The Department of Housing and Urban Development (HUD) released on August 10 a proposed rule that would replace the process for previous participation reviews of prospective multifamily housing and healthcare program participants. The proposed rule aims to clarify and simplify the process by which HUD reviews the previous participation of participants.
HUD’s Office of Housing conducts the reviews, which focus on entities with “decision-making authority” over their projects. According to HUD, the new rule will clarify who needs to be reviewed. It will also clarify the purpose of the review, which is intended to assess the financial and operational risk to the projects.
HUD is accepting comments on this proposed rule until October 9, 2015. HUD encourages individuals to submit their comments using the Regulations.gov comment button on the rule’s Federal Register page.
Nixon Peabody published an in-depth look at the rule on its blog.
HUD will hold a conference call to provide an overview of the proposed rule and to provide an opportunity for all interested parties to ask questions and offer industry viewpoints. Please note that formal comments for consideration in the record must be submitted to regulations.gov. Below, are the details for the conference call:
Date: Wednesday, September 16, 2015
Time: 11:30am-1pm Eastern Standard Time
Please register (here) if you plan to participate.
