbfbbaab50f56a&attid=0.0.1&disp=emb&zw" width="600" /></span><span style="color: black;"></span></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><u><span style="color: black; text-transform: uppercase;">CORRECTION TO THE NOVEMBER 2, 2010 EMAIL BLAST:</span></u></b><span style="color: black; text-transform: uppercase;"></span></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><span>The Certification for Electronic Submittal that was attached to the November 2, 2010 Email Blast has been revised to remove 5. b., which required pre-approval of master lease, account receivable and/or other important legal documents as identified by HUD on small portfolios. As the language in the November 2, 2010 Email Blast indicates, this is only required on medium and large portfolio applications (as defined by Notice H 01-03). Please use the revised (attached) certification immediately. This revised certification will also be posted to <a href="http://hud.gov/" style="color: #0000cc;" target="_blank">HUD.GOV</a> in the next several weeks.</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><span>Although pre-approval of the documents mentioned in the first paragraph is not required on projects that are not part of a medium or large portolio, we urge lenders and outside counsel to have fully developed/vetted documents on other projects as early in the process as possible. This will reduce the time from Firm Commitment issuance to closing and will make HUD’s review faster (helping to ease the resource constraints that HUD currently faces in OHP and in OGC).</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><u><span style="color: black;">Closing Queue<span style="text-transform: uppercase;">:</span></span></u></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><span>As a result of our continued staffing shortage in OHP and in an effort to keep the number of active projects assigned to each OHP closer at a manageable number, we are establishing two separate closing queues – one for Section 223(a)(7) projects and one for all other Section 232 projects. The logistics of the closing queue are as follows:</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px;"><span style="font-family: Symbol; font-size: 11pt;"><span>·<span style="font: normal normal normal 7pt/normal 'Times New Roman';"> </span></span></span><b><span style="font-size: 11pt;">Effective immediately, after a Firm Commitment is issued, if there is not capacity with an OHP Closer, the project will enter the appropriate closing queue. </span></b></div><div style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px;"><span style="font-family: Symbol; font-size: 11pt;"><span>·<span style="font: normal normal normal 7pt/normal 'Times New Roman';"> </span></span></span><b><span style="font-size: 11pt;">During a project’s wait in the closing queue, lender’s counsel should contact the OGC reviewer to determine whether the legal review of the draft closing documents can commence prior to the assignment of an OHP closer. The OGC reviewer may reserve the right to delay the legal review of the draft documents until an OHP closer is assigned.</span></b></div><div style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px;"><s><span style="font-family: Symbol; font-size: 11pt;"><span>·<span style="font: normal normal normal 7pt/normal 'Times New Roman';"> </span></span></span></s><b><span style="font-size: 11pt;">When a project reaches the top of the queue and an OHP closer has capacity, the proposed OHP Closer will contact the lender and request the draft closing documents. The lender will have five business days to submit the draft closing documents to the OHP Closer and OGC reviewer<span style="color: red;"> </span>(if not already sent to OGC). If the draft closing documents are not submitted within the five day period<span style="color: red;">,</span> or if the draft closing documents are found to be substantially incomplete or incorrect, the project will be placed back in the closing queue.<span style="color: #1f497d;"> </span> If a project is placed back in the queue, the OHP Closer will notify the lender via email about the procedure the lender may follow when they have a complete package prepared.<span style="color: #548dd4;"> </span>Note: To be considered complete, the draft closing package must address all special conditions and provide all required evidence that critical repairs have been completed.<s></s></span></b></div><div style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px;"><span style="font-family: Symbol; font-size: 11pt;"><span>·<span style="font: normal normal normal 7pt/normal 'Times New Roman';"> </span></span></span><b><span style="font-size: 11pt;">The email the OHP Underwriter sends to the lender after a Firm Commitment is issued, will be revised to include the following for all Section 232’s (previously we had a diferent procedure on Section 223(a)(7)’s) :</span></b></div><div style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px;"><br />
</div><div style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-left: 1in;"><b><span style="font-size: 11pt;">Once the firm commitment has been signed by both the lender and the borrower, please return a pdf copy of it to the OHP Underwriter. Please retain the signed original until a Closing Coordinator has been assigned, at which time you may forward it to the Closing Coordinator.</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><u><span style="color: black; text-transform: uppercase;">THE BELOW COMMENTS RELATE TO A SECTION 223(A)(7) REFINANCE OF A</span></u></b><b><u><span style="color: red; text-transform: uppercase;"> </span></u></b><b><u><span style="color: black; text-transform: uppercase;">SECTION 232 PROJECT, EFFECTIVE IMMEDIATELY (EXCEPT WHERE NOTED OTHERWISE):</span></u></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><b><u><span style="color: black;">A. Establishment of a Green Lane for Section 223(a)(7) Applications with No Extension of Loan Term, Accounts Receivable Financing or Change of Entities:</span></u></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><b><span>Due to the rapidly increasing volume of Section 223(a)(7)<span style="color: #1f497d;"> </span>refinancing,<span style="color: red;"> </span>and in an effort to expedite processing of the queue, we are establishing a Green Lane. Applications that do not propose extension of the current loan term do not require as much scrutiny with respect to determining whether they inure benefit to the FHA Fund; accordingly, these applications will move to the Green Lane as a separate queue. In addition, applications that do not propose a Transfer of Physical Assets (TPA), Change of Operator/Agent or Accounts Receivable Financing for HUD approval concurrent with the Section 223(a)(7) transaction require less underwriter and legal review and accordingly, will also be placed in the Green Lane queue. The (a)(7) Green Lane queue will be assigned underwriters on a priority basis over applications requesting approval of a loan term extension, TPAs/Change of Operator or Agent or Account Receivable Financing. We have revised the attached Certification for Electronic Submittal document to differentiate between Green Lane and regular Section 223(a)(7) applications.