HUD has released Notice H 2012-27 which clarifies portions of previously-issued Risk Mitigation HUD guidance concerning Project Capital Needs Assessment (PCNA) reports and requirements for sizing initial and annual contributions to Reserves for Replacements. The Notice indicates that the MAP Guide has been modified to implement risk mitigation measures and to align PCNA guidance for the multifamily insurance programs. Accessibility requirements have also been clarified and re-emphasized. Notice H 2012-27 applies to all applications for mortgage insurance under the FHA Multifamily Housing programs, all 10 year PCNA updates for existing insured properties, and all PCNAs required by the Office of Multifamily Housing except those required for restructuring assisted housing projects under the Market-to-Market program. It is effective for all firm commitment applications and other PCNAs submitted 120 days after the first of the month following publication.
Click here to read Notice 2012-27.
