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Underwriting Guidance for Transfer and MPR Multifamily Housing Transactions

An unnumbered letter from Rural Development that gives further details about the key underwriting principles and guidelines the Agency has adopted is now online at In this letter, you will find guidance for Transfer and Multifamily Housing Preservation and Revitalization (MPR) Demonstration Transactions. The Agency uses the term “underwriting” when referring to the process of financial feasibility determination.

This letter does not delve into aspects of the transaction process such as determining the suitability of the borrower, assessing environmental compliance or evaluating fair housing compliance.

To view the letter, please follow this link to the RHS page at

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