Below are some of the most frequently asked questions we receive from developers:
After receipt of the Stage II application, it takes approximately four to six weeks for the agency’s staff to process the application and present it to the agency’s Board of Director’s for inducement. The exact timing will depend on the readiness and completeness of the application and Board of Director’s meeting schedule.
Many variables impact the timing of closing. The type and readiness of the transaction will ultimately dictate the timing of closing. The Multifamily Program and Underwriting Guide has a schedule which includes general processing timelines. For more specificity, contact the Public Finance Department at (202) 777-1655 and ask to speak to a development officer.
As necessary to insure that the agency has the most diverse and best team available to carry out its mission, the agency publicly solicits and issues request for qualifications for professionals in a wide array of services including investment bankers/underwriters and bond counsel. Click here to see current slate of firms pre-approved to serve as investment bankers/underwriters, bond counsel, etc.
As necessary, to ensure that the agency has the most diverse and best team available to carry out its mission, the agency publicly solicits and issues requests for qualifications for professionals in a wide array of services including multifamily appraisers and market analysts. Click here to see current slate of firms pre-approved to provide appraisal and market analysis services on agency transactions.
Generally, due to the regulatory complexity and associated costs of a bond issuance, transactions under $5 million dollars are not good candidates for bond financing.
The Agency’s reserve requirements can be found in the Multifamily Program and Underwriting Guide. Those listed are the Agency’s standard requirements; they are subject to final review and approval, on a transaction by transaction basis, by the agency’s staff and internal committees.
The agency’s income and / or rent restrictions are governed by federal regulations for the Multifamily Mortgage Revenue Bond Program and the Low Income Housing Tax Credit Program. Information for income restrictions for both programs can be found in the Multifamily Program and Underwriting Guide. The current rent levels are available for reference at the HUD USER website.