</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><b><u><span style="color: black;">B. Loan Term Extension Requests on Section 223(a)(7)’s:</span></u></b><u><span></span></u></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><b><span>In an effort to ensure sound risk management of the FHA Fund for the Lean 232 Program, OHP Underwriters will carefully review requests for an extension of the existing loan term in a Section 223(a)(7) refinance to determine if the additional term will inure benefit to the insurance fund. Accordingly, underwriters will focus on, and may request supplemental information, as follows based on the proposed application:</span></b></div><div style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-left: 1in;"><span style="font-family: Symbol; font-size: 11pt;"><span>·<span style="font: normal normal normal 7pt/normal 'Times New Roman';"> </span></span></span><b><span style="font-size: 11pt;">Debt Service Coverage calculation without a term extension and/or Debt Service Coverage calculation with a reduced term extension than proposed in the Firm application;</span></b></div><div style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-left: 1in;"><span style="font-family: Symbol; font-size: 11pt;"><span>·<span style="font: normal normal normal 7pt/normal 'Times New Roman';"> </span></span></span><b><span style="font-size: 11pt;">Extent of mortgagor contributions to the reserve for replacements, including additional deposits and increases of annual deposits;</span></b></div><div style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-left: 1in;"><span style="font-family: Symbol; font-size: 11pt;"><span>·<span style="font: normal normal normal 7pt/normal 'Times New Roman';"> </span></span></span><b><span style="font-size: 11pt;">Age and configuration of facility;</span></b></div><div style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-left: 1in;"><span style="font-family: Symbol; font-size: 11pt;"><span>·<span style="font: normal normal normal 7pt/normal 'Times New Roman';"> </span></span></span><b><span style="font-size: 11pt;">Renovations that have occurred to update the facility.</span></b></div><div style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-left: 1in;"><span style="font-family: Symbol; font-size: 11pt;"><span>·<span style="font: normal normal normal 7pt/normal 'Times New Roman';"> </span></span></span><b><span style="font-size: 11pt;">Strength of Owner/Operator and Market</span></b></div><div style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-left: 1in;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><b><u><span style="color: black;">C. Reserve for Replacement Schedules on Section 223(a)(7)’s:</span></u></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><b><span>When considering the risk management of the proposed reserve schedule under the Section 223(a)(7) refinance, OHP Underwriters will review the proposed reserve schedule in a manner consistent with current Lean Asset Management guidelines, using a $1,000 per unit “soft” minimum for at least years 1 through 10.</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><b><u><span style="color: black;">D. Occupancy on Section 223(a)(7)’s:</span></u></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><b><span>Consistent with the Email Blast issued 8/19/10, OHP Underwriters will be requesting current occupancy information when the application is under Firm review for Section 223(a)(7). In addition, if occupancy numbers are low, underwriters may request information on census trends, and supplemental information on how low census numbers are being addressed by owner/operator/manager. This is in order to ascertain the project’s current risk profile so that any appropriate asset management risk mitigation activities are initiated.</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><b><u><span style="color: black;">E. Interest Rate Locks:</span></u></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><b><span>On Section 223(a)(7)’s, lenders are advised against having the mortgagor lock the interest rate until the HUD closing coordinator has advised them to proceed. The closing coordinator works in concert with the HUD closing attorney to communicate the closing schedule to the lender. Please work closely with the HUD Closing Coordinator.</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><b><u><span style="color: black;">F. Extensions to the Firm Commitment:</span></u></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 0.5in; margin-right: 0in; margin-top: 0px;"><b><span>For Lean Section 232/223(a)(7)s, a Firm Commitment is effective for 90-days. We encourage lenders to make every possible effort to work with the HUD closing coordinator and closing attorney to accomplish the closing within this prescribed timeframe. However, in order to address extenuating circumstances which may arise, the lender may request a 90-day extension (“extension request”) to the Firm Commitment. The extension request must provide a justification acceptable to HUD that the extension of the Firm Commitment is warranted and necessary in order to accomplish closing by the end of the 90-day extension period. It is both cost effective and efficient for HUD and the lender to process one 90-day request instead of three 30-day extension requests. If, at the expiration of the granted 90-day extension, the closing fails to occur, HUD reserves the right to consider the application as withdrawn. In that case, for further consideration under the Section 223(a)(7) program, the application will need to be updated and submitted as a new application in the Lean 223(a)(7) queue.</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><b><span>G. <u>Revised Project Capital Needs Assessment (PCNA) Guidelines for Section 223(a)(7) Projects:</u></span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><b><span>The February 6, 2009 Email Blast discussed situations when a PCNA is required on Section 223(a)(7) projects. That Email Blast required a PCNA complying with the 223f LEAN Guidelines when either of the following is the case at the time the Section 223(a)(7) application is submitted to HUD:</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 1in; margin-right: 0px; margin-top: 0px;"><b><span>1. A term extension is being requested. HUD will consider waivers on a case by case basis where justified. The lender should request the waiver in the mortgage insurance application cover letter and in the Lender Narrative.</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 1in; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 1in; margin-right: 0px; margin-top: 0px;"><b><span>2. At least 10 years of the existing FHA<span style="color: red;">-</span>Insured loan’s amortization period has passed and a PCNA has not been submitted to HUD in the previous 10 years.</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><b><span>Effective for any Section 223(a)(7) project entering the queue after March 25, 2011, a PCNA is also required if the project does not currently meet the fire sprinkler requirements for projects participating in the Medicaid or Medicare programs that must be in place by August 13, 2013 - see the 1999 edition of the National Fire Protection Association’s (NFPA) "Standard for the Installation of Sprinkler Systems” (NFPA 13).</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><b><span>A revised Statement of Work for the Limited Scope PCNA for Section 223(a)(7) will be posted to <a href="http://hud.gov/" style="color: #0000cc;" target="_blank">HUD.GOV</a> in the next few weeks, which addresses these sprinkler requirements (as well as a revised Lender Narrative and Firm Application Checklist).</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 0.5in; margin-right: 0in; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><b><u><span>H. FHA Application Fees on Section 223(a)(7)’s:</span></u></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><b><span>While the loan application fee paid at time of application is equal to .3% of the mortgage amount, please use .15% in the Criterion 10 maximum mortgage calculation on the 92264a, as half of the fee is refundable upon endorsement of the loan under Section 223(a)(7). </span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 0.5in; margin-right: 0in; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><u><span style="color: black; text-transform: uppercase;">THE BELOW COMMENTS RELATE TO SECTION 232 PROJECTS THAT ARE ADDING ADDITIONAL UNITS TO THE MARKET (INCLUDING SUBSTANTIAL REHABILITION AND SECTION 241(</span></u></b><b><u><span style="color: black;">a<span style="text-transform: uppercase;">) WHERE NEW UNITS ARE BEING ADDED):</span></span></u></b><i><span style="color: #1f497d; text-transform: uppercase;"></span></i></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><b><u><span style="color: black;">A. Information on the Mortgagor Entity Related to Financial Capability and Experience:</span></u></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 0.5in; margin-right: 0in; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 0.5in; margin-right: 0in; margin-top: 0px;"><b><span>Exhibit 3-7 of the Firm Commitment Checklist for New Construction requires the year-to-date financial statements for the proposed Mortgagor entity. In the case of new construction deals, a significant number of Mortgagor entities are newly-created for the sole purpose of developing, owning and operating the new facility. The financial statements for such an entity, if they exist, often provide only limited information. Similarly, Exhibit 4-3 of the Checklist requires a Resume for each principal of the Mortgagor. In many cases the principal entities are newly-created companies, again for the sole purpose of owning and operating the new facility. A number of applications have been submitted with deficient parent financial history or experience for the parties responsible for the transaction.