On January 29th 2016, HUD published revisions to its Multifamily Accelerated Process (MAP) Guide. Specifically, the changes impact the underwriting requirements relating to environmental, energy, accessibility, radon, and reserve analysis studies that must be performed during the due diligence stage. The revisions aim to provide more loan dollars for qualified properties through less stringent coverage requirements and higher underwritten loan to value ratios. Borrowers will also be able to include more repairs in a mortgage under section 223(f) due to an increase in the maximum per unit cost of rehabilitation allowed.
Moderated by Bradley Fountain, Director of FHA HUD Services at Partner, a panel of HUD due diligence experts including Joseph R. Lephew, LEED GA, Angelique Crews, and energy sustainability expert Tony Liou, will provide an overview of the changes, and their boots on the ground perspective on the impact on HUD opportunities. This webinar will dig into the following changes to due diligence requirements that every HUD lender and borrower should be aware of:
- Reserve for Replacement Funding
- Increase to Non-Critical Repair Cap
- Environmental updates including Phase II, Radon, and Flood Zone
- Energy efficiency and sustainability for the MAP guidelines and MIP reduction program