HUD Mortgagee Letter 201331, Extension of Temporary Authority for Multifamily Hubs to Process Waiver Requests Pertaining to the 3-Year Rule for Section 223(f) Refinancing or Acquisition of Affordable Multifamily Rental Housing was published September 18, 2003.
The letter extends the temporary authority for Multifamily Hubs to waive the 3-Year Rule on Section 223(f) applications for recently completed affordable rental housing. The authority is extended for an additional one year period, and HUD anticipates that this will be the final extension of the 3-Year Rule Waiver. All other conditions and requirements of Mortgagee Letter 2012-13 remain unchanged.
According to HUD:
This Mortgagee Letter will benefit applications for affordable properties that otherwise meet all requirements of the Section 223(f) program except that the housing was originally completed or substantially rehabilitated less than three years prior to the date of application for Firm Commitment. Affordable for the purpose of this Mortgagee Letter means properties receiving Project-Based Section 8 through either a Housing Assistance Payment (HAP) Contract or a Project-Based Section 8 Voucher, for greater than 90 percent of the units, or supported by Low Income Housing Tax Credits (LIHTC) or subject to similar use restrictions.