</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 1in; margin-right: 0in; margin-top: 0px;"><b><u><span>Supporting Documentation of Financial Capability:</span></u></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 1in; margin-right: 0in; margin-top: 0px;"><b><span>Effective immediately, Exhibit 3-7 of the application for Firm Commitment must include YTD financial statements for the party who will be responsible for the financial requirements (typically the parent entity) at the initial closing. If the legal entity of the Mortgagor will be capitalized by another party, the financial statements for that party(ies) must be provided. The requirements of Footnote 5 of the Checklist apply to all financial statements submitted. Please keep in mind that the underwriting process is seeking to confirm that sufficient financial resources will be available for the cash requirements for closing, and the Lender must provide the information needed to make such a determination.</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 1in; margin-right: 0in; margin-top: 0px;"><b><u><span>Supporting Documentation of Appropriate Experience:</span></u></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 1in; margin-right: 0in; margin-top: 0px;"><b><span>Also effective immediately, Exhibit 4-3 of the application for Firm Commitment must include complete information on the individuals and/or entity that will be bringing appropriate experience to the project. Appropriate experience is 3 to 5 years successful practice in developing, owning and/or operating board and care facilities, assisted living facilities and/or skilled nursing facilities. This requirement has been in place for a number of years and continues under LEAN. If an entity or its principal does not have the appropriate experience, it may contract with a third party experienced operator. Evidence of appropriate experience should be provided which includes specific project examples including project name, type of care provided, location, unit/bed count, year opened and key operating metrics (fill pace, occupancy, net operating income margins) and specific responsibilities for the management and operation of the example health care facility. The Office of Healthcare Programs (OHP) is seeking assurance that the developers and other stakeholders are committed to the long-term success of their project and have the requisite experience to operate and manage the project.</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 0.5in; margin-right: 0in; margin-top: 0px;"><b><span>In addition to the requirements under Exhibits 3 and 4 of the application package, the Lender Narrative must also provide a complete discussion on the Mortgagor’s commitment to the project, both financially and in a business sense over the long term as well as his/her experience.</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 0.5in; margin-right: 0in; margin-top: 0px;"><b><span>For applications that are currently in the processing queue, the OHP Underwriter will request this information from you once the project has been assigned for processing. Lenders should be prepared to provide this information in an expeditious manner at that time. When we revise the New Construction, Substantial Rehabilitation, and Section 232/241(a) documents posted to <a href="http://hud.gov/" style="color: #0000cc;" target="_blank">HUD.GOV</a>, we will revise the Lender Narrative Templates and Firm Application Checklists to reflect these changes.</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 0.5in; margin-right: 0in; margin-top: 0px;"><b><u><span>B. Debt Service Reserve Escrows:</span></u></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 0.5in; margin-right: 0in; margin-top: 0px;"><b><span>Projects that add units to a market pose a higher risk to the FHA Insurance Fund than do existing projects, particularly with the difficult economic climate we are currently experiencing. Therefore, all Section 232 projects recently approved by the Loan Committee to add additional units to the market have included the added risk mitigation of a debt service reserve escrow. Typically these escrows require that six to twelve months of principal and interest payments be held until the underwritten debt service coverage is met for twelve consecutive months. We recommend that you review whether a debt service reserve escrow should be added as additional mitigation to all such loans. If you wish to revise a project that has already been submitted, please work with the OHP Underwriter (once assigned) to revise your application.</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><u><span style="color: black; text-transform: uppercase;">AUTHORIZED SIGNATURES:</span></u></b><b><span style="text-transform: uppercase;"> </span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><span>HUD’s Lender Qualification and Monitoring Division (LQMD) maintains a list of lender staff who are authorized to sign on behalf of the lender. Please ensure that all documents signed by the lender (including those signed at closing) are signed by a person who is on this list. As this list is an internal document to HUD, if you have questions about which individuals from your company are on this list, please contact LQMD.</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><u><span style="color: black; text-transform: uppercase;">CLARIFICATION TO THE TWO STAGE FIRM SUBMITTAL PROCESS:</span></u></b><b><span style="text-transform: uppercase;"> </span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><span>As has been mentioned in several Lender Conferences/Trainings, if the Initial Submission stage does not result in a Firm Commitment being issued, the lender may request a refund of 50% of the HUD Application fee paid upon submission.</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><u><span style="color: black; text-transform: uppercase;">RESERVE FOR REPLACEMENT DEPOSITS ON ALL SECTION 232 LOANS:</span></u></b><b><span style="text-transform: uppercase;"> </span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><span>The Statement of Work for the PCNA for Section 223(f) (at IV. D. 13. b.) and for Section 223(a)(7) (at V. D. 9. b.) states the following: </span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 0.5in; margin-right: 0in; margin-top: 0px;"><b><span>It is the Needs Assessor’s responsibility to assess the condition of major capital items, and major movable equipment. This assessment will include a proposed replacement and cost schedule over a 15-year period. The Mortgagee will then use this analysis to determine the required initial and annual deposits to the Replacement Reserves for Capital Items and Major Movable Equipment.