NAHMA received the following update from HUD regarding FHA Cooperative Refinancing:
Dear Multifamily Colleagues:
Multifamilys Office of Production issued a final rule that revises HUDs regulations to enable existing multifamily cooperative project owners to obtain FHA insurance for the refinancing of existing debt. This new language adds multifamily cooperatives as eligible properties under Section 223(f).
On February 1, 2011, HUD proposed to revise its regulations governing the eligibility for FHA insurance of mortgages used for the purchase or refinancing of existing multifamily housing projects. This final rule follows publication of the February 11 proposed rule and takes into consideration the public comments received in response to the proposed rule.
To view the final rule, please click here