HUD has issued the following notice that supersedes the Departments underwriting standards for large multifamily loans above $25 million and/or which support projects exceeding unit thresholds.
These policies do not apply to:
a) loans below these loan size or unit thresholds specified in this Mortgagee Letter,
b) refinancing loans processed under Section 223(a)(7),
c) refinancing or substantial rehabilitation loans for properties with rental assistance contracts covering 90 percent or more of the propertys units, or
d) the insurance programs administered by the Office of Healthcare Programs.
To view this Notice, please click here