</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><span>To ease future asset management of the project, HUD strongly recommends that the annual deposits proposed by the lender in the narrative remain at the same amount for the first 10 years of the loan. Moreover, as a reminder, on December 1, 2008, OHP implemented the recommended minimum account balance to be maintained in the Reserve for Replacement Account of $1,000 per <u>unit</u> for all Section 232’s. The initial and annual deposits proposed by the lender in the narrative on all Section 232 projects should take into account this recommended minimum account balance. </span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><u><span style="color: black; text-transform: uppercase;">REVISION AND CLARIFICATION TO AUGUST 19, 2010 EMAIL BLAST:</span></u></b><b><span style="text-transform: uppercase;"> </span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><span>The August 19, 2010 Email Blast discussed “Lender Inspection of 232 Projects”. In this language, we asked you to obtain pre-approval for a qualified construction site inspector by emailing Amee Welch. We are revising this procedure to ask that you send the appropriate request (with resume) to <a href="mailto:LeanThinking@HUD.GOV" style="color: #0000cc;" target="_blank">LeanThinking@HUD.GOV</a>. Moreover, the Email Blast stated that the qualifed construction site inspector must be employed by the lender. We are hereby clarifying that the qualified construction site inspector must be an employee of the lender (we have had requests for approval of third party individuals, which we have not approved).</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><u><span style="color: black; text-transform: uppercase;">CLARIFICATION TO MAP GUIDE SECTION 3.11 A.:</span></u></b><b><span style="text-transform: uppercase;"> </span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><span>There has been some confusion related to the language on Section 232/223(f)’s in the MAP Guide at Section 3.11 A, which OHP is following. The language states that “projects with additions completed less than 3 years previous are eligible as long as the addition was not larger than the original project in size and number of beds”. We want to clarify that both tests (size <u>and</u>number of beds) must be met in order for a project with an addition to be eligible for Section 232/223(f).</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><u><span style="color: black; text-transform: uppercase;">ABOVE-GROUND STORAGE TANKS:</span></u></b><b><span style="text-transform: uppercase;"> </span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><span>HUD is required to qualitatively evaluate the risks associated with proximity to hazardous facilities (MAP Guide, Section 9.5.H). OHP reviews on Section 232 applications will consider the potential danger presented by liquid fuel and gas storage tanks, even in cases of refinance where the tanks are pre-existing, and may at times require mitigation. Whenever above ground tanks exist on site, whether containing liquid fuel (over 100 gallons in size), or containing pressurized gas (stationary tanks of any size), a conformance letter from the governing Fire Department/District will be required. The letter must specifically address the safety of the storage tanks. In cases where new units are being added, and where off-site tanks are in close proximity to the subject building, or where safety letters cannot be obtained, a calculation of the Acceptable Separation Distance (ASD) must be included in the application. A useful tool for calculating ASDs can be found at<a href="http://www.hud.gov/offices/cpd/environment/asdcalculator.cfm" style="color: #0000cc;" target="_blank"><span style="color: windowtext; text-decoration: none;">http://www.hud.gov/offices/<wbr></wbr>cpd/environment/asdcalculator.<wbr></wbr>cfm</span></a>.</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><u><span style="color: black; text-transform: uppercase;">LENDER NAME CHANGES:</span></u></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><span>Please be certain that your current name is reflected on all documents in the firm application submission. These documents include the draft firm commitment (including all attachments) as well as the lender narrative and any lender certifications.</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><span>In addition, please note that when a lender who is approved to do Section 232 loans merges with a lender who is not approved to do Section 232 loans, or a transfer in ownership occurs, or the lender changes its name, a new MAP lender approval application must be submitted to the Lender Qualification and Monitoring Division (LQMD). The certification in Exhibit L of the MAP lender approval application must be signed and dated by an authorized official and contain the following language:</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 0.5in; margin-right: 0in; margin-top: 0px;"><b><span>WARNING: HUD will prosecute false claims and statements. Convictions may result in criminal and/or civil penalties. (18 U.S.C. 1001, 1010, 1012; 31 U.S.C. 3729, 3802)</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><span>Any name change, merger or transfer of ownership involving an FHA - approved lender must be reported to Jacqueline Jones in the Lender Approval and Recertification Division at HUD Headquarters. In such cases, lenders are required to keep their existing mortgagee identification number.</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><u><span style="color: black; text-transform: uppercase;">HUD SIGNATURE ON REGULATORY AGREEMENT RIDERS:</span></u></b><b><span style="text-transform: uppercase;"> </span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><span>Effective immediately, HUD will no longer sign Regulatory Agreement Riders – they will continue to be signed by the Mortgagor and Operator (along with the Regulatory Agreements themselves). HUD will continue to sign the Regulatory Agreements.</span></b><span></span></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><u><span style="color: black; text-transform: uppercase;">RELEASE OF INITIAL OPERATING DEFICIT (IOD) ESCROW FUNDS:</span></u></b><b><span style="text-transform: uppercase;"></span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><span>OHP’s benchmark measurement for releasing remaining IOD escrow funds will be the property maintaining at least three consecutive prior months with a debt service coverage (including Mortgage Insurance Premium) ratio of at least 1.45. OHP will look to the servicing mortgagee to certify that this benchmark has been met, based on financial statements provided the mortgagee by the mortgagor.</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><u><span style="color: black; text-transform: uppercase;">IMPORTANCE OF TIMELY SUBMISSION OF FIRM APPLICATION DOCUMENTS TO HUD OGC REVIEWER:</span></u></b><b><span style="text-transform: uppercase;"></span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><span>OHP believes that allowing time for legal review prior to Firm Commitment will significantly expedite the closing process after the Firm has been issued. Therefore, effective immediately, a hard copy of the Firm Commitment Application documents must be received by both the OHP Underwriter and HUD Counsel <u>prior to the start of review of the application</u>. We are not changing the 9/18/2009 Email Blast, which lists the hard copies sent to the OHP Underwriter and HUD Counsel. When a project is assigned from the queue, OHP will make every effort to obtain a prompt assignment of HUD counsel. As soon as counsel is assigned, the HUD Underwriter will communicate the assignment and contact information to the Lender.</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><u><span style="color: black; text-transform: uppercase;">HUD INSPECTION FEES ON SECTION 232/223(F)’S:</span></u></b><b><span style="text-transform: uppercase;"></span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><span>There has been some confusion on the correct calculation of inspection fees on Section 232/223(f)’s. Below is the correct calculation:</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px;"><span style="font-family: Symbol; font-size: 11pt;"><span>·<span style="font: normal normal normal 7pt/normal 'Times New Roman';"> </span></span></span><b><span style="font-size: 11pt;">If the total cost of the critical, non-critical and borrower-proposed repairs is equal to or less than $3,000 per unit or bed<span style="color: #1f497d;"> </span>(whichever is higher), the HUD Inspection Fee shall be $30 per unit or bed<span style="color: #1f497d;"> </span>(whichever is higher). This includes projects where there are no repairs.