HUD posted Notice H 2012-25 Policy for Amended and Restated Use Agreement for Multifamily Projects Subject to the Low-Income Housing Preservation and Resident Homeownership Act of 1990 (LIHPRHA) (November 21, 2012).
The Notice provides guidance on the circumstances under which HUD may consider amendments to Use Agreements for properties assisted under the Low-Income Housing Preservation and Resident Homeownership Act of 1990 (LIHPRHA). Amendments may be considered for the purpose of incentivizing and facilitating prepayment and refinance or acquisition transactions to preserve the viability of these affordable properties. This Notice clarifies the circumstances under which a Use Agreement for a LIHPRHA property may be amended, the amendments that may be allowed, and the conditions that must be met in the proposed preservation transaction to be considered for approval.
A copy of Notice H 2012-25 may be found here: http://portal.hud.gov/huddoc/12-25hsgn.pdf