HUD’s Office of Public Housing Investments (OPHI) has released a memo informing stakeholders of the schedule for processing mixed-finance projects intending to close by the end of the 2013 calendar year. Parties wishing to close a mixed-finance project by December 31 must adhere to the submission schedule outlined in the memo.
Important Dates:
- A completed Rental Tern Sheet (RTS) and Mixed-Finance Proposal must be submitted by November 8, 2013; this includes revised RTS and Proposals.
- A final, unexecuted evidentiary materials must be submitted by November 19, 2013; these materials must conform to the RTS and Proposal, as revised.
In addition, the new Public Housing Capital Fund Program rule, which was published on October 24, 2013 and becomes effective November 24, 2013, allows projects closing after the effective date to submit a shortened list of evidentiary documents as follows:
- Mixed-Finance Amendment to the Consolidated ACC
- Declaration of Restrictive Covenant
- Partial Release of the Existing Declaration of Trust
- Ground Lease (if applicable) and Memorandum of Lease
- Survey and Title Policy
- Regulatory and Operating Agreement
- Certifications and Assurance (standard form)
- Attorney Opinion Letter
- Management Documents
PHAs and partners are no longer required to submit loan agreements, notes, and security agreement connected with financing, of partnership agreements and other related agreements. In addition, as a result of the new rule, projects with an identity of interest (IOI) relationship between the developer and general contractor will not longer be required to obtain a waiver signed by the Assistant Secretary.