</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px;"><span style="font-family: Symbol; font-size: 11pt;"><span>·<span style="font: normal normal normal 7pt/normal 'Times New Roman';"> </span></span></span><b><span style="font-size: 11pt;">If the total cost of the critical, non-critical and borrower-proposed repairs is greater than $3,000 per unit or bed<span style="color: #1f497d;"></span>(whichever is higher), the HUD Inspection Fee shall be 1% of the total cost of the critical, non-critical and borrower-proposed repairs. </span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><u><span style="color: black; text-transform: uppercase;">PHASE I ENVIRONMENTAL ASSESSMENTS ON SECTION 232/241(A)’S AND SECTION 232 SUBSTANTIAL REHABILITATION</span></u></b><b><u><span style="color: #1f497d; text-transform: uppercase;"></span></u></b><b><u><span style="text-transform: uppercase;">TRANSACTIONS:</span></u></b><b><span style="text-transform: uppercase;"></span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 0.5in; margin-right: 0in; margin-top: 0px;"><b><span>The current checklists for Section 232/241(a) and Section 232 Substantial Rehabiliation projects posted to <a href="http://hud.gov/" style="color: #0000cc;" target="_blank">HUD.GOV</a>allow for the Phase I Environmental Assessment to be omitted in certain situations. Effective for any Section 232/241(a) or Section 232 Substantial Rehabilitation project submitted to HUD (entering the queue) after March 25, 2011, and to comply with HUD MAP environmental guidelines, a Phase I Environmental Assessment will be a required exhibit for <u>all</u>Section 232/241(a) or Section 232 Substantial Rehabilitation projects. When we revise the Section 232 Substantial Rehabilitation and Section 232/241(a) documents posted to <a href="http://hud.gov/" style="color: #0000cc;" target="_blank">HUD.GOV</a>, we will revise the appropriate documents to reflect this change.</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><u><span style="color: black; text-transform: uppercase;">CLARIFICATIONS RELATED TO SEVERAL FORMS THAT ARE ATTACHED TO THE FIRM COMMITMENT:</span></u></b><b><span style="text-transform: uppercase;"> </span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><span>There has been confusion related to the completion of several forms that are attached to Section 232 Firm Commitments. Therefore, please see the below clarifications/revisions. We encourage following these revisions/clarifications immediately, however, these revisions/clarifications will become mandatory for any project entering the queue after February 8, 2011.</span></b><span style="color: #1f497d;"></span></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><b><u><span>Form HUD-92264-HCF:</span></u></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><b><span>We will no longer require that Form HUD 92264-HCF be submitted for Section 223f transactions. The Lender’s Narrative already covers the items that are on this form. The requirements remain unchanged for all other Section 232 loan types regarding this form. When we revise the Section 223f documents posted to <a href="http://hud.gov/" style="color: #0000cc;" target="_blank">HUD.GOV</a>, we will revise the appropriate documents to reflect this change.</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><b><u><span>Form HUD-92264-A:</span></u></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><b><span>The following language applies to all Section 232 loan types and supersedes the language in the 2/19/2010 and 9/18/2009 Email Blasts, which asked lenders to show the more restrictive maximum insurable mortgage (value or cost) on Criteria 3.</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><b><span>Please use the new Form HUD-92264A that can be found at:</span></b><span style="color: black;"> <a href="http://www.hud.gov/offices/adm/hudclips/forms/files/92264-a.pdf" style="color: #0000cc;" target="_blank">http://www.hud.gov/offices/<wbr></wbr>adm/hudclips/forms/files/<wbr></wbr>92264-a.pdf</a></span></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><b><span>As has been previously conveyed, the percentage of value used in Criterion 3 on line (a) of the HUD-92264a should be the loan to value in the Section 232 Statute/Regulations. The lender narrative will contain a discussion of the actual underwritten LTV (including discussion of justification/mitigation if the underwritten LTV exceeds the Lean Benchmarks summarized in the February 19, 2010 Email Blast).</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><b><span>In addition, the attached "92264-A Attachment" must be submitted together with the Form HUD 92264-A to assure that additional LEAN criteria have been considered in determining the mortgage amount. (Those criteria are not mandatory, but should be used unless mitigation has been offered and discussed in the lender narrative.) This document will be attached to the signed Firm Commitment.</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><b><span>An itemized breakdown of the transaction costs that make up Criteria 7 or Criteria 10 maximum insured mortgage should be provided when applicable. These can be included at the bottom of page 2 or on page 4 of the new form.</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><b><span>An additional calculation for the initial deposit for the reserve for replacement should be provided for projects with an existing reserve for replacement account. It should show that the existing balance plus the additional deposit equals the total initial deposit. Consistent with current practice, only the additional deposit can be included in eligible transaction costs.</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><b><span>There has been confusion about when to use the appraiser’s Net Operating Income (NOI), and when to use the Lender’s NOI, which sometimes differs in terms of replacement reserve amounts, taxes, and/or management fee. Except when the lender is correcting for errors, the value used in Criteria 3 on Form HUD-92264-A is to be the market value as determined by the appraiser. Conversely, the NOI used in Criteria 5 will be the lender’s amount, which was derived using facility specific expense amounts for replacement reserves, taxes (when exempt) and management fee.</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><b><span>The 92264-A Attachment will be posted to <a href="http://hud.gov/" style="color: #0000cc;" target="_blank">HUD.GOV</a> under each loan type. Moreover, when we revise the documents posted to <a href="http://hud.gov/" style="color: #0000cc;" target="_blank">HUD.GOV</a>, we will revise the appropriate documents to reflect this change.</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><u><span style="color: black; text-transform: uppercase;">REAC INSPECTIONS ON PROJECTS BEING REFINANCED THAT ARE CURRENTLY INSURED BY HUD:</span></u></b><b><span style="text-transform: uppercase;"></span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><b><span>Any project (that is already in our FHA Insurance portfolio) submitted for a Section 223(a)(7) or Section 223(f) refinance (entering the queue) after March 25, 2011 will be required to have the PCNA address the most recent HUD REAC Physical Inspection and whether deficiencies (if any) identified in the inspection report have been corrected. The Lender Narrrative Template for Section 223(a)(7), the PCNA Statement of Work (SOW) for Section 223(a)(7), and the PCNA SOW for Section 223(f) will be revised to reflect this and posted to <a href="http://hud.gov/" style="color: #0000cc;" target="_blank">HUD.GOV</a> in the next few weeks. When we revise the Lender Narrative Template for Section 223(f) in the future, we will address this issue – in the meantime, please address under the PCNA section.