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Affordable Housing and Tax Credit Developments NationallyNew Federal Housing Administration (FHA) Multifamily Closing Documents

May 11, 2011by George Danneman

The U.S. Department of Housing and Urban Development (HUD) released new closing documents for the Federal Housing Administration (FHA)  multifamily mortgage.  The new closing documents are required for mortgages that receive a firm commitment for mortgage insurance from the U.S. Department of Housing and Urban Development (HUD) on or after September 1, 2011.  A borrower may use the older closing documents after September 1, 2011 if the borrower demonstrates to the Federal Housing Administration (FHA) Commissioner that financial hardship would result from use of the updated closing documents.

Below are the federal register notices, as well as the final and redline versions of the documents taken from HUD’s website:

Federal Register

May 2, 2011 – Final rule
May 2, 2011 – Notice

Closing Documents

Assignment of Rents and Security Agreement PDF FinalPDF Redlined
Note PDF FinalPDF Redlined
Regulatory Agreement MF projects PDF FinalPDF Redlined
Lender’s Certificate PDF FinalPDF Redlined
Building Loan Agreement PDF FinalPDF Redlined
Building Loan Agreement Supp PDF FinalPDF Redlined
Construction Contract PDF FinalPDF Redlined
Construction Contract Supp PDF FinalPDF Redlined
Guide for Opinion of Counsel PDF FinalPDF Redlined
Counsels Opinion Instructions PDF FinalPDF Redlined
Exhibit A – Counsels Opinion PDF FinalPDF Redlined
Residual Receipts Note Nonprofit Mortgagor PDF Final
Residual Receipts Note Limited Dividend Mortgagor PDF Final
Escrow Agreement for Incomplete Construction PDF FinalPDF Redlined
Request For Final Endorsement PDF FinalPDF Redlined
Lease Addendum PDF FinalPDF Redlined
Surplus Cash Note PDF Final
Completion Assurance PDF FinalPDF Redlined
Payment Bond PDF FinalPDF Redlined
Performance Bond Dual Obligee PDF FinalPDF Redlined
Surveyors Report PDF FinalPDF Redlined
Survey Instructions Report PDF FinalPDF Redlined
Request Approval Advance of Escrow Funds PDF FinalPDF Redlined
Escrow Agreement Noncritical Deferred Repairs PDF FinalPDF Redlined
Additional Funds Agreement PDF FinalPDF Redlined
Operating Deficit Escrow PDF FinalPDF Redlined
Sponsors Bond PDF Final
Offsite Bond PDF Final
Latent Defects Escrow PDF FinalPDF Redlined
Working Capital Escrow PDF FinalPDF Redlined
Agreement and Certification PDF FinalPDF Redlined
Request For Endorsement PDF FinalPDF Redlined
Borrowers Oath PDF Final
Subordinate Financing Agreement PDF FinalPDF Redlined
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