</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><u><span style="color: black; text-transform: uppercase;">A NEW TOOL RELATED TO NURSING HOMES:</span></u></b><b><span style="color: black;"> </span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><span>The Office of Healthcare Programs has commenced using Team TSI’s nursing home data analysis & dashboard web application. This web application and reporting tool will provide new analysis tools and reporting capabilities to underwriters, account executives, and lenders/servicers. Each user will have the ability to review, monitor, and analyze in a proactive and real-time mode. The web application called IntelliLogix™ enables each HUD user or lender/servicer to access a nursing home’s complete survey, watch list or special focus designation, cost reporting elements, five star rating, and other vital historical data elements related to the operation of nursing home facilities throughout the United States. For a lender to obtain access to the portal to view their existing FHA insured portfolio, please email the request to <a href="mailto:surveyresults@hud.gov" style="color: #0000cc;" target="_blank"><span style="color: windowtext; text-decoration: none;">surveyresults@hud.gov</span></a>. There is no charge for the lender to access this site for their existing FHA insured portfolio. However, if a lender would like to obtain information on facilities that are not currently FHA insured, they will need to contact TEAM TSI CORPORATION at 1-800-765-8998 for separate pricing information. The additional cost to include non-FHA insured properties will be the obligation of the requesting lender. <i><span style="color: red;">Disclaimer: Team TSI is one of many companies in the industry that provide this type of information for a fee. The reference to this company should not be interpreted as an endorsement by HUD to the expertise of the company or quality of the product provided.</span></i></span><i><span style="color: red;"> </span></i></b><b><i><span style="color: red; font-family: 'Times New Roman', serif; font-size: 12pt;"></span></i></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><u><span style="color: black; text-transform: uppercase;">QUEUES AND STAFFING RELATED TO SECTION 232 PROCESSING:</span></u></b><b><span style="text-transform: uppercase;"></span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><b><span>Below is a snapshot of our current underwriter staffing that we have allocated to each queue and our goal for monthly output from each underwriter. As has been previously mentioned, OHP hopes to hire additional staff in early 2011 – to address underwriting and the OHP program side of closing. We intend to closely monitor our staffing allocation and make adjustments when necessary.</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.5in; margin-right: 0px; margin-top: 0px;"><br />
</div><div style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-left: 0.75in;"><span style="font-family: Symbol; font-size: 11pt;"><span>·<span style="font: normal normal normal 7pt/normal 'Times New Roman';"> </span></span></span><b><u><span style="font-size: 11pt;">Green Lane Queue and 223f Regular Queue:</span></u></b><b><span style="font-size: 11pt;"> currently 6 underwriters assigned to work on these queues. We intend to closely monitor both of these queues and allocate resources as needed to ensure that Green Lane projects are processed as quickly as possible. We estimate 1.5 to 2 projects brought to loan committee per underwriter per month.</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.25in; margin-right: 0px; margin-top: 0px;"><br />
</div><div style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-left: 0.75in;"><span style="font-family: Symbol; font-size: 11pt;"><span>·<span style="font: normal normal normal 7pt/normal 'Times New Roman';"> </span></span></span><b><u><span style="font-size: 11pt;">Other Program Queue: </span></u></b><b><span style="font-size: 11pt;"> currently 3 underwriters assigned to this queue. We estimate 1.5 projects brought to loan committee per underwriter per month.</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.25in; margin-right: 0px; margin-top: 0px;"><br />
</div><div style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-left: 0.75in;"><span style="font-family: Symbol; font-size: 11pt;"><span>·<span style="font: normal normal normal 7pt/normal 'Times New Roman';"> </span></span></span><b><u><span style="font-size: 11pt;">Portfolio Queue:</span></u></b><b><span style="font-size: 11pt;"> currently 6 underwriters assigned to this queue. Please see the 11/2/2010 Email Blast for timing estimates on this queue.</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 10pt; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><u><span style="color: black; text-transform: uppercase;"><a href="http://hud.gov/" style="color: #0000cc;" target="_blank">HUD.GOV</a>:</span></u></b><b><span style="text-transform: uppercase;"></span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><b><span>As many of you know, we have experienced significant problems with our <a href="http://hud.gov/" style="color: #0000cc;" target="_blank">HUD.GOV</a> website over the past month. We are working diligently to fix the problems that remain. As of the writing of this email blast, below is the latest:</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-left: 0.75in;"><span style="font-family: Symbol; font-size: 11pt;"><span>·<span style="font: normal normal normal 7pt/normal 'Times New Roman';"> </span></span></span><b><span style="font-size: 11pt;">We have fixed the broken links to the New Construction and Early Commencement documents posted to <a href="http://hud.gov/" style="color: #0000cc;" target="_blank">HUD.GOV</a>.</span></b></div><div style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-left: 0.75in;"><br />
</div><div style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-left: 0.75in;"><span style="font-family: Symbol; font-size: 11pt;"><span>·<span style="font: normal normal normal 7pt/normal 'Times New Roman';"> </span></span></span><b><span style="font-size: 11pt;">Updated “Lender Duties Related to the PreConstruction Conference” has been posted. The document’s date that is listed on <a href="http://hud.gov/" style="color: #0000cc;" target="_blank">HUD.GOV</a> is being changed to November 15, 2010. The duties in this document have been updated to reference both Originating and Servicing Lenders.</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div><div style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-left: 0.75in;"><span style="font-family: Symbol; font-size: 11pt;"><span>·<span style="font: normal normal normal 7pt/normal 'Times New Roman';"> </span></span></span><b><span style="font-size: 11pt;">Updated, “Lender’s PreConstruction Conference Agenda” has been posted. The document’s date that is listed on <a href="http://hud.gov/" style="color: #0000cc;" target="_blank">HUD.GOV</a> is being corrected to September 30, 2010. The Agenda has been updated, including Item #16, Permission to Occupy, to reference possible related Firm Commitment Special Conditions. The Agenda was also updated to replace a number of old OIHCF references with OHP.</span></b></div><div style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-left: 0.75in;"><br />
</div><div style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-left: 0.75in;"><span style="font-family: Symbol; font-size: 11pt;"><span>·<span style="font: normal normal normal 7pt/normal 'Times New Roman';"> </span></span></span><b><span style="font-size: 11pt;">We have separated the documents posted to <a href="http://hud.gov/" style="color: #0000cc;" target="_blank">HUD.GOV</a> for the 2 Stage Firm Submittal Process between new construction and substantial rehabilitation documents. We are revising the format of the posting, however, documents for New Construction Initial Submittal, New Construction Final Submittal, and Substantial Rehabilitation Initial Submittal are posted to <a href="http://hud.gov/" style="color: #0000cc;" target="_blank">HUD.GOV</a>. We will post the documents for Substantial Rehabiliation Final Submittal in the next few weeks.</span></b></div><div class="MsoNormal" style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0px; margin-left: 0.25in; margin-right: 0px; margin-top: 0px;"><br />
</div><div style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-left: 0.75in;"><span style="font-family: Symbol; font-size: 11pt;"><span>·<span style="font: normal normal normal 7pt/normal 'Times New Roman';"> </span></span></span><b><span style="font-size: 11pt;">We are working on posting the latest Weekly Statistical Report (along with archive versions of this document) and a spreadsheet that contains detailed information on each of the Section 232 loans that OHP closed in Fiscal Year 2010.</span></b></div><div style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px;"><br />
</div><div style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-left: 0.75in;"><span style="font-family: Symbol; font-size: 11pt;"><span>·<span style="font: normal normal normal 7pt/normal 'Times New Roman';"> </span></span></span><b><span style="font-size: 11pt;">We are working on posting a list of the projects in each of our queues. Only FHA project numbers will be listed – except the portfolio queue, which will also list batch numbers. Projects are listed in the order we received the Firm Application submission – with those listed at the top having earlier submission dates. The posting of the Section 223(a)(7) queues will lag several weeks behind the posting of the four other queues. We intend to update this frequently in the future.</span></b></div><div style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px;"><br />
</div><div style="border-collapse: collapse; font-family: arial, sans-serif; font-size: 13px; margin-left: 0.75in;"><span style="font-family: Symbol; font-size: 11pt;"><span>·<span style="font: normal normal normal 7pt/normal 'Times New Roman';"> </span></span></span><b><span style="font-size: 11pt;">We are working on re-establishing the links to the Sample Closing Documents.</span></b></div>Anonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1000999210451981025.post-22703829604353171592010-03-26T19:26:00.001-07:002010-04-24T12:06:06.984-07:00FHA 223(f) FHA 221(d)(4) FHA 232 LEAN FHA 242<div xmlns="http://www.w3.org/1999/xhtml"><div xmlns="http://www.w3.org/1999/xhtml">FHA Healthcare Loan Program Links:<br />
<br />
<a href="http://www.kendallrealtyadvisors.com/FHA232LEANRefinance.html">FHA 232</a> - <a href="http://www.kendallrealtyadvisors.com/FHA242-223f-HOSPITALREFINANCE.html">FHA 242</a></div></div>Anonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1000999210451981025.post-16368872573336713342010-02-20T03:15:00.001-08:002010-02-20T03:15:38.521-08:00FHA Lean Lender - Guidance for Lenders for Market Rate Projects in Areas with Significant Adverse Economic Impacts:FHA Lean Lender - Guidance for Lenders for Market Rate Projects in Areas with Significant Adverse Economic Impacts:: <a class="tweet-url web" href="http://bit.ly/8Sn1im" rel="nofollow" target="_blank">http://bit.ly/8Sn1im</a>Anonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1000999210451981025.post-21381947230526683852010-02-19T13:44:00.001-08:002010-02-20T03:13:06.579-08:00FHA 232 LEAN Summary of LTV and DSCFor FHA LEAN Financing go to <a href="http://www.kendallrealtyadvisors.com/" id="xnv5" title="KENDALL
REALTY ADVISORS LLC">www.kendallrealtyadvisors.com</a><br />
Click below for new table:<br />
<a href="https://docs.google.com/Doc?docid=0AZ3HfXzExHJ3ZGRjZ2RodmpfMTMwdDhoa3dzZzk&hl=en">FHA 232 LEAN LTV DSC Summary - Google Docs</a><br />
<div style="margin-left: 0.5in;"><br />
</div><div style="margin-left: 0.5in;"><span style="color: red;">* Maximum loan to values and minimum debt service coverage ratios are set by the Section 232 Statute and Regulations. Any submittal above the LTV’s listed in this Email Blast or below the DSCR’s listed in this Email Blast will require justification/mitigation as discussed in the July 24, 2009 and November 20, 2009 Email Blasts. </span></div><div style="margin-left: 0.5in;"><br />
</div><span style="color: red;"> ** To qualify for the higher Non-Profit benchmarks, the owner/operator must demonstrate a successful operating track record, <br />
significant project operating and management experience, an a solid financial track record.</span><br />
<br />
<b><u><span style="font-size: medium;"> Form HUD-92438, Itemization of Costs on form HUD-92264a, and Amendment Requests:</span></u></b><br />
<div style="margin-left: 0.5in;"> </div><div style="margin-left: 0.5in;">Effective immediately, you are no longer required to submit a HUD Form 92438 (Underwriting Summary Report) on <span style="color: black;">LEAN</span> 232 submittals. We are no longer requiring this form because all of the items included on the 92438 are reflected elsewhere in our Firm Commitment and its attachments. The Lender Firm Application Checklists will be revised to remove this document in the future. On Section 232/223f’s, please ensure that all submittals of form HUD-92264a include an itemized breakdown of the costs of the transaction that make up the Criterion 7 or Criterion 10 maximum insured mortgage – this breakdown can be included at the bottom of page 2 or on page 4 of the form HUD-92264a. Moreover, when submitting an amendment request that includes a change in the payment amount, please include the monthly principal and interest amount in the amendment request cover letter. </div><div style="margin-left: 1in;"><br />
</div><br />
<div style="margin-left: 0.5in;"><b><u><span style="font-size: medium;">Requests for Clarification/Revisions on Firm Applications:</span></u></b></div><div style="margin-left: 0.5in;">On some projects we spend a substantial amount of time going back and forth with lenders in an attempt to craft a project that is an acceptable risk to the FHA Insurance Funds. Because of our severe staffing shortage and in the spirit of <span style="color: black;">LEAN</span>, we have chosen to expedite this process in the future, as the current process increases the time in queue for all other projects. On projects where the OIHCF Underwriter needs clarifications/revisions, the email from the OIHCF Underwriter requesting such clarifications/revisions will give a timeline whereby a response is required. If a <b>full</b> response (partial responses add time to our process) is not received by the stated timeline, the project will be brought to Loan Committee in its current state. <b><u>As we will only be allowing one timely response of a clarification/revision</u></b>, it is important that the lender response is fully researched and thoughtfully assembled – taking into account the overall risk of the project to the FHA Insurance Fund.</div>Anonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1000999210451981025.post-75175862363460513922009-02-11T20:02:00.000-08:002009-02-11T20:03:10.985-08:00Three year rule waivers for new properties!February 6, 2009<br />MORTGAGEE LETTER 2009-06<br />TO: All FHA-Approved Multifamily Mortgagees<br />SUBJECT: Temporary Authority for Multifamily Hubs to<br />Process Waiver Requests Pertaining to the<br />Three-Year Rule for Section 223(f)<br />Purpose<br />This mortgagee letter sets forth the Department’s policy to grant temporary authority to<br />Multifamily Hub Directors to grant waivers of the Three Year Rule for Section 223(f) (MAP Guide,<br />Section 3.8.a Eligible Property), for the purpose of providing liquidity to recently constructed, self<br />sustaining properties that are unable to secure permanent long term financing due to the freeze in the<br />capital markets. This mortgagee letter will benefit applications that meet all of the qualifications of<br />the Section 223(f) program, except for the fact that the property was originally constructed or<br />substantially rehabilitated less than three years prior to the date of application for Firm<br />Commitment. Eligible applications will have a Certificate of Occupancy dated no later than<br />July 31, 2008. The waiver authority granted under this Mortgagee Letter expires six months from<br />publication. The Department will evaluate the effectiveness of this waiver authority based upon<br />applications received and may elect to extend the program based upon that evaluation.<br />Background<br />A number of fully operating, self sustaining properties, which have recently been<br />constructed or rehabilitated, are now unable to secure permanent long-term financing due to the<br />freeze in the capital markets. At this time, the Department recognizes the need to provide liquidity<br />to the market place. In order to do so, waiver authority of the Section 223(f) eligibility restriction to<br />properties that have been completed or substantially rehabilitated for 3 years prior to the date of<br />application is required.<br />Historically, Section 223(f) program requirements have been temporarily modified to better<br />meet program goals when economic conditions greatly decreased the availability of credit. When<br />the Section 223(f) Handbook was originally published, it set forth a Special Eligibility Program that<br />was applicable to recently completed projects, where construction was started before June 30, 1974<br />and completed before the end of 1975. This special program was implemented to address liquidity<br />shortages prevailing in multifamily real estate financing at that time that prevented otherwise sound<br />projects from obtaining permanent financing. The existing capital market credit freeze is similarly<br />constraining the availability of permanent financing today. This Mortgagee Letter provides relief<br />similar to that provided in 1974, but also includes additional requirements to ensure that the<br />properties are viable, self sustaining and will not jeopardize the long term financial stability of the<br />Section 223(f) program.<br />Waiver Authority<br />As of the date of this Mortgagee Letter, Hub Directors will have temporary authority to waive the<br />Three-Year Rule for the Section 223(f) program for a six month period subject to the conditions and<br />processing instructions below. The requirements of this Mortgagee Letter may not be waived by<br />Hub Directors.<br />Conditions<br />1. This waiver authority applies only to the refinancing of conventionally funded projects that<br />were originally constructed or substantially rehabilitated less than three years prior to the<br />date of application for Firm Commitment and that have a Certificate of Occupancy for the<br />entire project dated no later than July 31, 2008.<br />2. Projects that previously applied for mortgage insurance under other HUD programs and<br />withdrew their applications are ineligible.<br />3. Any prepayment restriction associated with the new Section 223f financing must be<br />discussed with the applicant.<br />4. The final mortgage amount shall only be sufficient to pay off existing indebtedness, as<br />defined in Chapter 8.9.E of the MAP Guide and may not include an equity payment to the<br />owner.<br />5. All other applicable program requirements for the Section 223(f) program must be met,<br />including compliance with Chapter 10.8 of the MAP Guide that pertains to the<br />nondiscrimination provisions of the Fair Housing Act, along with Executive Order 11063<br />and Appendix 5c, Paragraph E that concerns accessibility requirements for persons with<br />disabilities.<br />6. The applicant must submit documentation evidencing that efforts to obtain permanent<br />conventional financing have been unsuccessful, or that current offers of conventional<br />financing have been cancelled. This documentation should include rejection letters from<br />prospective lenders or cancellation letters from lenders that had previously committed<br />financing.<br />7. The applicant must submit evidence that all interest and/or debt service payments have been<br />made on time since the beginning of the current loan.<br />8. A minimum of one full year (non-annualized) audited financial statements are required.<br />9. The project must have achieved Sustaining Occupancy for a period of three months<br />immediately prior to the date that the application for Firm Commitment is submitted.<br />Sustaining Occupancy is defined as having sufficient income to pay all operating expenses,<br />monthly debt service, escrow and reserve for replacement requirements. Only leases with<br />12 month terms will be considered in the calculation. The certified rent roll level of<br />occupancy for the most recent three-month period must be no less than 90% of the total<br />units in the entire project, including all phases. Unusual rent concessions, other discounts<br />and short term leases that are not typical in the market and that are offered by a landlord to<br />induce a prospective tenant to enter into a lease must be taken into consideration when<br />evaluating the credibility of the 90% occupancy requirement. The market analysis<br />contained in the appraisal report must justify any processing occupancy rate that exceeds the<br />certified rent roll occupancy level.<br />10. No waiver of the requirement for submission of “as-built” plans shall be permitted.<br />11. As per outstanding requirements, a current Phase I Environmental Assessment must be<br />submitted. It should reference any prior Environmental Assessments and these older reports<br />should be submitted if available.<br />12. In accordance with the Uniform Standards of Professional Appraisal Practice, the appraisal<br />report should discuss any current listing of the subject and any offers made and/or accepted<br />to purchase, lease or option the project. Also, since these projects are recently constructed<br />or rehabilitated, depreciation will be minimal or significantly reduced, contributing to the<br />reliability of the Cost Approach. Processing offices are reminded that this approach is<br />required and should be considered in the reconciliation process.<br />13. Copies of any market studies and updates that were made in conjunction with obtaining the<br />current loan must be submitted. The market analysis in the appraisal report will address<br />current market conditions of the subject property.<br />14. Inspections/Repairs. All of the existing MAP Guide requirements related to project<br />inspection, repair escrows, and protection against latent defects associated with the new<br />Section 223(f) financing are applicable to cases processed under this waiver authority. In<br />addition, the following requirements apply:<br />a. Any latent defects that became apparent during the warranty period provided<br />under the project’s original construction contract, whether repaired or not, must<br />be disclosed at the time of application.<br />b. The Project Capital Need Assessment shall assess the adequacy of the repairs<br />performed to address any latent defects and determine whether any additional<br />repairs are required to correct the defects, and shall establish a cost to complete<br />the repairs.<br />c. All repairs required under this category, whether critical or non-critical, must be<br />performed prior to closing and may not be included in the mortgage.Unknownnoreply@blogger.comtag:blogger.com,1999:blog-1000999210451981025.post-53195251211766890332009-02-08T05:42:00.001-08:002009-02-08T05:44:30.402-08:00Revised Lean 232 GuidelinesGiven the difficult economic and fiscal environment nationally, the Department is requesting that HUD approved Mortgagees exercise caution in underwriting loans under the LEAN Section 232 programs for new construction and refinance transactions for assisted living facilities. For all Assisted Living Project LEAN mortgage insurance applications under Section 223(f), Section 232 new construction and substantial rehabilitation, and Section 241(a), HUD will require justification/mitigation if the underwritten debt service coverage ratio (“DSCR”) is less than 1.45. Moreover, as was previously discussed with various lenders in June of 2008, for all LEAN mortgage insurance applications involving new construction of Assisted Living units, HUD will require justification/mitigation if the underwritten loan to value is greater than 75%.Hospital Healthcare Apartment Financehttp://www.blogger.com/profile/05229011485190663985noreply@blogger.com